Oregon Statutes 708A.345 – Obligations secured by government obligations or shares of mutual fund or unit trust
In addition to obligations permitted under ORS § 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of any person if the obligation is secured by one or more of the following types of security and the principal amount of the obligation is not more than 90 percent of the market value of the security:
Terms Used In Oregon Statutes 708A.345
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- City: includes any incorporated village or town. See Oregon Statutes 174.100
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) Obligations of the United States, including those of its agencies and instrumentalities;
(2) Obligations of public housing agencies issued pursuant to the United States Housing Act of 1937, as amended;
(3) Obligations of the State of Oregon or any county, city, school district, port district or other public body with the power to levy taxes issued pursuant to the Constitution or statutes of the State of Oregon or the charter or ordinances of any county or city within the State of Oregon, if the issuing body has not been in default with respect to the payment of principal or interest on any of its obligations within five years preceding the date of the investment; or
(4) Shares in any mutual fund or unit trust, the assets of which are invested solely in obligations of the type described in subsections (1) to (3) of this section. [1997 c.631 § 154]