The negotiation of an instrument marked “paid in full,” “payment in full,” “full payment of a claim” or words of similar meaning, or the negotiation of an instrument accompanied by a statement containing such words or words of similar meaning, does not establish an accord and satisfaction that binds the payee or prevents the collection of any remaining amount owed upon the underlying obligation unless the payee personally, or by an officer or employee with actual authority to settle claims, agrees in writing to accept the amount stated in the instrument as full payment of the obligation.
ORS 73.0311
Known as the Uniform Commercial Code
The act spans §§ 73–73 (149 sections).
Applied in 1 court decision — leading case 36 Fed. Cl. 220 - Thomas Creek Lumber & Log Co. v. United States (1996)
Most recently applied in 36 Fed. Cl. 220 - Thomas Creek Lumber & Log Co. v. United States (July 1996)
1993 c.545 §40; 1997 c.437 §1
Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.