Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.310 - Obligations of indorser of discounted commercial paper.

(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  Next

Last modified: August 7, 2008