ORS 74.1060

Known as the Uniform Commercial Code

The act spans §§ 74–74 (49 sections).

Applied in 2 court decisions — leading case Transamerica Insurance v. United States National Bank (1976)

Most recently applied in 65 Or. App. 553 - South Sound National Bank v. First Interstate Bank (November 1983)

1961 c.726 §74.1060; 1963 c.402 §2; 1993 c.545 §77

(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 an item states that it is “payable at” 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.

(3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank.

Official source: Oregon State Legislature. Reproduced from public-domain Oregon statutes; confirm against the official source for the current text. Not legal advice.