Oregon Statutes 74.1050 – Bank; depositary bank; intermediary bank; collecting bank; payor bank; presenting bank
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Terms Used In Oregon Statutes 74.1050
- Draft: means a draft as defined in ORS § 73. See Oregon Statutes 74.1040
- Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 74.1040
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Oregon Statutes 74.1040
(1) ‘Bank’ means a financial institution, as defined in ORS § 706.008.
(2) ‘Depositary bank’ means the first bank to take an item even though it is also the payor bank unless the item is presented for immediate payment over the counter.
(3) ‘Payor bank’ means a bank that is the drawee of a draft.
(4) ‘Intermediary bank’ means a bank to which an item is transferred in course of collection except the depositary or payor bank.
(5) ‘Collecting bank’ means a bank handling an item for collection except the payor bank.
(6) ‘Presenting bank’ means a bank presenting an item except a payor bank. [1961 c.726 § 74.1050; 1993 c.545 § 76; 1997 c.631 § 380]