(1) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may acquire obligations of a person without regard to amount as an indorser, arising out of the discount of commercial or business paper owned by the person negotiating the paper.
(2) As used in this section, “commercial or business paper” means negotiable notes, drafts, acceptances or bills of exchange having a maturity of not more than six months, that have been given by one person to another in settlement of a commercial or business transaction involving the purchase of goods, and upon which both parties to the transaction are liable either as maker, drawer, acceptor or indorser. [1997 c.631 §147]
Section: Previous 708A.265 708A.270 708A.275 708A.290 708A.295 708A.300 708A.305 708A.310 708A.315 708A.320 708A.325 708A.330 708A.335 708A.340 708A.345 NextLast modified: August 7, 2008