ORS 73.0203
Transfer of instrument

  • rights acquired by transfer

(1)

An instrument is transferred when it is delivered by a person other than its issuer for the purpose of giving to the person receiving delivery the right to enforce the instrument.

(2)

Transfer of an instrument, whether or not the transfer is a negotiation, vests in the transferee any right of the transferor to enforce the instrument, including any right as a holder in due course, but the transferee cannot acquire rights of a holder in due course by a transfer, directly or indirectly, from a holder in due course if the transferee has engaged in fraud or illegality affecting the instrument.

(3)

Unless otherwise agreed, if an instrument is transferred for value and the transferee does not become a holder because of lack of indorsement by the transferor, the transferee has a specifically enforceable right to the unqualified indorsement of the transferor, but negotiation of the instrument does not occur until the indorsement is made.

(4)

If a transferor purports to transfer less than the entire instrument, negotiation of the instrument does not occur. The transferee obtains no rights under this chapter and has only the rights of a partial assignee. [1993 c.545 §25]

Source: Section 73.0203 — Transfer of instrument; rights acquired by transfer, https://www.­oregonlegislature.­gov/bills_laws/ors/ors073.­html.

Notes of Decisions

Under former similar statute (ORS 73.2010)

When the maker has possession of the note, and the note is in evidence, a transferee of the note may maintain an action on it without possession of it. Scheid v. Shields, 269 Or 236, 524 P2d 1209 (1974)

When maker had possession of the note, plaintiff could become a transferee without delivery of the note. Scheid v. Shields, 269 Or 236, 524 P2d 1209 (1974)

A promissory note may be transferred by an assignment without the delivery of the note. Scheid v. Shields, 269 Or 236, 524 P2d 1209 (1974)

73.0101
Short title
73.0102
Application of chapter
73.0103
Definitions
73.0104
Negotiable instrument
73.0105
Issue of instrument
73.0106
Unconditional promise or order
73.0107
Instrument payable in foreign money
73.0108
Payable on demand or at definite time
73.0109
Payable to bearer or to order
73.0110
Identification of person to whom instrument is payable
73.0111
Place of payment
73.0112
Interest
73.0113
Date of instrument
73.0114
Contradictory terms of instrument
73.0115
Incomplete instrument
73.0116
Joint and several liability
73.0117
Other agreements affecting instrument
73.0118
Statute of limitations
73.0119
Notice of right to defend action
73.0201
Negotiation
73.0202
Negotiation subject to rescission
73.0203
Transfer of instrument
73.0204
Indorsement
73.0205
Special indorsement
73.0206
Restrictive indorsement
73.0207
Reacquisition
73.0301
Person entitled to enforce instrument
73.0302
Holder in due course
73.0303
Value and consideration
73.0304
Overdue instrument
73.0305
Defenses and claims in recoupment
73.0306
Claims to an instrument
73.0307
Notice of breach of fiduciary duty
73.0308
Proof of signatures and status as holder in due course
73.0309
Enforcement of lost, destroyed or stolen instrument
73.0310
Effect of instrument on obligation for which taken
73.0311
Accord and satisfaction
73.0312
Lost, destroyed or stolen cashier’s check, teller’s check or certified check
73.0401
Signature
73.0402
Signature by representative
73.0403
Unauthorized signature
73.0404
Impostors
73.0405
Employer’s responsibility for fraudulent indorsement by employee
73.0406
Negligence contributing to forged signature or alteration of instrument
73.0407
Alteration
73.0408
Drawee not liable on unaccepted draft
73.0409
Acceptance of draft
73.0410
Acceptance varying draft
73.0411
Refusal to pay cashier’s checks, teller’s checks and certified checks
73.0412
Obligation of issuer of note or cashier’s check
73.0413
Obligation of acceptor
73.0414
Obligation of drawer
73.0415
Obligation of indorser
73.0416
Transfer warranties
73.0417
Presentment warranties
73.0418
Payment or acceptance by mistake
73.0419
Instruments signed for accommodation
73.0420
Conversion of instrument
73.0501
Presentment
73.0502
Dishonor
73.0503
Notice of dishonor
73.0504
Excused presentment and notice of dishonor
73.0505
Evidence of dishonor
73.0601
Discharge and effect of discharge
73.0602
Payment
73.0603
Tender of payment
73.0604
Discharge by cancellation or renunciation
73.0605
Discharge of indorsers and accommodation parties
Green check means up to date. Up to date