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Can you summarize ORRS Chapter 73?
Commercial Transactions - Chapters 71-84 > Negotiable Instruments
Short Summary
This legal document, as defined in the Oregon Revised Statutes, governs negotiable instruments, conversion of instruments, presentment, dishonor of notes and unaccepted drafts, obligations of indorsers and drawers, excusal of presentment and notice of dishonor, evidence of dishonor, discharge of obligations, payment of negotiable instruments, tender of payment, and discharge of indorsers and accommodation parties. It provides definitions for various terms used in the Oregon Revised Statutes related to negotiable instruments in commercial transactions. The document defines terms such as acceptor, drawee, drawer, maker, order, ordinary care, party, promise, prove, remitter, and more. It also references other definitions from ORS chapter 74 that apply to this chapter. The document further defines various types of negotiable instruments such as checks, notes, drafts, cashier’s checks, teller’s checks, traveler’s checks, and certificates of deposit, and provides definitions and characteristics for each type of instrument. The document also governs the conversion of instruments, stating that an instrument can be converted if it is taken by transfer from a person not entitled to enforce the instrument or if a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce it. It outlines the rules for presentment, including the demand for payment or acceptance, the means of presentment, and the actions that can be taken by the party to whom presentment is made. The document also covers the dishonor of notes and unaccepted drafts, specifying the requirements for dishonor and the consequences of non-payment. It addresses the obligations of indorsers and drawers, including the notice of dishonor and the circumstances under which the obligations can be discharged. The document also discusses the excusal of presentment and notice of dishonor, the evidence of dishonor, the discharge of obligations, the payment of negotiable instruments, the tender of payment, and the discharge of indorsers and accommodation parties. Overall, this document serves as a comprehensive reference for individuals and entities involved in commercial transactions in Oregon to understand the legal terminology, concepts, and procedures related to negotiable instruments.
Whom does it apply to?
Individuals and entities involved in commercial transactions in Oregon
What does it govern?
This legal document governs negotiable instruments, conversion of instruments, presentment, dishonor of notes and unaccepted drafts, obligations of indorsers and drawers, excusal of presentment and notice of dishonor, evidence of dishonor, discharge of obligations, payment of negotiable instruments, tender of payment, and discharge of indorsers and accommodation parties.
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oregon