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Can you summarize ORRS 74.3030?
Bank Deposits and Collections > When items subject to notice, stop payment order, legal process or setoff; order in which items may be charged or certified; cutoff hour for checks.
Short Summary
This legal document, found in the Oregon Revised Statutes under the Commercial Transactions section of the Business Organizations, Commercial Code, pertains to bank deposits and collections. It governs the actions and responsibilities of payor banks and their customers regarding items subject to notice, stop payment order, legal process, or setoff. The document specifies that any knowledge, notice, stop payment order, or legal process received by the payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge the customer’s account if certain conditions are met. These conditions include the bank accepting or certifying the item, paying the item in cash, settling for the item without the right to revoke the settlement, becoming accountable for the amount of the item, or reaching the cutoff hour for checks. The document also states that items may be accepted, paid, certified, or charged to the customer’s account in any order, subject to the specified conditions. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Payor banks and their customers
What does it govern?
Items subject to notice, stop payment order, legal process or setoff; order in which items may be charged or certified; cutoff hour for checks
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Oregon