Payable through or payable at bank; collecting bank.

1. Law
2. Oregon Revised Statutes
3. Business Organizations, Commercial Code
4. Bank Deposits and Collections
5. Payable through or payable at bank; collecting bank.

(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]

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