Oregon Statutes 74.1060 – Payable through or payable at bank; collecting bank
(1) If an item states that it is ‘payable through’ a bank identified in the item:
Terms Used In Oregon Statutes 74.1060
- 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
(a) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
(b) The item may be presented for payment only by or through the bank.
(2) If an item states that it is ‘payable at’ a bank identified in the item:
(a) The item designates the bank as a collecting bank and does not by itself authorize the bank to pay the item; and
(b) The item may be presented for payment only by or through the bank.
(3) If a draft names a nonbank drawee and it is unclear whether a bank named in the draft is a co-drawee or a collecting bank, the bank is a collecting bank. [1961 c.726 § 74.1060; 1963 c.402 § 2; 1993 c.545 § 77]