Ohio § 1304.63
Full text of Ohio Ohio Revised Code § 1304.63, with citation guidance and answers to common questions.
§ 1304.63.
(A)(1) Divisions (A)(2) and (3) of this section apply to a payment order identifying an
intermediary bank or the beneficiary's bank only by an identifying number. (2) The receiving bank may rely on the number as the proper identification of the intermediary
or beneficiary's bank and need not determine whether the number identifies a bank. (3) The sender shall compensate the receiving bank for any loss and expenses incurred
by the receiving bank as a result of its reliance on the number in executing or attempting
to execute the order. (B)(1) Divisions (B)(2) to (5) of this section apply to a payment order identifying an intermediary
bank or the beneficiary's bank both by name and an identifying number if the name
and number identify different persons. (2) If the sender is a bank, the receiving bank may rely on the number as the proper
identification of the intermediary or beneficiary's bank if the receiving bank, when
it executes the sender's order, does not know that the name and number identify different
persons. The receiving bank need not determine whether the name and number refer to the same
person or whether the number refers to a bank. The sender shall compensate the receiving bank for any loss and expenses incurred
by the receiving bank as a result of its reliance on the number in executing or attempting
to execute the order. (3) If the sender is not a bank, and the receiving bank proves that the sender, before
the payment order was accepted, had notice that the receiving bank might rely on the
number as the proper identification of the intermediary or beneficiary's bank even
if it identifies a person different from the bank identified by name, the rights and
obligations of the sender and the receiving bank are governed by division (B)(2) of
this section, as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof it 1 it proves that the sender, before the payment order was accepted, signed a writing
stating the information to which the notice relates. (4) Regardless of whether the sender is a bank, the receiving bank may rely on the name
as the proper identification of the intermediary or beneficiary's bank if the receiving
bank, at the time it executes the sender's order, does not know that the name and
number identify different persons. The receiving bank need not determine whether the name and number refer to the same
person. (5) If the receiving bank knows that the name and number identify different persons,
reliance on either the name or the number in executing the sender's payment order
is a breach of the obligation as provided in division (A)(1) of section 1304.69 of the Revised Code . 1
So in original; should this read “if”?
Frequently Asked Questions About Ohio § 1304.63
What does Ohio Revised Code § 1304.63 cover?
Section 1304.63 is part of the Ohio Revised Code, the codified statutory law of Ohio. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Ohio § 1304.63?
A common citation format is "Ohio Revised Code § 1304.63" (Ohio). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Ohio law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Ohio official source linked on this page or consult a licensed Ohio attorney.
How does Ohio § 1304.63 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Ohio can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Ohio.