(2) A person who undertakes to retain an item pursuant to an agreement for electronic presentment warrants to any subsequent collecting bank and to the payor bank or other payor that retention and presentment of the item comply with the agreement. If the customer of a depositary bank undertakes to retain an item, that bank also makes this warranty.
(3) A person to whom warranties are made under this section and who took the item in good faith may recover from the warrantor as damages for breach of warranty an amount equal to the loss suffered as a result of the breach, plus expenses and loss of interest incurred as a result of the breach. [1961 c.726 §74.2090; 1993 c.545 §92]
Structure 2021 Oregon Revised Statutes
Volume : 02 - Business Organizations, Commercial Code
Chapter 074 - Bank Deposits and Collections
Section 74.1020 - Applicability.
Section 74.1030 - Variation by agreement; measure of damages; action constituting ordinary care.
Section 74.1040 - Definitions and index of definitions.
Section 74.1060 - Payable through or payable at bank; collecting bank.
Section 74.1080 - Time of receipt of items.
Section 74.1090 - Waiver of time limits; when delay excused.
Section 74.1120 - Electronic presentment.
Section 74.2020 - Responsibility for collection; when action timely.
Section 74.2040 - Methods of sending and presenting; presentment.
Section 74.2050 - Depositary bank as holder of unindorsed item.
Section 74.2090 - Encoding and retention warranties; remedies.
Section 74.2100 - Security interest of collecting bank in items; priority.
Section 74.2130 - Medium and time of settlement by bank.
Section 74.2140 - Right of charge-back or refund; liability of collecting bank; return of item.
Section 74.2160 - Insolvency and preference.
Section 74.4010 - When bank may charge customer’s account.
Section 74.4050 - Death or incompetence of customer.
Section 74.4070 - Payor bank’s right to subrogation on improper payment.
Section 74.5040 - Privilege of presenting bank to deal with goods; security interest for expenses.