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 it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of ORS 73.0302, it is a holder in due course; and
(2) The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account. [1961 c.726 §74.2050; 1993 c.545 §88]
Section: Previous 74.1090 74.1110 74.1120 74.2010 74.2020 74.2030 74.2040 74.2050 74.2060 74.2070 74.2080 74.2090 74.2100 74.2110 74.2120 NextLast modified: August 7, 2008