Oregon Statutes 18.787 – Liability of financial institution
A financial institution is not liable to any account holder, garnishor or other financial institution, and may not be assessed any penalty, by reason of any action taken by the financial institution in good faith under ORS § 18.784 or 18.785, including:
Terms Used In Oregon Statutes 18.787
- Action: means any proceeding commenced in a court in which the court may render a judgment. See Oregon Statutes 18.005
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(1) Delivery or refusal to deliver any funds that are not subject to garnishment under ORS § 18.784 to a garnishor;
(2) Providing the notice required by this section to an account holder;
(3) Customary clearing and settlement adjustments made to a debtor’s account that affect the balance in the debtor’s account; and
(4) Any bona fide errors that occur under ORS § 18.784 or 18.785 despite reasonable procedures implemented by the financial institution to prevent those errors. [2011 c.733 § 5]