ORS 74.2150
Final payment of item by payor bank

  • when provisional debits and credits become final
  • when certain credits become available for withdrawal

(1)

An item is finally paid by a payor bank when the bank has first done any of the following:

(a)

Paid the item in cash;

(b)

Settled for the item without having a right to revoke the settlement under statute, clearing house rule or agreement; or

(c)

Made a provisional settlement for the item and failed to revoke the settlement in the time and manner permitted by statute, clearing house rule or agreement.

(2)

If provisional settlement for an item does not become final, the item is not finally paid.

(3)

If provisional settlement for an item between the presenting and payor banks is made through a clearing house or by debits or credits in an account between them, then to the extent that provisional debits or credits for the item are entered in accounts between the presenting and payor banks or between the presenting and successive prior collecting banks seriatim, they become final upon final payment of the items by the payor bank.

(4)

If a collecting bank receives a settlement for an item which is or becomes final, the bank is accountable to its customer for the amount of the item and any provisional credit given for the item in an account with its customer becomes final.

(5)

Subject to applicable law stating a time for availability of funds and any right of the bank to apply the credit to an obligation of the customer, credit given by a bank for an item in a customer’s account becomes available for withdrawal as of right:

(a)

If the bank has received a provisional settlement for the item, when the settlement becomes final and the bank has had a reasonable time to receive return of the item and the item has not been received within that time; or

(b)

If the bank is both the depositary bank and the payor bank, and the item is finally paid, at the opening of the bank’s second banking day following receipt of the item.

(6)

Subject to applicable law stating a time for availability of funds and any right of a bank to apply a deposit to an obligation of the depositor, a deposit of money becomes available for withdrawal as of right at the opening of the bank’s next banking day after receipt of the deposit. [1993 c.545 §99]

Source: Section 74.2150 — Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal, 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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