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Can you summarize ORRS 74.3010?
Bank Deposits and Collections > Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank.
Short Summary
This legal document, governed by the Oregon Revised Statutes, specifically Chapter 74.3010 of the Commercial Transactions - Bank Deposits and Collections, outlines the rules and procedures related to deferred posting, recovery of payment by return of items, time of dishonor, and return of items by payor banks. According to the document, if a payor bank settles for a demand item other than a documentary draft presented for immediate payment before midnight of the banking day of receipt, it has the right to revoke the settlement and recover the settlement under certain conditions. The document also specifies the actions a payor bank can take if a demand item is received for credit on its books. It further clarifies the time of dishonor for an item and the process of returning the item. The document does not mention any exemptions or penalties related to these provisions.
Whom does it apply to?
Payor banks
What does it govern?
Deferred posting; recovery of payment by return of items; time of dishonor; return of items by payor bank
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Oregon