ORS 71.1030
Construction to promote purposes and policies

  • applicability of supplemental principles of law

(1)

The Uniform Commercial Code must be liberally construed and applied to promote its underlying purposes and policies, which are:

(a)

To simplify, clarify and modernize the law governing commercial transactions;

(b)

To permit the continued expansion of commercial practices through custom, usage and agreement of the parties; and

(c)

To make uniform the law among the various jurisdictions.

(2)

Unless displaced by the particular provisions of the Uniform Commercial Code, the principles of law and equity, including the law merchant and the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy and other validating or invalidating cause, supplement its provisions. [1961 c.726 §71.1030 (Construction to promote purposes and policies); 2009 c.181 §3; 2011 c.9 §4]

Source: Section 71.1030 — Construction to promote purposes and policies; applicability of supplemental principles of law, https://www.­oregonlegislature.­gov/bills_laws/ors/ors071.­html.

Notes of Decisions

A check payable jointly may be negotiated only by endorsement of all payees, and defendant bank’s conduct in paying the entire proceeds to one payee without the endorsement of and to the exclusion of the other payee constituted conversion. Berkheimers, Inc. v. Citizens Valley Bank, 270 Or 807, 529 P2d 903 (1974)

The general principles of conversion remain in force by virtue of this section. Berkheimers, Inc. v. Citizens Valley Bank, 270 Or 807, 529 P2d 903 (1974)

Law Review Citations

75 OLR 493 (1996)

Green check means up to date. Up to date

Current through early 2024

§ 71.1030’s source at oregon​.gov