Oregon Statutes 711.520 – Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation
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If an Oregon stock bank becomes insolvent or goes into voluntary or involuntary liquidation, the assets of the Oregon stock bank must be applied in the following order of priority:
Terms Used In Oregon Statutes 711.520
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
(1) First, if collateral has been pledged under ORS § 295.015 and assets have been pledged under ORS § 709.030, to the benefit of those for whom the collateral and assets have been pledged;
(2) Second, to pay the expenses of liquidation;
(3) Third, to satisfy the amount due the depositors; and
(4) Fourth, to satisfy the amount due sellers of federal funds. [Amended by 1973 c.797 § 270; 1993 c.373 § 1; 1997 c.631 § 250; 1999 c.311 § 5; 2015 c.244 § 84]