ORS 19.325
Payment on letter of credit


(1)

If an appellate judgment entitles a beneficiary to payment from the issuing bank of a letter of credit, the appellate judgment must direct the trial court administrator to release the letter of credit to the beneficiary. Upon issuance of the appellate judgment, the beneficiary may enforce the letter of credit by submitting a draft to the issuing bank in accordance with the terms of the letter of credit. The amount of the draft must include all amounts determined necessary to cover the interest that will accrue until the date that disbursement will be made to the beneficiary.

(2)

Except as provided in this section, a draft submitted by a beneficiary under this section need not be in any particular form. The draft must be dated, must be for a specific sum of money and must contain the following language:

Pay to the order of the undersigned beneficiary the amount of this draft. The undersigned beneficiary hereby certifies that there is now an appellate judgment in this case pursuant to which the amount of the draft stated above is now due and owing to the beneficiary from the party on whose behalf the letter of credit was issued.

(3)

In addition to the requirements of subsection (2) of this section, the following items must be attached to a draft submitted by a beneficiary under this section:

(a)

The original letter of credit under which the draft is drawn.

(b)

A copy of the appellate judgment certified by the State Court Administrator that shows the amount that the beneficiary is entitled to recover under the letter of credit.

(4)

If the issuing bank of a letter of credit does not honor a letter of credit, on motion of the beneficiary the trial court shall enter judgment against the issuing bank unless the bank establishes that the bank is not required under the law to honor the letter of credit. [1997 c.172 §4; 1999 c.367 §10]

Source: Section 19.325 — Payment on 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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