Ohio § 1304.72
Full text of Ohio Ohio Revised Code § 1304.72, with citation guidance and answers to common questions.
§ 1304.72.
(A) If a funds transfer is completed but execution of a payment order by the receiving
bank without compliance with section 1304.69 of the Revised Code results in delay in payment to the beneficiary, the bank shall pay interest to either
the originator or the beneficiary of the funds transfer for the period of delay caused
by the improper execution. Except as provided in division (C) of this section, additional damages are not recoverable. (B) If execution of a payment order by a receiving bank without compliance with section 1304.69 of the Revised Code results in noncompletion of the funds transfer, failure to use an intermediary bank
designated by the originator, or issuance of a payment order that does not comply
with the terms of the payment order of the originator, the bank is liable to the originator
for its expenses in the funds transfer and for incidental expenses and interest losses,
to the extent not covered by division (A) of this section, resulting from the improper
execution. Except as provided in division (C) of this section, additional damages are not recoverable. (C) In addition to the amounts payable under divisions (A) and (B) of this section, damages,
including consequential damages, are recoverable to the extent provided in an express
written agreement of the receiving bank. (D) If a receiving bank fails to execute a payment order it was obliged by express agreement
to execute, the receiving bank is liable to the sender for its expenses in the transaction
and for incidental expenses and interest losses resulting from the failure to execute. Additional damages, including consequential damages, are recoverable to the extent
provided in an express written agreement of the receiving bank, but are not otherwise
recoverable. (E) Reasonable attorney's fees are recoverable if demand for compensation under division
(A) or (B) of this section is made and refused before an action is brought on the
claim. If a claim is made for breach of an agreement under division (D) of this section
and the agreement does not provide for damages, reasonable attorney's fees are recoverable
if demand for compensation under division (D) of this section is made and refused
before an action is brought on the claim. (F) Except as stated in this section, the liability of a receiving bank under divisions
(A) and (B) of this section may not be varied by agreement.
Frequently Asked Questions About Ohio § 1304.72
What does Ohio Revised Code § 1304.72 cover?
Section 1304.72 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 § 1304.72?
A common citation format is "Ohio Revised Code § 1304.72" (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 § 1304.72 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.