ORS 74.2050
Depositary bank as holder of unindorsed item

If a customer delivers an item to a depositary bank for collection:

(1)

The depositary bank becomes a holder of the item at the time it receives the item for collection if the customer at the time of delivery was a holder of the item, whether or not the customer indorses the item, and, if the bank satisfies the other requirements of ORS 73.0302 (Holder in due course), it is a holder in due course; and

(2)

The depositary bank warrants to collecting banks, the payor bank or other payor, and the drawer that the amount of the item was paid to the customer or deposited to the customer’s account. [1961 c.726 §74.2050 (Depositary bank as holder of unindorsed item); 1993 c.545 §88]

Source: Section 74.2050 — Depositary bank as holder of unindorsed item, https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html.

Notes of Decisions

Unindorsed check bearing only depositary bank’s stamp “Pay any bank--PEG” (prior endorsements guaranteed) was not properly payable; “P.E.G.” stamp did not suffice as missing customer’s indorsement under this section. Barber v. U.S. National Bank, 90 Or App 68, 750 P2d 1183 (1988)

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

§ 74.2050’s source at oregon​.gov