ORS 74.2130
Medium and time of settlement by bank

(1)

With respect to settlement by a bank, the medium and time of settlement may be prescribed by Federal Reserve regulations or circulars, clearing house rules and the like, or agreement. In the absence of such prescription:

(a)

The medium of settlement is cash or credit to an account in a Federal Reserve Bank of or specified by the person to receive settlement; and

(b)

The time of settlement is:

(A)

With respect to tender of settlement by cash, a cashier’s check or teller’s check, when the cash or check is sent or delivered;

(B)

With respect to tender of settlement by credit in an account in a Federal Reserve Bank, when the credit is made;

(C)

With respect to tender of settlement by a credit or debit to an account in a bank, when the credit or debit is made or, in the case of tender of settlement by authority to charge an account, when the authority is sent or delivered; or

(D)

With respect to tender of settlement by a funds transfer, when payment is made pursuant to subsection (1) of this section or ORS 74A.4060 (Payment by originator to beneficiary) to the person receiving settlement.

(2)

If the tender of settlement is not by a medium authorized by subsection (1) of this section or the time of settlement is not fixed by subsection (1) of this section, no settlement occurs until the tender of settlement is accepted by the person receiving settlement.

(3)

If settlement for an item is made by cashier’s check or teller’s check and the person receiving settlement, before its midnight deadline:

(a)

Presents or forwards the check for collection, settlement is final when the check is finally paid; or

(b)

Fails to present or forward the check for collection, settlement is final at the midnight deadline of the person receiving settlement.

(4)

If settlement for an item is made by giving authority to charge the account of the bank giving settlement in the bank receiving settlement, settlement is final when the charge is made by the bank receiving settlement if there are funds available in the account for the amount of the item. [1961 c.726 §74.2130 (Medium and time of settlement by bank); 1993 c.545 §96]

Source: Section 74.2130 — Medium and time of settlement by bank, https://www.­oregonlegislature.­gov/bills_laws/ors/ors074.­html.

Notes of Decisions

Whether the payor bank had made final payment of the checks and thus was not entitled to honor its customers’ stop payment orders, depended on whether the bank had completed its usual procedures for determining whether to make payment. Community Bank v. U.S. Nat. Bank of Ore., 276 Or 471, 555 P2d 435 (1976)

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

§ 74.2130’s source at oregon​.gov