You are on page 1of 4

UCC3-501 b2

U.C.C. - ARTICLE 3 -3-501.


3-501. PRESENTMENT. (a) "Presentment" means a demand made by or on
behalf of a person entitled to enforce an instrument
3-501. PRESENTMENT.
(a) "Presentment" means a demand made by or on behalf of a person
entitled to enforce an instrument (i) to pay the instrument made to
the drawee or a party obliged to pay the instrument or, in the case of
a note or accepted draft payable at a bank, to the bank, or (ii) to
accept a draft made to the drawee.
(b) The following rules are subject to Article 4, agreement of the
parties, and clearing-house rules and the like:
(1) Presentment may be made at the place of payment of the instrument
and must be made at the place of payment if the instrument is payable
at a bank in the United States; may be made by any commercially
reasonable means, including an oral, written, or electronic
communication; is effective when the demand for payment or acceptance
is received by the person to whom presentment is made; and is
effective if made to any one of two or more makers, acceptors,
drawees, or other payors.
(2) Upon demand of the person to whom presentment is made, the person
making presentment must (i) exhibit the instrument, (ii) give
reasonable identification and, if presentment is made on behalf of
another person, reasonable evidence of authority to do so, and (iii)
sign a receipt on the instrument for any payment made or surrender the
instrument if full payment is made.
(3) Without dishonoring the instrument, the party to whom presentment
is made may (i) return the instrument for lack of a necessary
indorsement, or (ii) refuse payment or acceptance for failure of the
presentment to comply with the terms of the instrument, an agreement
of the parties, or other applicable law or rule.
(4) The party to whom presentment is made may treat presentment as
occurring on the next business day after the day of presentment if the
party to whom presentment is made has established a cut-off hour not
earlier than 2 p.m. for the receipt and processing of instruments
presented for payment or acceptance and presentment is made after the
cut-off hour.
3-301. PERSON ENTITLED TO ENFORCE INSTRUMENT.
"Person entitled to enforce" an instrument means (i) the holder of the
instrument, (ii) a nonholder in possession of the instrument who has
the rights of a holder, or (iii) a person not in possession of the
instrument who is entitled to enforce the instrument pursuant to
Section 3-309 or 3-418(d). A person may be a person entitled to
enforce the instrument even though the person is not the owner of the
instrument or is in wrongful possession of the instrument.

3-302. HOLDER IN DUE COURSE.


(a) Subject to subsection (c) and Section 3-106(d), "holder in due
course" means the holder of an instrument if:
(1) the instrument when issued or negotiated to the holder does not
bear such apparent evidence of forgery or alteration or is not
otherwise so irregular or incomplete as to call into question its
authenticity; and
(2) the holder took the instrument (i) for value, (ii) in good faith,
(iii) without notice that the instrument is overdue or has been
dishonored or that there is an uncured default with respect to payment
of another instrument issued as part of the same series, (iv) without
notice that the instrument contains an unauthorized signature or has
been altered, (v) without notice of any claim to the instrument
described in Section 3-306, and (vi) without notice that any party has
a defense or claim in recoupment described in Section 3-305(a).
(b) Notice of discharge of a party, other than discharge in an
insolvency proceeding, is not notice of a defense under subsection
(a), but discharge is effective against a person who became a holder
in due course with notice of the discharge. Public filing or recording
of a document does not of itself constitute notice of a defense, claim
in recoupment, or claim to the instrument.
(c) Except to the extent a transferor or predecessor in interest has
rights as a holder in due course, a person does not acquire rights of
a holder in due course of an instrument taken (i) by legal process or
by purchase in an execution, bankruptcy, or creditor's sale or similar
proceeding, (ii) by purchase as part of a bulk transaction not in
ordinary course of business of the transferor, or (iii) as the
successor in interest to an estate or other organization.
(d) If, under Section 3-303(a)(1), the promise of performance that is
the consideration for an instrument has been partially performed, the
holder may assert rights as a holder in due course of the instrument
only to the fraction of the amount payable under the instrument equal
to the value of the partial performance divided by the value of the
promised performance.
(e) If (i) the person entitled to enforce an instrument has only a
security interest in the instrument and (ii) the person obliged to pay
the instrument has a defense, claim in recoupment, or claim to the
instrument that may be asserted against the person who granted the
security interest, the person entitled to enforce the instrument may
assert rights as a holder in due course only to an amount payable
under the instrument which, at the time of enforcement of the
instrument, does not exceed the amount of the unpaid obligation
secured.
(f) To be effective, notice must be received at a time and in a manner
that gives a reasonable opportunity to act on it.
(g) This section is subject to any law limiting status as a holder in
due course in particular classes of transactions.

http://www.leg.state.or.us/09reg/measures/sb0300.dir/sb0356.intro.html
75th OREGON LEGISLATIVE ASSEMBLY--2009 Regular Session
NOTE: Matter within { + braces and plus signs + } in an
amended section is new. Matter within { - braces and minus
signs - } is existing law to be omitted. New sections are within
{ + braces and plus signs + } .
LC 235
Senate Bill 356
EX PARTE FORFEITURES + }
SECTION 25. { + Ex parte forfeiture. (1) An ex parte judgment
of forfeiture may be entered under this section only if:
(a) The property is personal property;
(b) The property is not subject to an interest in favor of any
person known to have an interest, other than a person who is
believed by the forfeiting agency to have engaged in prohibited
conduct; and
(c) A claim is not filed in the manner provided by section 21
of this 2009 Act within the time allowed.
(2) At any time after the time for filing a claim under section
21 of this 2009 Act has expired, a forfeiting agency may petition
the circuit court specified in section 26 (3) of this 2009 Act
for an ex parte judgment of forfeiture under this section. The
petition must state that the requirements of subsection (1) of
this section have been met. An affidavit must be attached to the
petition that states that forfeiture notice was served on all
persons claiming an interest in the property, or that sets forth
facts demonstrating the forfeiting agency's efforts to accomplish
service, together with proof of any publication of notice.
(3) Upon filing of a petition under the section, the court
shall enter a judgment forfeiting the property identified in the
petition. + }
CLAIMS + }
{+
(Generally) + }
SECTION 21. { + Claims. (1) Except as provided in subsection
(2) of this section, a person claiming an interest in property

seized for forfeiture must file a claim with the forfeiting


agency's forfeiture counsel not more than 21 days after service
of a forfeiture notice.
(2) If service of a forfeiture notice is made by publication
under section 18 (4) of this 2009 Act, a person claiming an
interest in the property must file a claim with the forfeiting
agency's forfeiture counsel not more than 21 days after the last
publication date. Extensions for filing claims may not be
granted.
(3) A claim under this section must be signed by the claimant
under penalty of perjury and must include:
(a) The true name of the claimant;
(b) The address at which the claimant will accept future
mailings from the court and forfeiture counsel; and
(c) A statement that the claimant has an interest in the seized
property. + }
SECTION 28. { + Responsive pleading. Except as provided by
section 29 of this 2009 Act, a person claiming an interest in
property that is the subject of a forfeiture action must file a
responsive pleading as provided in the Oregon Rules of Civil
Procedure. If the person has not previously filed a claim under
section 21 of this 2009 Act, a claim as described in section 21
(3) of this 2009 Act must be attached to the responsive
pleading. + }
SECTION 29. { + Response by affidavit. (1) In lieu of filing a
responsive pleading under section 28 of this 2009 Act, a
financial institution holding an interest in the property may
respond to a complaint with an affidavit establishing the
financial institution's interest in the property.

27cfr 72.11
Not All crimes are commercial