Oregon Statutes 19.315 – Requirements for use of letter of credit
(1) Except as provided in subsection (4) of this section, an irrevocable letter of credit filed in support of an undertaking on appeal must contain:
Terms Used In Oregon Statutes 19.315
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Judgment: means a judgment or appealable order, as provided in ORS § 19. See Oregon Statutes 19.005
- Undertaking on appeal: includes undertakings for costs and supersedeas undertakings. See Oregon Statutes 19.005
(a) The name and address of the issuing bank, the date of issuance and the limit of the bank’s liability under the letter of credit.
(b) The name of the court that entered the judgment being appealed and the title and file number of the case for which the judgment was entered.
(c) The name and address of the party who is filing the undertaking or, if the party is represented by an attorney, the name and address of the attorney.
(d) The name and address of the beneficiary or, if the beneficiary is represented by an attorney, the name and address of the attorney for the beneficiary.
(e) A statement that the issuing bank will pay to the beneficiary, up to the limit stated in the letter of credit, the amount of any drafts submitted to the issuing bank under ORS § 19.325.
(2) An irrevocable letter of credit filed in support of an undertaking on appeal may be issued only by an insured institution, as defined in ORS § 706.008, that has an office or other facility in this state or that has a registered agent in this state.
(3) A letter of credit under this section may contain an expiration date. Any letter of credit containing an expiration date must comply with ORS § 19.320.
(4) A party filing a letter of credit in support of an undertaking on appeal and the party for whose benefit an undertaking is filed may by agreement waive any of the requirements of subsection (1) of this section. [1997 c.172 § 2; 1999 c.59 § 10]