Ohio § 1304.70
Full text of Ohio Ohio Revised Code § 1304.70, with citation guidance and answers to common questions.
§ 1304.70.
(A) A receiving bank that executes the payment order of the sender by issuing a payment
order in an amount greater than the amount of the sender's order, or issues a payment
order in execution of the sender's order and then issues a duplicate order, is entitled
to payment of the amount of the sender's order under division (C) of section 1304.74 of the Revised Code if that division is otherwise satisfied. The bank may recover from the beneficiary of the erroneous order the excess payment
received to the extent allowed by the law governing mistake and restitution. (B) A receiving bank that executes the payment order of the sender by issuing a payment
order in an amount less than the amount of the sender's order is entitled to payment
of the amount of the sender's order under division (C) of section 1304.74 of the Revised Code if that division is otherwise satisfied and the bank corrects its mistake by issuing
an additional payment order for the benefit of the beneficiary of the sender's order. If the error is not corrected, the issuer of the erroneous order may receive or
retain payment from the sender of the order it accepted only to the extent of the
amount of the erroneous order. This division does not apply if the receiving bank executes the sender's payment
order by issuing a payment order in an amount less than the amount of the sender's
order for the purpose of obtaining payment of its charges for services and expenses
pursuant to instruction of the sender. (C) If a receiving bank executes the payment order of the sender by issuing a payment
order to a beneficiary different from the beneficiary of the sender's order and the
funds transfer is completed on the basis of that error, the sender of the payment
order that was erroneously executed and all previous senders in the funds transfer
are not obliged to pay the payment orders they issued. The issuer of the erroneous order may recover from the beneficiary of the order
the payment received to the extent allowed by the law governing mistake and restitution.
Frequently Asked Questions About Ohio § 1304.70
What does Ohio Revised Code § 1304.70 cover?
Section 1304.70 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 § 1304.70?
A common citation format is "Ohio Revised Code § 1304.70" (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 § 1304.70 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.