Ohio Code § 1304.70
Ohio Code § 1304.70. Reproduced from the official Ohio Revised Code, with a citation summary, verification link, and related provisions.
§ 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.
Source: official Ohio text · Last verified 2026-08-27
At a glance
- Citation: Ohio Revised Code § 1304.70
- Jurisdiction: Ohio
- Code: Ohio Revised Code
- Text: transcribed from the official source (verify below)
Verify the text
Statute text is transcribed from the official Ohio Revised Code. Confirm it against the primary source before relying on it:
Not legal advice. Verify against the official source and consult a licensed Ohio attorney.
Common questions
What is the source of Ohio Revised Code § 1304.70?
The text above is transcribed from the Ohio Revised Code, the codified statutes of Ohio. The official publisher link appears under "Verify the text" on this page.
What subject does Ohio Revised Code § 1304.70 address?
It addresses the rule set out in the section text. Read the section together with the surrounding provisions listed under "Nearby provisions" for the full picture.
Is Ohio Revised Code § 1304.70 still in force?
Statutes are amended, repealed, and renumbered every session. Confirm the current version at the official Ohio source before relying on this text.
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No. This is a reference transcription for research. Applying Ohio law to your facts requires a licensed Ohio attorney who can review the specifics.