Oregon Statutes 475C.025 – Powers related to decedents and insolvent or bankrupt persons; rules
Current as of: 2023 | Check for updates
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The Oregon Liquor and Cannabis Commission may, by rule or order, provide for the manner and conditions under which:
Terms Used In Oregon Statutes 475C.025
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) Marijuana items left by a deceased, insolvent or bankrupt person or licensee, or subject to a security interest, may be foreclosed, sold under execution or otherwise disposed.
(2) The business of a deceased, insolvent or bankrupt licensee may be operated for a reasonable period following the death, insolvency or bankruptcy.
(3) A secured party, as defined in ORS § 79.0102, may continue to operate at a premises for which a license has been issued under ORS § 475C.005 to 475C.525 or 475C.548 for a reasonable period after default on the indebtedness by the debtor. [Formerly 475B.033; 2023 c.519 § 7]