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Can you summarize ORRS 74.2080?
Bank Deposits and Collections > Presentment warranties; remedies; defenses; payment of dishonored draft; warranty disclaimer not applicable to checks; when warranty claim accrues.
Short Summary
This legal document, governed by the Oregon Revised Statutes, specifically the Commercial Transactions - Chapters 71-84 under the Business Organizations, Commercial Code, Bank Deposits and Collections, addresses presentment warranties, remedies, defenses, payment of dishonored drafts, warranty disclaimer, and the accrual of warranty claims. It outlines the obligations and warranties of drawees, warrantors, and persons making payment or accepting drafts. The document establishes that the person obtaining payment or acceptance of an unaccepted draft warrants to the drawee that they are entitled to enforce the draft, the draft has not been altered, the signature of the drawer is authorized, and the creation of the draft was authorized by the drawer. It also states that a drawee making payment may recover damages for breach of warranty from the warrantor, and breach of warranty is a defense to the obligation of the acceptor. The document further covers the warranty for dishonored drafts and the inability to disclaim warranties for checks. It specifies that a claim for breach of warranty accrues when the claimant has reason to know of the breach. Overall, this document provides guidelines and protections related to the payment and acceptance of drafts in commercial transactions.
Whom does it apply to?
This document applies to drawees, warrantors, and persons making payment or accepting drafts.
What does it govern?
Presentment warranties; remedies; defenses; payment of dishonored draft; warranty disclaimer not applicable to checks; when warranty claim accrues.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oregon