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Can you summarize ORRS 74.4030?
Bank Deposits and Collections > Customers right to stop payment; duration of stop payment order; burden of proof of loss.
Short Summary
This legal document, governed by the Oregon Revised Statutes, specifically the Commercial Transactions - Chapters 71-84, Bank Deposits and Collections, outlines the customer’s right to stop payment and the duration of a stop payment order. A customer or any person authorized to draw on the account can stop payment of any item drawn on the customer’s account or close the account by providing an order to the bank. The stop payment order is effective for six months, but if the original order was oral and not confirmed in writing within 14 calendar days, it lapses. The customer has the burden of proving the fact and amount of loss resulting from the payment of an item contrary to a stop payment order or order to close an account. The loss may include damages for dishonor of subsequent items. No specific penalties are mentioned in this document.
Whom does it apply to?
Customers and persons authorized to draw on the account
What does it govern?
Customer's right to stop payment; duration of stop payment order; burden of proof of loss
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Oregon