Ohio § 1304.76

§ 1304.76.

(A) Subject to division (E) of section 1304.66 and divisions (D) and (E) of section 1304.77 of the Revised Code , if a beneficiary's bank accepts a payment order, the bank shall pay the amount of

the order to the beneficiary of the order.  Payment is due on the payment date of the order, but, if acceptance occurs on the

payment date after the close of the funds-transfer business day of the bank, payment

is due on the next funds-transfer business day.  If the bank refuses to pay after demand by the beneficiary and receipt of notice

of particular circumstances that will give rise to consequential damages as a result

of nonpayment, the beneficiary may recover damages resulting from the refusal to pay

to the extent the bank had notice of the damages, unless the bank proves that it did

not pay because of a reasonable doubt concerning the right of the beneficiary to payment. (B) If a payment order accepted by the beneficiary's bank instructs payment to an account

of the beneficiary, the bank shall notify the beneficiary of receipt of the order

before midnight of the next funds-transfer business day following the payment date.  If the payment order does not instruct payment to an account of the beneficiary,

the bank shall notify the beneficiary only if notice is required by the order.  Notice may be given by first class mail or any other means reasonable in the circumstances.  If the bank fails to give the required notice, the bank shall pay interest to the

beneficiary on the amount of the payment order from the day notice should have been

given until the day the beneficiary learned of receipt of the payment order by the

bank.  No other damages are recoverable.  Reasonable attorney's fees are also recoverable if demand for interest is made and

refused before an action is brought on the claim. (C) The right of a beneficiary to receive payment and damages as stated in division (A)

of this section shall not be varied by agreement or a funds-transfer system rule.  The right of a beneficiary to be notified as provided in division (B) of this section

may be varied by agreement of the beneficiary or by a funds-transfer system rule if

the beneficiary is notified of the rule before initiation of the funds transfer.