Payment on lost, stolen or destroyed instruments
- • indemnity bonds not required
(1) An instrument may be paid without presentment if the person claiming to be the lawful owner of the instrument satisfies the officer by whom payment is to be made that the instrument has been lost, stolen or destroyed prior to the claimant’s having received value for the instrument or having negotiated the instrument, in compliance with ORS 293.475 (Issuance of duplicate instrument).
(2) Notwithstanding subsection (1) of this section, a person, including an officer or employee, is not required to furnish a bond of indemnity for the amount of the lost instrument in cases of destroyed, stolen or lost instruments, but is required to furnish a statement as provided in ORS 293.475 (Issuance of duplicate instrument). [Formerly 291.518; 1967 c.221 §1; 1973 c.478 §1; 1979 c.763 §1; 2005 c.110 §2]
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