ORS 74.2020
Responsibility for collection

  • when action timely

(1)

A collecting bank must exercise ordinary care in:

(a)

Presenting an item or sending it for presentment;

(b)

Sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank’s transferor after learning that the item has not been paid or accepted, as the case may be;

(c)

Settling for an item when the bank receives final settlement; and

(d)

Notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.

(2)

A collecting bank exercises ordinary care under subsection (1) of this section by taking proper action before its midnight deadline following receipt of an item, notice or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.

(3)

Subject to subsection (1)(a) of this section, a bank is not liable for the insolvency, neglect, misconduct, mistake or default of another bank or person or for loss or destruction of an item in the possession of others or in transit. [1961 c.726 §74.2020 (Responsibility for collection); 1993 c.545 §85]

Source: Section 74.2020 — Responsibility for collection; when action timely, 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

§ 74.2020’s source at oregon​.gov