Oregon Statutes 73.0409 – Acceptance of draft; certified check
(1) ‘Acceptance’ means the drawee‘s signed agreement to pay a draft as presented. It must be written on the draft and may consist of the drawee’s signature alone. Acceptance may be made at any time and becomes effective when notification pursuant to instructions is given or the accepted draft is delivered for the purpose of giving rights on the acceptance to any person.
Terms Used In Oregon Statutes 73.0409
- Acceptor: means a drawee who has accepted a draft. See Oregon Statutes 73.0103
- Drawee: means a person ordered in a draft to make payment. See Oregon Statutes 73.0103
- Drawer: means a person who signs or is identified in a draft as a person ordering payment. See Oregon Statutes 73.0103
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) A draft may be accepted although it has not been signed by the drawer, is otherwise incomplete or has been dishonored.
(3) If a draft is payable at a fixed period after sight and the acceptor fails to date the acceptance, the holder may complete the acceptance by supplying a date in good faith.
(4) ‘Certified check’ means a check accepted by the bank on which it is drawn. Acceptance may be made as stated in subsection (1) of this section or by a writing on the check that indicates that the check is certified. The drawee of a check has no obligation to certify the check and refusal to certify is not dishonor of the check. [1993 c.545 § 50]