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Can you summarize ORRS 74.4060?
Bank Deposits and Collections > Statements to customer; requirements; retaining copies of items; duty of customer to determine unauthorized payment; allocation of loss.
Short Summary
This legal document, part of the Oregon Revised Statutes, specifically pertains to the area of Bank Deposits and Collections within the Commercial Transactions - Chapters 71-84. It outlines the responsibilities and obligations of banks and their customers regarding the handling of statements of account and payment of items. The document states that banks must either return or provide sufficient information to customers regarding the items paid, and if the items are not returned, the bank must retain them or maintain legible copies for a period of seven years. Customers are required to promptly examine the statements or items and notify the bank of any unauthorized payments. Failure to comply with these duties may preclude the customer from asserting certain claims against the bank. The document also addresses the allocation of loss between the customer and the bank in cases where both parties have failed to meet their obligations. Additionally, it sets a time limit for customers to report unauthorized signatures, alterations, or indorsements on items. Overall, this document establishes guidelines and procedures to ensure the proper handling of bank transactions and the protection of both banks and customers.
Whom does it apply to?
Banks and their customers
What does it govern?
Bank Deposits and Collections
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oregon