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Oregon Revised Statutes Commercial Transactions § 73.0602

Current as of January 01, 2023 | Updated by FindLaw Staff

(1) Subject to subsection (2) of this section, an instrument is paid to the extent payment is made by or on behalf of a party obliged to pay the instrument, and to a person entitled to enforce the instrument. To the extent of the payment, the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under ORS 73.0306 or by another person.

(2) The obligation of a party to pay the instrument is not discharged under subsection (1) of this section if:

(a) A claim to the instrument under ORS 73.0306 is enforceable against the party receiving payment and:

(A) Payment is made with knowledge of the payor that payment is prohibited by injunction or similar process or a court of competent jurisdiction; or

(B) In the case an instrument other than a cashier's check, teller's check or certified check, the party making payment accepted, from the person having a claim to the instrument, indemnity against loss resulting from refusal to pay the person entitled to enforce the instrument; or

(b) The person making payment knows that the instrument is a stolen instrument and pays a person it knows is in wrongful possession of the instrument.

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Cite this article: FindLaw.com - Oregon Revised Statutes Commercial Transactions § 73.0602 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-8-commercial-transactions/or-rev-st-sect-73-0602/

Read this complete Oregon Revised Statutes Commercial Transactions § 73.0602 on Westlaw. Westlaw subscription required.

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