Chapter 73 — Chapter 73
148 sections in this chapter.
ORS 73.0413 Obligation of acceptor. (1) The acceptor of a draft is obligated to pay the draft
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(a) According to its terms at the time it was accepted, even though the acceptance states that the draft is payable “as originally drawn” or equivalent terms; (b) If the acceptance varies the terms of the draft, according to the terms of the draft as varied; or (c) If the accepta…
ORS 73.0414 Obligation of drawer. (1) This section does not apply to cashier’s checks or other drafts drawn on the drawer
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(2) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder, or if the drawer signed an incomplete instrument, according to its terms whe…
ORS 73.0415 Obligation of indorser. (1) Subject to subsections (2), (3) and (4) of this section and to ORS 73.0419 (4), if an instrument is dishonored, an indorser is obliged to pay the amount due on the instrument according to the terms of the instrument at the time it was indorsed, or if the indorser indorsed an incomplete instrument, according to its terms when completed, to the extent stated in ORS 73.0115 and 73.0407. The obligation of the indorser is owed to a person entitled to enforce the instrument or to a subsequent indorser who paid the instrument under this section
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(2) If an indorsement states that it is made “without recourse” or otherwise disclaims liability of the indorser, the indorser is not liable under subsection (1) of this section to pay the instrument. (3) If notice of dishonor of an instrument is required by ORS 73.0503 and notic…
ORS 73.0416 Transfer warranties. (1) A person who transfers an instrument for consideration warrants to the transferee and, if the transfer is by indorsement, to any subsequent transferee that
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(a) The warrantor is a person entitled to enforce the instrument; (b) All signatures on the instrument are authentic and authorized; (c) The instrument has not been altered; (d) The instrument is not subject to a defense or claim in recoupment of any party which can be asserted a…
ORS 73.0417 Presentment warranties. (1) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft, the person obtaining payment or acceptance, at the time of presentment, and a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting the draft in good faith that
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(a) The warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft; (b) The draft has not been altered; (c) The warran…
ORS 73.0418 Payment or acceptance by mistake. (1) Except as provided in subsection (3) of this section, if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that payment of the draft had not been stopped pursuant to ORS 73.0403 or the signature of the drawer of the draft was authorized, the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance. Rights of the drawee under this subsection are not affected by failure of the drawee to exercise ordinary care in paying or accepting the draft
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(2) Except as provided in subsection (3) of this section, if an instrument has been paid or accepted by mistake and the case is not covered by subsection (1) of this section, the person paying or accepting may, to the extent permitted by the law governing mistake and restitution:…
ORS 73.0419 Instruments signed for accommodation. (1) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party “for accommodation.”
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(2) An accommodation party may sign the instrument as maker, drawer, acceptor or indorser and, subject to subsection (4) of this section, is obliged to pay the instrument in the capacity in which the accommodation party signs. The obligation of an accommodation party may be enfor…
ORS 73.0420 Conversion of instrument. (1) The law applicable to conversion of personal property applies to instruments. An instrument is also converted if it is taken by transfer, other than a negotiation, from a person not entitled to enforce the instrument or a bank makes or obtains payment with respect to the instrument for a person not entitled to enforce the instrument or receive payment. An action for conversion of an instrument may not be brought by
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(a) The issuer or acceptor of the instrument; or (b) A payee or indorsee who did not receive delivery of the instrument either directly or through delivery to an agent or a co-payee. (2) In an action under subsection (1) of this section, the measure of liability is presumed to be…
ORS 73.0501 Presentment. (1) “Presentment” means a demand made by or on behalf of a person entitled to enforce an instrument to pay the instrument made to the drawee or a party obliged to pay the instrument or, in the case of a note or accepted draft payable at a bank, to the bank, or to accept a draft made to the drawee
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(2) The following rules are subject to ORS chapter 74, agreement of the parties, and clearing house rules and the like: (a) Presentment may be made at the place of payment of the instrument and shall be made at the place of payment if the instrument is payable at the bank in the …
ORS 73.0502 Dishonor. (1) Dishonor of a note is governed by the following rules
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(a) If the note is payable on demand, the note is dishonored if presentment is duly made to the maker and the note is not paid on the day of presentment. (b) If the note is not payable on demand and is payable at or through a bank or the terms of the note required presentment, th…
ORS 73.0503 Notice of dishonor. (1) The obligation of an indorser stated in ORS 73.0415 (1) and the obligation of a drawer stated in ORS 73.0414 (4) may not be enforced unless the indorser or drawer is given notice of dishonor of the instrument complying with this section or notice of dishonor is excused under ORS 73.0504 (2)
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(2) Notice of dishonor may be given by any person, may be given by any commercially reasonable means, including an oral, written or electronic communication, and is sufficient if it reasonably identifies the instrument and indicates that the instrument has been dishonored or has …
ORS 73.0504 Excused presentment and notice of dishonor. (1) Presentment for payment or acceptance of an instrument is excused if
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(a) The person entitled to present the instrument cannot with reasonable diligence make presentment; (b) The maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings; (c) By the terms of the instrument presentment is not necessa…
ORS 73.0505 Evidence of dishonor. (1) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated
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(a) A document regular in form as provided in subsection (2) of this section which purports to be a protest; (b) A purported stamp or writing of the drawee, payor bank or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless …
ORS 73.0601 Discharge and effect of discharge. (1) The obligation of a party to pay the instrument is discharged as stated in this chapter or by an act or agreement with the party which would discharge an obligation to pay money under a simple contract
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(2) Discharge of the obligation of a party is not effective against a person acquiring rights of a holder in due course of the instrument without notice of the discharge. [1993 c.545 §67]
ORS 73.0602 Payment. (1) Subject to subsection (2) of this section, an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument, and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under ORS 73.0306 or by another person
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(2) The obligation of a party to pay the instrument is not discharged under subsection (1) of this section if: (a) A claim to the instrument under ORS 73.0306 is enforceable against the party receiving payment and: (A) Payment is made with knowledge of the payor that payment is p…
ORS 73.0603 Tender of payment. (1) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract
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(2) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an indorser or accommodation party having a right o…
ORS 73.0604 Discharge by cancellation or renunciation. (1) A person entitled to enforce an instrument, with or without consideration, may discharge the obligation of a party to pay the instrument
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(a) By an intentional voluntary act, such as surrender of the instrument to the party, destruction, mutilation, or cancellation of the instrument, cancellation or striking out of the party’s signature, or the addition of words to the instrument indicating discharge; or (b) By agr…
ORS 73.0605 Discharge of indorsers and accommodation parties. (1) In this section, the term “indorser” includes a drawer having the obligation described in ORS 73.0414
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(2) Discharge, under ORS 73.0604, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a right of recourse against the discharged party. (3) If a person entitled to enforce an instrument agrees, with or w…
ORS 73.1010 [1961 c.726 §73.1010; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1020 [1961 c.726 §73.1020; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1030 [1961 c.726 §73.1030; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1040 [1961 c.726 §73.1040; 1983 c.37 §36a; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1050 [1961 c.726 §73.1050; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1060 [1961 c.726 §73.1060; 1989 c.246 §1; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1070 [1961 c.726 §73.1070; 1991 c.202 §19; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1080 [1961 c.726 §73.1080; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1090 [1961 c.726 §73.1090; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1100 [1961 c.726 §73.1100; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1110 [1961 c.726 §73.1110; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1120 [1961 c.726 §73.1120; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1130 [1961 c.726 §73.1130; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1140 [1961 c.726 §73.1140; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1150 [1961 c.726 §73.1150; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1160 [1961 c.726 §73.1160; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1170 [1961 c.726 §73.1170; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1180 [1961 c.726 §73.1180; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1190 [1961 c.726 §73.1190; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1200 [1961 c.726 §73.1200; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1210 [1961 c.726 §73.1210; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1220 [1961 c.726 §73.1220; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.1230 [1989 c.1060 §2; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2010 [1961 c.726 §73.2010; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2020 [1961 c.726 §73.2020; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2030 [1961 c.726 §73.2030; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2040 [1961 c.726 §73.2040; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2050 [1961 c.726 §73.2050; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2060 [1961 c.726 §73.2060; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2070 [1961 c.726 §73.2070; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.2080 [1961 c.726 §73.2080; repealed by 1993 c.545 §126]
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[Repealed or reserved.]
ORS 73.3010 [1961 c.726 §73.3010; repealed by 1993 c.545 §126]
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[Repealed or reserved.]