(1) Must deliver the documents to the drawee on acceptance of the draft if it is payable more than three days after presentment; otherwise, only on payment; and
(2) Upon dishonor, either in the case of presentment for acceptance or presentment for payment, may seek and follow instructions from any referee in case of need designated in the draft or if the presenting bank does not choose to utilize the referee’s services, it must use diligence and good faith to ascertain the reason for dishonor, must notify its transferor of the dishonor and of the results of its effort to ascertain the reasons therefor and must request instructions.
However, the presenting bank is under no obligation with respect to goods represented by the documents except to follow any reasonable instructions seasonably received; it has a right to reimbursement for any expense incurred in following instructions and to prepayment of or indemnity for those expenses. [1961 c.726 §74.5030; 1993 c.545 §112]
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.