Oregon Statutes 74.1080 – Time of receipt of items
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(1) For the purpose of allowing time to process items, prove balances and make the necessary entries on its books to determine its position for a day, a bank may fix an afternoon hour of 2 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.
Terms Used In Oregon Statutes 74.1080
- Afternoon: means the period of a day between noon and midnight. See Oregon Statutes 74.1040
- Banking day: has the meaning given that term in ORS § 708A. See Oregon Statutes 74.1040
- Item: means an instrument or a promise or order to pay money handled by a bank for collection or payment. See Oregon Statutes 74.1040
(2) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day. [1961 c.726 § 74.1080; 1993 c.545 § 79]