ORS 74.2010
Status of collecting bank as agent and provisional status of credits

  • applicability of chapter
  • item indorsed “pay any bank.”

(1)

Unless a contrary intent clearly appears and before the time that a settlement given by a collecting bank for an item is or becomes final the bank, with respect to the item, is an agent or subagent of the owner of the item and any settlement given for the item is provisional. This provision applies regardless of the form of indorsement or lack of indorsement and even though credit given for the item is subject to immediate withdrawal as of right or is in fact withdrawn; but the continuance of ownership of an item by its owner and any rights of the owner to proceeds of the item are subject to rights of a collecting bank, such as those resulting from outstanding advances on the item and rights of recoupment or setoff. If an item is handled by banks for purposes of presentment, payment, collection or return, the relevant provisions of this chapter apply even though action of the parties clearly establishes that a particular bank has purchased the item and is the owner of it.

(2)

After an item has been indorsed with the words “pay any bank” or the like, only a bank may acquire the rights of a holder until the item has been:

(a)

Returned to the customer initiating collection; or

(b)

Specially indorsed by a bank to a person who is not a bank. [1961 c.726 §74.2010 (Status of collecting bank as agent and provisional status of credits); 1993 c.545 §84]

Source: Section 74.2010 — Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed “pay any bank.”, https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html.

74.1010
Short title
74.1020
Applicability
74.1030
Variation by agreement
74.1040
Definitions and index of definitions
74.1050
“Bank”
74.1060
Payable through or payable at bank
74.1070
Separate office of bank for computing time for actions, notices and orders
74.1080
Time of receipt of items
74.1090
Waiver of time limits
74.1110
Statute of limitations
74.1120
Electronic presentment
74.2010
Status of collecting bank as agent and provisional status of credits
74.2020
Responsibility for collection
74.2030
Effect of instructions
74.2040
Methods of sending and presenting
74.2050
Depositary bank as holder of unindorsed item
74.2060
Transfer between banks
74.2070
Warranties of customer and collecting bank on transfer of item
74.2080
Presentment warranties
74.2090
Encoding and retention warranties
74.2100
Security interest of collecting bank in items
74.2110
Bank as holder in due course
74.2120
Presentment by notice of item not payable by, through or at bank
74.2130
Medium and time of settlement by bank
74.2140
Right of charge-back or refund
74.2150
Final payment of item by payor bank
74.2160
Insolvency and preference
74.3010
Deferred posting
74.3020
Payor bank’s responsibility for late return of item
74.3030
When items subject to notice, stop payment order, legal process or setoff
74.4010
When bank may charge customer’s account
74.4020
Bank’s liability to customer for wrongful dishonor
74.4030
Customer’s right to stop payment
74.4040
Bank not obligated to pay check more than six months old
74.4050
Death or incompetence of customer
74.4060
Statements to customer
74.4070
Payor bank’s right to subrogation on improper payment
74.5010
Handling of documentary drafts
74.5020
Presentment of “on arrival” drafts
74.5030
Responsibility of presenting bank for documents and goods
74.5040
Privilege of presenting bank to deal with goods
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