Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed "pay any bank."

  1. Law
  2. Oregon Revised Statutes
  3. Business Organizations, Commercial Code
  4. Bank Deposits and Collections
  5. Status of collecting bank as agent and provisional status of credits; applicability of chapter; item indorsed "pay any bank."

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(2) After an item has been indorsed with the words "pay any bank" or the like, only a bank may acquire the rights of a holder until the item has been:

(a) Returned to the customer initiating collection; or

(b) Specially indorsed by a bank to a person who is not a bank. [1961 c.726 §74.2010; 1993 c.545 §84]


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