ORS 74.3010
Deferred posting

  • recovery of payment by return of items
  • time of dishonor
  • return of items by payor bank

(1)

If a payor bank settles for a demand item other than a documentary draft presented otherwise than for immediate payment over the counter before midnight of the banking day of receipt, the payor bank may revoke the settlement and recover the settlement if, before it has made final payment and before its midnight deadline, it:

(a)

Returns the item; or

(b)

Sends written notice of dishonor or nonpayment if the item is unavailable for return.

(2)

If a demand item is received by a payor bank for credit on its books it may return the item or send notice of dishonor and may revoke any credit given or recover the amount thereof withdrawn by its customer, if it acts within the time limit and in the manner specified in subsection (1) of this section.

(3)

Unless previous notice of dishonor has been sent, an item is dishonored at the time when for purposes of dishonor it is returned or notice sent in accordance with this section.

(4)

An item is returned:

(a)

As to an item presented through a clearing house, when it is delivered to the presenting or last collecting bank or to the clearing house or is sent or delivered in accordance with clearing house rules; or

(b)

In all other cases, when it is sent or delivered to the bank’s customer or transferor or pursuant to instructions of the customer or transferor. [1961 c.726 §74.3010 (Deferred posting); 1993 c.545 §101]

Source: Section 74.3010 — Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor 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
Green check means up to date. Up to date

Current through early 2024

§ 74.3010’s source at oregon​.gov