Oregon Statutes 657.545 – Release of ORS 657.540 lien by filing security
(1) The employer against whose property a lien has been filed under ORS § 657.540 may cause the property to be released by filing with the county clerk of the county wherein such lien is recorded a bond or an irrevocable letter of credit in a sum double the amount claimed in said lien, executed by a surety company licensed to do business in Oregon or by two freeholders of this state, having the qualifications of bail upon arrest or in the case of a letter of credit issued by an insured institution, as defined in ORS § 706.008, to be approved by the circuit judge of the district in which said lien is filed, or, in the event of the absence of the circuit judge from the county in which said lien is filed, then by the county judge of said county, running to the Director of the Employment Department and conditioned for the payment of all damages, costs, charges and disbursements that may be recovered by the director against such employer or that may be found to be a lien upon or against the property of such employer.
Terms Used In Oregon Statutes 657.545
- Arrest: Taking physical custody of a person by lawful authority.
- Bail: Security given for the release of a criminal defendant or witness from legal custody (usually in the form of money) to secure his/her appearance on the day and time appointed.
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Docket: A log containing brief entries of court proceedings.
- employer: means any employing unit which employs one or more individuals in an employment subject to this chapter in each of 18 separate weeks during any calendar year, or in which the employing unit's total payroll during any calendar quarter amounts to $1,000 or more. See Oregon Statutes 657.025
- employment: includes service that is:
(a) Subject to the tax imposed by the Federal Unemployment Tax Act; or
(b) Required to be covered under this chapter as a condition for employers to receive a full tax credit against the tax imposed by the Federal Unemployment Tax Act. See Oregon Statutes 657.030
- Lien: A claim against real or personal property in satisfaction of a debt.
(2) The clerk shall issue to such employer a certificate stating that the bond or letter of credit is substituted in lieu of the property of said employer and that the lien on said property is forever released and discharged. A marginal entry of said release and bond or letter of credit shall be made in the lien docket containing the original record of statement of claim.
(3) If the director establishes the validity of the lien by a suit to foreclose the same, the director is entitled to judgment against the sureties upon said bond or against the issuer of the letter of credit. [Amended by 1991 c.331 § 98; 1997 c.631 § 518; 2003 c.576 § 532]
[Amended by 1959 c.598 § 2; repealed by 1963 c.354 § 1 (657.552, 657.652, 657.679, 657.681 and 657.683 enacted in lieu of 657.472, 657.512, 657.550 and 657.672)]