Chapter 709 — Chapter 709

ORS 709.440 Director’s charges as prior lien on deposit. All unpaid charges owing to the Director of the Department of Consumer and Business Services for expenses and services rendered under ORS 709.080 in connection with the deposit mentioned in ORS 709.030, and all expenses incurred by the director, including services rendered by the director, attorney fees and necessary court expenses in connection with the determination of claims against the deposit, are a first and prior lien on the deposit, and shall be paid before any part of the deposit is released or paid to any claimant or trust company. [Amended by 1973 c.797 §214; 1997 c.631 §226]

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ORS 709.450 Sale and disposition of securities to pay expenses, costs and claims. The court hearing the proceedings instituted by the Director of the Department of Consumer and Business Services under ORS 709.390 may, upon terms fixed by the court, order the director to sell and reduce to cash the deposited securities as necessary to pay

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ORS 709.460 Application of ORS 709.390 to 709.450 to merger or consolidation; return of security deposit after merger or consolidation. (1) ORS 709.390 to 709.450 do not apply to a merger or consolidation of a trust company with another trust company authorized to conduct a trust business whereby the security deposits and the trust business of the retiring trust company are acquired by the resulting trust company

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ORS 709.500 [Formerly 57.830; renumbered 709.600 in 1997]

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ORS 709.520 Conversion to out-of-state trust company; conversion to Oregon trust company; procedures. (1) An Oregon trust company may convert into an out-of-state trust company subject to the prior approval of the supervisory authority having jurisdiction over the proposed resulting trust company. Upon completion of such a conversion, the Oregon charter shall terminate, except for the purposes specified in ORS 711.190

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ORS 709.525 Merger or acquisition; procedures. An Oregon trust company may merge with or have its outstanding shares acquired by any other trust company if the merger or acquisition of shares is permitted by the laws of the jurisdiction having supervisory authority over the resulting trust company. An Oregon trust company that merges with or engages in a share exchange with another trust company shall follow the procedures set forth in ORS 711.130 to 711.145. [1997 c.631 §231]

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ORS 709.530 Applicability of ORS 711.190, 711.197 and 711.199 to merging or converting trust company. ORS 711.190, 711.197 and 711.199 shall be applicable to a merging or converting Oregon trust company. [1997 c.631 §232]

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ORS 709.535 Sale of assets or transfer of liabilities; approval by stockholders and director; appeal. (1) Subject to the provisions of this section, and subject to the approval of the Director of the Department of Consumer and Business Services, an Oregon trust company may sell all or any portion of the Oregon trust company’s assets or transfer all or any portion of the Oregon trust company’s liabilities to another trust company outside the ordinary course of business. The parties to the sale or transfer shall document the sale or transfer with an acquisition transaction agreement. The board of directors of each party to the transaction must approve the agreement

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ORS 709.540 Rights of stockholder of trust company party to merger, share exchange or acquisition. A stockholder of an Oregon trust company that is a party to a merger, share exchange or acquisition transaction shall have the rights granted stockholders of Oregon stock banks under ORS 711.175, 711.180 and 711.185. [1997 c.631 §234]

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ORS 709.600 Regulation of trust business by corporations formed prior to adoption of Bank Act; regulation of other business. (1) Trust business done by corporations created prior to the adoption of the Bank Act (General Laws 1925, chapter 207) shall be subject to regulation by the Director of the Department of Consumer and Business Services and such corporations engaged in trust business are subject to the provisions, including the filing and fee requirements, of ORS chapters 706 to 716

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ORS 709.980 Civil penalties. (1) Any person who violates ORS 709.270 or 709.280 or any rule adopted under ORS 709.170 (3) shall forfeit a civil penalty in an amount determined by the director of not more than $2,500 for each offense

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ORS 709.990 [Repealed by 1973 c.797 §428]

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