(1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS § 713.025 directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust.

Terms Used In Oregon Statutes 713.045

  • 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.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.

(2) Unless the deposited assets are delivered to the Federal Deposit Insurance Corporation as receiver, the amount available for distribution to the depositors under subsection (1) of this section shall be allocated to the depositors of the office pro rata to the extent of their deposits.

(3) Any additional deposited assets remaining after the distributions to depositors provided for in subsection (2) of this section shall be available for distribution to the other creditors of the extranational institution in accordance with ORS § 711.530 to 711.570.

(4) As used in this section, the term ‘depositor’ has the meaning given that term in ORS § 711.515. [1975 c.725 § 5; 1997 c.631 § 292; 2007 c.71 § 231]

 

[Amended by 1973 c.797 § 313; repealed by 1997 c.631 § 567]

 

[Amended by 1973 c.797 § 314; 1974 s.s. c.15 § 1; 1975 c.725 § 12; 1979 c.88 § 14; repealed by 1997 c.631 § 567]

 

[Amended by 1973 c.797 § 315; 1975 c.725 § 13; repealed by 1997 c.631 § 567]

 

[Amended by 1973 c.797 § 316; 1975 c.725 § 14; 1981 c.192 § 23; repealed by 1997 c.631 § 567]

 

  Previous section
Next section  
 Chapter 713 Contents