Oregon Statutes 74.1120 – Electronic presentment
(1) ‘Agreement for electronic presentment’ means an agreement, clearing house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item (‘presentment notice’) rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor and other matters concerning items subject to the agreement.
Terms Used In Oregon Statutes 74.1120
- Clearing house: means an association of banks or other payors regularly clearing items. 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
(2) Presentment of an item pursuant to an agreement for presentment is made when the presentment notice is received.
(3) If presentment is made by presentment notice, a reference to ‘item’ or ‘check’ in this chapter means the presentment notice unless the context otherwise indicates. [1993 c.545 § 82]
COLLECTION OF ITEMS
(Depositary and Collecting Banks)