Obligations of indorser of discounted commercial paper
(1) In addition to obligations permitted under ORS 708A.295 (Limitations on amount of obligations to Oregon commercial bank), an Oregon commercial bank may acquire obligations of a person without regard to amount as an indorser, arising out of the discount of commercial or business paper owned by the person negotiating the paper.
(2) As used in this section, "commercial or business paper" means negotiable notes, drafts, acceptances or bills of exchange having a maturity of not more than six months, that have been given by one person to another in settlement of a commercial or business transaction involving the purchase of goods, and upon which both parties to the transaction are liable either as maker, drawer, acceptor or indorser. [1997 c.631 §147]
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