When items subject to notice, stop payment order, legal process or setoff; order in which items may be charged or certified; cutoff hour for checks.

1. Law
2. Oregon Revised Statutes
3. Business Organizations, Commercial Code
4. Bank Deposits and Collections
5. When items subject to notice, stop payment order, legal process or setoff; order in which items may be charged or certified; cutoff hour for checks.

(a) The bank accepts or certifies the item;

(b) The bank pays the item in cash;

(c) The bank settles for the item without having a right to revoke the settlement under statute, clearing house rule or agreement;

(d) The bank becomes accountable for the amount of the item under ORS 74.3020 dealing with the payor bank’s responsibility for late return of items; or

(e) With respect to checks, a cutoff hour no earlier than one hour after the opening of the next banking day after the banking day on which the bank received the check and no later than the close of that next banking day or, if no cutoff hour is fixed, the close of the next banking day after the banking day on which the bank received the check.

(2) Subject to subsection (1) of this section items may be accepted, paid, certified or charged to the indicated account of its customer in any order. [1961 c.726 §74.3030; 1993 c.545 §103]

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