Oregon Code § 73.0307·Enacted ·Last updated March 01, 2026
Statute Text
Notice
of breach of fiduciary duty.
(1) In this section:
(a) Fiduciary
means an agent, trustee, partner, corporate officer, director or other
representative owing a fiduciary duty with respect to an instrument.
(b) Represented
person means the principal, beneficiary, partnership, corporation or other
person to whom the duty stated in paragraph (a) of this subsection is owed.
(2) If an
instrument is taken from a fiduciary for payment or collection or for value,
the taker has knowledge of the fiduciary status of the fiduciary, and the
represented person makes a claim to the instrument or its proceeds on the basis
that the transaction of the fiduciary is a breach of fiduciary duty, the
following rules apply:
(a) Notice of
breach of fiduciary duty by the fiduciary is notice of the claim of the
represented person.
(b) In the case
of an instrument payable to the represented person or the fiduciary as such,
the taker has notice of the breach of fiduciary duty if the instrument is:
(A) Taken in
payment of or as security for a debt known by the taker to be the personal debt
of the fiduciary;
(B) Taken in a
transaction known by the taker to be for the personal benefit of the fiduciary;
or
(C) Deposited to
an account other than an account of the fiduciary, as such, or an account of
the represented person.
(c) If an
instrument is issued by the represented person or the fiduciary as such, and
made payable to the fiduciary personally, the taker does not have notice of the
breach of fiduciary duty unless the taker knows of the breach of fiduciary
duty.
(d) If an
instrument is issued by the represented person or the fiduciary as such, to the
taker as payee, the taker has notice of the breach of fiduciary duty if the
instrument is:
(A) Taken in
payment of or as security for a debt known by the taker to be the personal debt
of the fiduciary;
(B) Taken in a
transaction known by the taker to be for the personal benefit of the fiduciary;
or
(C) Deposited to
an account other than an account of the fiduciary, as such, or an account of
the represented person. [1993 c.545 §36]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 73.0307
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Notice
. Read the full statute text above for details.
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The formal citation is Oregon Code § 73.0307. Use this format in legal documents and court filings.
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