ORS 19.320
Expiration and renewal of letter of credit

(1)

If a letter of credit issued under ORS 19.315 (Requirements for use of letter of credit) contains an expiration date, the letter of credit must also state an automatic renewal period and contain a statement that the issuing bank will automatically renew the letter of credit on the expiration date and at the end of each automatic renewal period thereafter unless the bank has elected not to renew the letter in the manner provided by subsection (2) of this section.

(2)

A bank that issues a letter of credit may elect not to renew a letter of credit by giving written notice to the following persons:

(a)

To the party that files the letter of credit, at the address stated in the letter of credit, or, if the attorney for the party is named in the letter of credit, to the attorney at the address stated in the letter of credit.

(b)

To the beneficiary, at the address stated in the letter of credit, or, if the attorney for the beneficiary is named in the letter, to the attorney at the address stated in the letter of credit.

(3)

Notice of nonrenewal under subsection (2) of this section must be given by certified mail. The notice must be mailed at least 60 days before the expiration date reflected on the letter of credit or 60 days before the end of any subsequent automatic renewal period.

(4)

If an issuing bank has given notice of nonrenewal under the provisions of this section, the bank must pay to the trial court administrator who is holding the letter of credit the amount stated in the letter of credit as the limit of the bank’s liability unless the beneficiary gives written notice to the bank that the letter of credit has been released. A beneficiary shall promptly notify the issuing bank in writing if the court has entered an order releasing the letter of credit.

(5)

Any amount paid by an issuing bank to a trial court administrator under subsection (4) of this section shall be treated as a deposit of money under ORS 22.020 (Deposit of money, letter of credit, checks or federal or municipal obligations, in lieu of security or bond). Any amount that is not paid out to the beneficiary pursuant to the appellate judgment shall be refunded to the bank making the deposit. [1997 c.172 §3; 1999 c.367 §9]

Source: Section 19.320 — Expiration and renewal of letter of credit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors019.­html.

19.005
Definitions 19.205
Appealable judgments and orders 19.215
Determining amount in controversy in class action for purposes of appeal 19.225
Appealability of certain orders in class actions 19.235
Jurisdiction for determining whether decision is appealable 19.240
How appeal to Court of Appeals taken 19.245
Who may appeal 19.250
Contents of notice of appeal 19.255
Time for service and filing of notice of appeal 19.260
Filing by mail or delivery 19.265
Payment of filing fee 19.270
Appellate jurisdiction of Supreme Court and Court of Appeals 19.275
Continuing jurisdiction of trial court in certain domestic relations cases 19.300
Undertakings on appeal generally 19.305
Qualifications of sureties 19.310
Waiver, reduction or limitation of undertaking 19.312
Supersedeas undertaking in certain actions against tobacco product manufacturer 19.315
Requirements for use of letter of credit 19.320
Expiration and renewal of letter of credit 19.325
Payment on letter of credit 19.330
Stays generally 19.335
Stay by filing of supersedeas undertaking 19.340
Waiver of supersedeas undertaking 19.345
Enforcement of judgment in contract action notwithstanding appeal 19.350
Discretionary stay by court 19.355
Stay of domestic relations judgment 19.360
Appellate review of trial court orders relating to undertakings and stays 19.365
Preparation and transmission of record generally 19.370
Certification and service of transcript 19.375
Cost of transcript 19.380
Agreed narrative statement 19.385
Audio records 19.390
Bill of exceptions not required 19.395
Time extensions for preparation of record 19.400
Where appeals heard 19.405
Certification of appeal to Supreme Court 19.410
Stipulated dismissals 19.415
Scope of appellate review 19.420
Action by appellate court on appeal 19.425
Review of intermediate orders 19.430
Review of trial court order granting a new trial on court’s own initiative 19.435
Memorandum decisions 19.440
Award of attorney fees authorized by statute 19.445
Damages upon affirmance of judgment 19.450
Appellate judgment 19.500
Service of documents under provisions of chapter 19.510
Powers of successor trial judge with respect to appeals
Green check means up to date. Up to date

Current through early 2024

§ 19.320’s source at oregon​.gov