Oregon Statutes 566.340 – Administration of trust assets
Notwithstanding any other provisions of law, the funds and proceeds of the trust assets that are not authorized to be administered by the Secretary of Agriculture of the United States under the provisions of ORS § 566.330 shall be received by the Department of State Lands and by it deposited in the State Treasury in an account, separate and distinct from the General Fund. Interest earned by the account shall be credited to the account. Moneys in the account are continuously appropriated to the Housing and Community Services Department and may be expended or obligated by the Housing and Community Services Department for the purposes of ORS § 566.330 or for agriculture workforce housing permissible under the charter of the now dissolved Oregon Rural Rehabilitation Corporation. [Formerly 414.070 and then 414.840; 1989 c.966 § 63; 1995 c.152 § 3; 2003 c.253 § 26; 2005 c.755 § 47; 2013 c.750 § 30]
Terms Used In Oregon Statutes 566.340
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100