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Can you summarize ORRS Chapter 74?
Commercial Transactions - Chapters 71-84 > Bank Deposits and Collections
Short Summary
This legal document, part of the Oregon Revised Statutes, specifically governs bank deposits and collections in commercial transactions. It provides definitions for various terms used in this chapter and clarifies the scope of control. The document outlines the responsibilities and obligations of collecting banks in the collection of items, including the exercise of ordinary care and the handling of items for presentment, payment, collection, or return. It also addresses the warranties provided by customers and collecting banks when transferring an item and receiving settlement or other consideration. The document further covers the security interest of a collecting bank in items and their priority. It specifies 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. Additionally, it governs the final payment of an item by a payor bank, as well as the timing of when provisional debits and credits become final and when certain credits become available for withdrawal. The document also addresses the handling of items in the possession of payor banks, collecting banks, receivers, trustees, and agents in charge of closed banks in cases of insolvency. It further outlines the rules regarding bank deposits and collections of documentary drafts. Overall, this document provides a comprehensive framework for understanding bank deposits and collections in commercial transactions in Oregon.
Whom does it apply to?
This document applies to banks, financial institutions, customers, and other parties involved in commercial transactions.
What does it govern?
This legal document pertains to the variation of provisions in commercial transactions involving banks by agreement. It also governs bank deposits and collections in commercial transactions.
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
Oregon