Ohio § 1304.84
Full text of Ohio Ohio Revised Code § 1304.84, with citation guidance and answers to common questions.
§ 1304.84.
(A) If, under sections 1304.51 to 1304.85 of the Revised Code , a receiving bank is obliged to pay interest with respect to a payment order issued
to the bank, the amount payable may be determined by agreement of the sender and receiving
bank, or by a funds-transfer system rule if the payment order is transmitted through
a funds-transfer system. (B) If the amount of interest is not determined by an agreement or rule as provided in
division (A) of this section, the amount is calculated by multiplying the applicable
federal funds rate by the amount on which interest is payable, and then multiplying
the product by the number of days for which interest is payable. The applicable federal funds rate is the average of the federal funds rates published
by the federal reserve bank of New York for each of the days for which interest is
payable, divided by three hundred sixty. The federal funds rate for any day on which a published rate is not available is
the same as the published rate for the next preceding day for which there is a published
rate. If a receiving bank that accepted a payment order is required to refund payment
to the sender of the order because the funds transfer was not completed, but the failure
to complete was not due to any fault by the bank, the interest payable is reduced
by a percentage equal to the reserve requirement on deposits of the receiving bank.
Frequently Asked Questions About Ohio § 1304.84
What does Ohio Revised Code § 1304.84 cover?
Section 1304.84 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 § 1304.84?
A common citation format is "Ohio Revised Code § 1304.84" (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 § 1304.84 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.