Bank Deposits and Collections

ORS 74.1040
Definitions and index of definitions


(1)

In this chapter, unless the context otherwise requires:

(a)

“Account” means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft or like account, other than an account evidenced by a certificate of deposit.

(b)

“Afternoon” means the period of a day between noon and midnight.

(c)

“Banking day” has the meaning given that term in ORS 708A.650 (Banking days).

(d)

“Clearing house” means an association of banks or other payors regularly clearing items.

(e)

“Customer” means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank.

(f)

“Documentary draft” means a draft to be presented for acceptance or payment if specified documents, certificated securities defined in ORS 78.1020 (Definitions and index of definitions) or instructions for uncertificated securities described in ORS 78.1020 (Definitions and index of definitions), or other certificates, statements or the like are to be received by the drawee or other payor before acceptance or payment of the draft.

(g)

“Draft” means a draft as defined in ORS 73.0104 (Negotiable instrument) or an item, other than an instrument, that is an order.

(h)

“Drawee” means a person ordered in a draft to make payment.

(i)

“Item” means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by ORS chapter 74A or a credit or debit card slip.

(j)

“Midnight deadline” with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later.

(k)

“Settle” means to pay in cash, by clearing house settlement, in a charge or credit or by remittance, or otherwise as agreed. A settlement may be either provisional or final.

(L)

“Suspends payments” with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over, or that it ceases or refuses to make payments in the ordinary course of business.

(2)

Other definitions applying to this chapter and the sections in which they appear are:

(a)

“Agreement for electronic presentment,” as defined in ORS 74.1120 (Electronic presentment).

(b)

“Bank,” as defined in ORS 74.1050 (“Bank”).

(c)

“Collecting bank,” as defined in ORS 74.1050 (“Bank”).

(d)

“Depositary bank,” as defined in ORS 74.1050 (“Bank”).

(e)

“Intermediary bank,” as defined in ORS 74.1050 (“Bank”).

(f)

“Payor bank,” as defined in ORS 74.1050 (“Bank”).

(g)

“Presenting bank,” as defined in ORS 74.1050 (“Bank”).

(h)

“Presentment notice,” as defined in ORS 74.1120 (Electronic presentment).

(3)

“Control” as provided in ORS 77.1060 (Control of electronic document of title) and the following definitions in other sections apply to this chapter:

(a)

“Acceptance,” as defined in ORS 73.0409 (Acceptance of draft).

(b)

“Alteration,” as defined in ORS 73.0407 (Alteration).

(c)

“Cashier’s check,” as defined in ORS 73.0104 (Negotiable instrument).

(d)

“Certificate of deposit,” as defined in ORS 73.0104 (Negotiable instrument).

(e)

“Certified check,” as defined in ORS 73.0409 (Acceptance of draft).

(f)

“Check,” as defined in ORS 73.0104 (Negotiable instrument).

(g)

“Holder in due course,” as defined in ORS 73.0302 (Holder in due course).

(h)

“Instrument,” as defined in ORS 73.0104 (Negotiable instrument).

(i)

“Notice of dishonor,” as defined in ORS 73.0503 (Notice of dishonor).

(j)

“Order,” as defined in ORS 73.0103 (Definitions).

(k)

“Ordinary care,” as defined in ORS 73.0103 (Definitions).

(L)

“Person entitled to enforce,” as defined in ORS 73.0301 (Person entitled to enforce instrument).

(m)

“Presentment,” as defined in ORS 73.0501 (Presentment).

(n)

“Promise,” as defined in ORS 73.0103 (Definitions).

(o)

“Prove,” as defined in ORS 73.0103 (Definitions).

(p)

“Teller’s check,” as defined in ORS 73.0104 (Negotiable instrument).

(q)

“Unauthorized signature,” as defined in ORS 73.0403 (Unauthorized signature).

(4)

In addition, ORS chapter 71 contains general definitions and principles of construction and interpretation applicable throughout this chapter. [1961 c.726 §74.1040 (Definitions and index of definitions); 1993 c.220 §1; 1993 c.545 §75; 1995 c.328 §67; 1997 c.631 §379; 2009 c.181 §45]

Source

Last accessed
Jun. 26, 2021