Section 74.1010 – Short title.
This chapter may be cited as Uniform Commercial Code–Bank Deposits and Collections. [1961 c.726 §74.1010]
Section 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 is conflict, this chapter and ORS chapter 78 govern ORS chapter 73. (2) The liability of a bank for action or nonaction with respect to an item handled by it […]
Section 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 for its lack of good faith or failure to exercise ordinary care or limit the measure of damages for the lack or failure. However, the parties may determine by agreement […]
Section 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, passbook, share draft or like account, other than an account evidenced by a certificate of deposit. (b) “Afternoon” means the period of a day between noon and midnight. (c) “Banking […]
Section 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 even though it is also the payor bank unless the item is presented for immediate payment over the counter. (3) “Payor bank” means a bank that is the drawee of […]
Section 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 bank and does not by itself authorize the bank to pay the item; and (b) The item may be presented for payment only by or through the bank. (2) If […]
Section 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 at or to which action may be taken or notices or orders must be given under this chapter and ORS chapter 73. [1961 c.726 §74.1070; 1993 c.545 §78]
Section 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 a day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries […]
Section 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 a bank, and with or without the approval of any person involved, may waive, modify or extend time limits imposed or permitted by the Uniform Commercial Code for a period […]
Section 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. [1993 c.545 §83]
Section 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 be made by transmission of an image of an item or information describing the item (“presentment notice”) rather than delivery of the item itself. The agreement may provide for procedures […]