Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.440 - Checks drawn by agents presumed to be in authorized manner.

If a person who owns a deposit account subject to check authorizes another person as agent to draw checks against the account, the financial institution, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of the account, including checks drawn to the personal order of the agent, is drawn for a purpose authorized by the principal and within the scope of the authority conferred upon the agent. [1997 c.631 §169]

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Last modified: August 7, 2008