Oregon Statutes 22.020 – Deposit of money, letter of credit, checks or federal or municipal obligations, in lieu of security or bond
(1) In any cause, action, proceeding or matter before any court, board or commission in this state or upon appeal from any action of any such court, board or commission, where bond or security deposit of any character is required or permitted for any purpose, it is lawful for the party required or permitted to furnish such security or bond to deposit, in lieu thereof, in the manner provided in ORS § 22.020 to 22.070, money, an irrevocable letter of credit issued by an insured institution, as defined in ORS § 706.008, a certified check or checks on any state or national bank within this country payable to the officer with whom such check is filed, satisfactory municipal bonds negotiable by delivery, or obligations of the United States Government negotiable by delivery, equal in amount to the amount of the bond or security deposit so required or permitted.
Terms Used In Oregon Statutes 22.020
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC
- Statute: A law passed by a legislature.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(2) Notwithstanding subsection (1) of this section, an irrevocable letter of credit may not be furnished to a court in lieu of other security or bond to be deposited in any criminal offense, action, proceeding or matter before any court, in a protective proceeding under ORS Chapter 125, or in any cause, action, proceeding or matter before any court under ORS § 105.395 or 125.715. In any other type of civil cause, action, proceeding or matter before any court, an irrevocable letter of credit may be furnished pursuant to subsection (1) of this section subject to approval of its terms by the parties and to its being in the form and amount prescribed by statute, rule or order of the court. [Amended by 1973 c.836 § 316; 1991 c.331 § 8; 1995 c.664 § 73; 1997 c.631 § 368; 1999 c.1051 § 236; 2017 c.169 § 41]