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Can you summarize ORRS 74.2150?
Bank Deposits and Collections > Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
Short Summary
This legal document governs the final payment of an item by a payor bank, as well as the timing of when provisional debits and credits become final and when certain credits become available for withdrawal. It applies to payor banks, presenting banks, successive prior collecting banks, and collecting banks. An item is considered finally paid by a payor bank when it is paid in cash, settled without the right to revoke the settlement, or provisionally settled and not revoked within the permitted time. If provisional settlement does not become final, the item is not considered finally paid. Provisional debits or credits for an item become final upon final payment of the item by the payor bank. If a collecting bank receives a settlement for an item that becomes final, it is accountable to its customer for the amount of the item, and any provisional credit given becomes final. Credit given by a bank for an item in a customer’s account becomes available for withdrawal when the settlement becomes final and the bank has had a reasonable time to receive the item but has not received it within that time. A deposit of money becomes available for withdrawal at the opening of the bank’s next banking day after receipt of the deposit.
Whom does it apply to?
Payor banks, presenting banks, successive prior collecting banks, and collecting banks.
What does it govern?
Final payment of item by payor bank; when provisional debits and credits become final; when certain credits become available for withdrawal.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oregon