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Oregon Statutes - Chapter 74 - Bank Deposits and Collections
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- 74.500 [Renumbered 165.655]
- 74.510 [Renumbered 165.660]
- 74.520 [Renumbered 165.665]
- 74.530 [Renumbered 165.670]
- 74.540 [Renumbered 165.675]
- 74.550 [Renumbered 165.680]
- 74.1010 Short title.
This chapter may be cited as Uniform Commercial Code–Bank Deposits and Collections. [1961 c.726 §74.1010]
- 74.1020 Applicability.
(1) To the extent that items within this chapter are also within ORS chapters 73 and 78, they are subject to those chapters. If there...
- 74.1030 Variation by agreement; measure of damages; action constituting ordinary care.
(1) The effect of the provisions of this chapter may be varied by agreement, but the parties to the agreement cannot disclaim a bank’s responsibility...
- 74.1040 Definitions and index of definitions.
(1) In this chapter, unless the context otherwise requires: (a) “Account” means any deposit or credit account with a bank, including a demand, time, savings,...
- 74.1050 “Bank”; “depositary bank”; “intermediary bank”; “collecting bank”; “payor bank”; “presenting bank.”
In this chapter: (1) “Bank” means a financial institution, as defined in ORS 706.008. (2) “Depositary bank” means the first bank to take an item...
- 74.1060 Payable through or payable at bank; collecting bank.
(1) If an item states that it is “payable through” a bank identified in the item: (a) The item designates the bank as a collecting...
- 74.1070 Separate office of bank for computing time for actions, notices and orders.
A bank or separate office of a bank is a separate bank for the purpose of computing the time within which and determining the place...
- 74.1080 Time of receipt of items.
(1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for...
- 74.1090 Waiver of time limits; when delay excused.
(1) Unless otherwise instructed, a collecting bank in a good faith effort to secure payment of a specific item drawn on a payor other than...
- 74.1110 Statute of limitations.
An action to enforce an obligation, duty or right arising under this chapter must be commenced within three years after the claim for relief accrues....
- 74.1120 Electronic presentment.
(1) “Agreement for electronic presentment” means an agreement, clearing house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may...
- 74.2010 Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed “pay any bank.”
(1) Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes...
- 74.2020 Responsibility for collection; when action timely.
(1) A collecting bank must exercise ordinary care in: (a) Presenting an item or sending it for presentment; (b) Sending notice of dishonor or nonpayment...
- 74.2030 Effect of instructions.
Subject to ORS 73.0420 concerning conversion of instruments and ORS chapter 73 and this chapter concerning restrictive indorsements, only a collecting bank’s transferor can give...
- 74.2040 Methods of sending and presenting; presentment.
(1) A collecting bank shall send items by a reasonably prompt method, taking into consideration relevant instructions, the nature of the item, the number of...
- 74.2050 Depositary bank as holder of unindorsed item.
If a customer delivers an item to a depositary bank for collection: (1) The depositary bank becomes a holder of the item at the time...
- 74.2060 Transfer between banks.
Any agreed method that identifies the transferor bank is sufficient for the item’s further transfer to another bank. [1961 c.726 §74.2060; 1993 c.545 §89]
- 74.2070 Warranties of customer and collecting bank on transfer of item; dishonor of item; remedies; when claim accrues.
(1) A customer or collecting bank that transfers an item and receives a settlement or other consideration warrants to the transferee and to any subsequent...
- 74.2080 Presentment warranties; remedies; defenses; payment of dishonored draft; warranty disclaimer not applicable to checks; when warranty claim accrues.
(1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining...
- 74.2090 Encoding and retention warranties; remedies.
(1) A person who encodes information on or with respect to an item after issue warrants to any subsequent collecting bank and to the payor...
- 74.2100 Security interest of collecting bank in items; priority.
(1) A collecting bank has a security interest in an item and in any accompanying documents or in the proceeds of either: (a) In case...
- 74.2110 Bank as holder in due course.
For purposes of determining its status as a holder in due course, a bank has given value to the extent it has a security interest...
- 74.2120 Presentment by notice of item not payable by, through or at bank; liability of drawer or indorser.
(1) Unless otherwise instructed, a collecting bank may present an item not payable by, through or at a bank by sending to the party to...
- 74.2130 Medium and time of settlement by bank.
(1) With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing house...
- 74.2140 Right of charge-back or refund; liability of collecting bank; return of item.
(1) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by...
- 74.2150 Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
(1) An item is finally paid by a payor bank when the bank has first done any of the following: (a) Paid the item in...
- 74.2160 Insolvency and preference.
(1) If an item is in or comes into the possession of a payor or collecting bank that suspends payment and the item has not...
- 74.3010 Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
(1) If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before...
- 74.3020 Payor bank’s responsibility for late return of item; defenses to liability of payor bank.
(1) Pursuant to ORS 74.2070 (1), if an item is presented to and received by a payor bank, the bank is accountable for the amount...
- 74.3030 When items subject to notice, stop payment order, legal process or setoff; order in which items may be charged or certified; cutoff hour for checks.
(1) Any knowledge, notice or stop payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to...
- 74.4010 When bank may charge customer’s account.
(1) A bank may charge against the account of a customer an item that is properly payable from that account even though the charge creates...
- 74.4020 Bank’s liability to customer for wrongful dishonor; time of determining insufficiency of account.
(1) Except as otherwise provided in this chapter, a payor bank wrongfully dishonors an item if it dishonors an item that is properly payable. However,...
- 74.4030 Customer’s right to stop payment; duration of stop payment order; burden of proof of loss.
(1) A customer or any person authorized to draw on the account if there is more than one person may stop payment of any item...
- 74.4040 Bank not obligated to pay check more than six months old.
A bank is under no obligation to a customer having a checking account to pay a check, other than a certified check, which is presented...
- 74.4050 Death or incompetence of customer.
(1) A payor or collecting bank’s authority to accept, pay or collect an item or to account for proceeds of its collection, if otherwise effective,...
- 74.4060 Statements to customer; requirements; retaining copies of items; duty of customer to determine unauthorized payment; allocation of loss.
(1) A bank that sends or makes available to a customer a statement of account showing payment of items for the account shall either return...
- 74.4070 Payor bank’s right to subrogation on improper payment.
If a payor bank has paid an item over the order of the drawer or maker to stop payment, or after an account has been...
- 74.5010 Handling of documentary drafts; duty to send for presentment and to notify customer of dishonor.
A bank that takes a documentary draft for collection shall present or send the draft and accompanying documents for presentment and upon learning that the...
- 74.5020 Presentment of “on arrival” drafts.
If a draft or the relevant instructions require presentment “on arrival,” “when goods arrive” or the like, the collecting bank need not present until in...
- 74.5030 Responsibility of presenting bank for documents and goods; report of reasons for dishonor; referee in case of need.
Unless otherwise instructed and except as provided in ORS chapter 75, a bank presenting a documentary draft: (1) Must deliver the documents to the drawee...
- 74.5040 Privilege of presenting bank to deal with goods; security interest for expenses.
(1) A presenting bank that, following the dishonor of a documentary draft, has seasonably requested instructions but does not receive them within a reasonable time...
Last modified: August 7, 2008
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