Ohio § 1304.78
Full text of Ohio Ohio Revised Code § 1304.78, with citation guidance and answers to common questions.
§ 1304.78.
(A) Subject to division (E) of section 1304.66 and divisions (D) and (E) of section 1304.77 of the Revised Code , the originator of a funds transfer shall pay the beneficiary of the originator's
payment order at the time a payment order for the benefit of the beneficiary is accepted
by the beneficiary's bank in the funds transfer and in an amount equal to the amount
of the order accepted by the beneficiary's bank, but not more than the amount of the
originator's order. (B)(1) If payment under division (A) of this section is made to satisfy an obligation, the
obligation is discharged to the same extent discharge would result from payment to
the beneficiary of the same amount in money, unless all of the following apply: (a) The payment under division (A) of this section was made by a means prohibited by
the contract of the beneficiary with respect to the obligation. (b) The beneficiary, within a reasonable time after receiving notice of receipt of the
order by the beneficiary's bank, notified the originator of the beneficiary's refusal
of the payment. (c) Funds with respect to the order were not withdrawn by the beneficiary or applied
to a debt of the beneficiary. (d) The beneficiary would suffer a loss that could reasonably have been avoided if payment
had been made by a means complying with the contract. (2) If payment by the originator does not result in discharge under this section, the
originator is subrogated to the rights of the beneficiary to receive payment from
the beneficiary's bank under division (A) of section 1304.76 of the Revised Code . (C) For the purpose of determining whether discharge of an obligation occurs under division
(B) of this section, if the beneficiary's bank accepts a payment order in an amount
equal to the amount of the originator's payment order less charges of one or more
receiving banks in the funds transfer, payment to the beneficiary is deemed to be
in the amount of the originator's order unless, upon demand by the beneficiary, the
originator does not pay the beneficiary the amount of the deducted charges. (D) Rights of the originator or of the beneficiary of a funds transfer under this section
may be varied only by agreement of the originator and the beneficiary.
Frequently Asked Questions About Ohio § 1304.78
What does Ohio Revised Code § 1304.78 cover?
Section 1304.78 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 § 1304.78?
A common citation format is "Ohio Revised Code § 1304.78" (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 § 1304.78 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.