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2017 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 074 - Bank Deposits and Collections
Section 74.2050 - Depositary bank as holder of unindorsed item.
Universal Citation: OR Rev Stat § 74.2050 (2017)
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, 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; 1993 c.545 §88]
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