Oregon Statutes 73.0412 – Obligation of issuer of note or cashiers check
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The issuer of a note or cashier’s check or other draft drawn on the drawer is obliged to pay the instrument 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 issuer signed an incomplete instrument, according to its terms when completed, to the extent stated in ORS § 73.0115 and 73.0407. The obligation is owed to a person entitled to enforce the instrument or to an indorser who paid the instrument under ORS § 73.0115. [1993 c.545 § 53]
Terms Used In Oregon Statutes 73.0412
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100