2017 ORS 74.3030¹
When items subject to notice, stop payment order, legal process or setoff
  • order in which items may be charged or certified
  • cutoff hour for checks

(1) Any knowledge, notice or stop payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend or modify the bank’s right or duty to pay an item or to charge its customer’s account for the item if the knowledge, notice, stop payment order or legal process is received or served and a reasonable time for the bank to act thereon expires or the setoff is exercised after the earliest of the following:

(a) The bank accepts or certifies the item;

(b) The bank pays the item in cash;

(c) The bank settles for the item without having a right to revoke the settlement under statute, clearing house rule or agreement;

(d) The bank becomes accountable for the amount of the item under ORS 74.3020 (Payor bank’s responsibility for late return of item) dealing with the payor bank’s responsibility for late return of items; or

(e) With respect to checks, a cutoff hour no earlier than one hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.

(2) Subject to subsection (1) of this section items may be accepted, paid, certified or charged to the indicated account of its customer in any order. [1961 c.726 §74.3030 (When items subject to notice, stop payment order, legal process or setoff); 1993 c.545 §103]

Notes of Decisions

Whether the payor bank had made final pay­ment of the checks and thus was not entitled to honor its customers’ stop pay­ment orders, depended on whether the bank had completed its usual pro­ce­dures for determining whether to make pay­ment. Community Bank v. U.S. Nat. Bank of Ore., 276 Or 471, 555 P2d 435 (1976)

1 Legislative Counsel Committee, CHAPTER 74—Bank Deposits and Collections, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors074.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 74, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano074.­html (2017) (last ac­cessed Mar. 30, 2018).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.