ORS 19.320
Expiration and renewal of letter of credit


(1)

If a letter of credit issued under ORS 19.315 (Requirements for use of letter of credit) contains an expiration date, the letter of credit must also state an automatic renewal period and contain a statement that the issuing bank will automatically renew the letter of credit on the expiration date and at the end of each automatic renewal period thereafter unless the bank has elected not to renew the letter in the manner provided by subsection (2) of this section.

(2)

A bank that issues a letter of credit may elect not to renew a letter of credit by giving written notice to the following persons:

(a)

To the party that files the letter of credit, at the address stated in the letter of credit, or, if the attorney for the party is named in the letter of credit, to the attorney at the address stated in the letter of credit.

(b)

To the beneficiary, at the address stated in the letter of credit, or, if the attorney for the beneficiary is named in the letter, to the attorney at the address stated in the letter of credit.

(3)

Notice of nonrenewal under subsection (2) of this section must be given by certified mail. The notice must be mailed at least 60 days before the expiration date reflected on the letter of credit or 60 days before the end of any subsequent automatic renewal period.

(4)

If an issuing bank has given notice of nonrenewal under the provisions of this section, the bank must pay to the trial court administrator who is holding the letter of credit the amount stated in the letter of credit as the limit of the bank’s liability unless the beneficiary gives written notice to the bank that the letter of credit has been released. A beneficiary shall promptly notify the issuing bank in writing if the court has entered an order releasing the letter of credit.

(5)

Any amount paid by an issuing bank to a trial court administrator under subsection (4) of this section shall be treated as a deposit of money under ORS 22.020 (Deposit of money, letter of credit, checks or federal or municipal obligations, in lieu of security or bond). Any amount that is not paid out to the beneficiary pursuant to the appellate judgment shall be refunded to the bank making the deposit. [1997 c.172 §3; 1999 c.367 §9]

Source: Section 19.320 — Expiration and renewal of letter of credit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors019.­html.

19.005
Definitions
19.205
Appealable judgments and orders
19.215
Determining amount in controversy in class action for purposes of appeal
19.225
Appealability of certain orders in class actions
19.235
Jurisdiction for determining whether decision is appealable
19.240
How appeal to Court of Appeals taken
19.245
Who may appeal
19.250
Contents of notice of appeal
19.255
Time for service and filing of notice of appeal
19.260
Filing by mail or delivery
19.265
Payment of filing fee
19.270
Appellate jurisdiction of Supreme Court and Court of Appeals
19.275
Continuing jurisdiction of trial court in certain domestic relations cases
19.300
Undertakings on appeal generally
19.305
Qualifications of sureties
19.310
Waiver, reduction or limitation of undertaking
19.312
Supersedeas undertaking in certain actions against tobacco product manufacturer
19.315
Requirements for use of letter of credit
19.320
Expiration and renewal of letter of credit
19.325
Payment on letter of credit
19.330
Stays generally
19.335
Stay by filing of supersedeas undertaking
19.340
Waiver of supersedeas undertaking
19.345
Enforcement of judgment in contract action notwithstanding appeal
19.350
Discretionary stay by court
19.355
Stay of domestic relations judgment
19.360
Appellate review of trial court orders relating to undertakings and stays
19.365
Preparation and transmission of record generally
19.370
Certification and service of transcript
19.375
Cost of transcript
19.380
Agreed narrative statement
19.385
Audio records
19.390
Bill of exceptions not required
19.395
Time extensions for preparation of record
19.400
Where appeals heard
19.405
Certification of appeal to Supreme Court
19.410
Stipulated dismissals
19.415
Scope of appellate review
19.420
Action by appellate court on appeal
19.425
Review of intermediate orders
19.430
Review of trial court order granting a new trial on court’s own initiative
19.435
Memorandum decisions
19.440
Award of attorney fees authorized by statute
19.445
Damages upon affirmance of judgment
19.450
Appellate judgment
19.500
Service of documents under provisions of chapter
19.510
Powers of successor trial judge with respect to appeals
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