Title 53, Financial Institutions

If an institution becomes insolvent and is taken in charge by the Director of the Department of Consumer and Business Services for liquidation, the director may maintain an action against any stockholder, whose stock or assessment on the stock has not been fully paid, for the col…

(1) Stockholders in an institution who have transferred their stock or registered the transfer of their stock within 60 days before the date of the closing of the institution or with the knowledge of the impending closing or failure, are liable, as if the transfer had not been ma…

A person holding stock of an institution as a fiduciary, as collateral security or in pledge, is not personally subject to any liability as a stockholder. The person pledging the stock is liable as a stockholder. The estate and funds in the hands of the fiduciary are liable to th…

(1) The moneys collected by the Director of the Department of Consumer and Business Services under ORS 711.495 shall be, from time to time, deposited in one or more insured institutions, subject to the order of the director. (2) The director may require any bank in which the dire…

(1) As used in ORS 711.515 to 711.525, “depositor” includes purchasers or holders in due course of certificates of deposit, cashiers’ checks, certified checks, outstanding unpaid drafts drawn or issued by an Oregon stock bank, unsecured letters of credit and unsecured drafts acce…

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: (1) First, if collateral has been pledged under ORS 295.015 and assets have been pledged under ORS …

Interest on unsecured interest-bearing deposits and on secured interest-bearing deposits other than public funds shall stop on the date any Oregon stock bank is placed in the hands of the Director of the Department of Consumer and Business Services for liquidation. Interest on pu…

The Director of the Department of Consumer and Business Services shall cause notice to be given by advertisement, in a newspaper of the choice of the director, weekly for four consecutive weeks, notifying persons with claims against an institution which the director has taken pos…

(1) All claims shall be verified and filed with the Director of the Department of Consumer and Business Services. If a claimant asserts a preference other than the preference given in ORS 711.520 to depositors, the claim shall include a demand for preference and a statement of th…

(1) Within a reasonable time after the expiration of the time fixed in the notice to creditors, the Director of the Department of Consumer and Business Services shall approve or reject, in whole or in part, every claim filed. (2) Depositors’ claims that assert no priority or pref…

(1) If a creditor of the closed institution or any interested party objects to the action of the Director of the Department of Consumer and Business Services in allowing in whole or in part any claim filed with the director, the creditor shall, within 10 days after the list of al…

(1) If the Director of the Department of Consumer and Business Services rejects any claim in whole or in part, written notice of the rejection shall be given to the claimant, either in person or by mail. If notice by mail is given, it is sufficient that the notice be sent to the …

(1) After the filing of objections under ORS 711.545 or the filing of the notice and other papers under ORS 711.550 and upon the motion of any of the parties in interest, the supervising court, upon notice to all the parties, shall set the matter for trial. (2) The trial shall be…

A party to the proceedings upon any hearing provided for in ORS 711.554 shall not recover costs or disbursements from any other party. [Amended by 1973 c.797 §278]

Depositors’ claims presented and allowed after the expiration of the time fixed in the notice to creditors may be paid the amount of all prior dividends therein, if there are sufficient funds, and share in the distribution of the remaining assets in the hands of the Director of t…

To facilitate the final closing of the liquidation of the institution, the supervising court may, by order, bar all claims at any time after one year from the date of the first publication of notice to creditors under ORS 711.530. [1973 c.797 §280]

(1) Upon the expiration of the time fixed under ORS 711.530 for the presentation of claims, the Director of the Department of Consumer and Business Services shall make in duplicate a list of the claims presented specifying whether the claims have been approved, rejected or neithe…

The directors of an institution who vote for or assent to any distribution of assets of the institution to its stockholders during the liquidation of the institution without the payment and discharge of, or making adequate provision for, all known liabilities of the institution s…

At any time after the expiration of the date fixed for the presentation of claims under ORS 711.530 the Director of the Department of Consumer and Business Services may, out of the funds remaining in the hands of the director after the payment of expenses, declare one or more div…

(1) Any person who would be entitled to withdraw a deposit under ORS 708A.430 may claim the deposit and receive dividends thereon, or if claim has been made it may be amended after the death of the claimant so that future dividends are paid to the person entitled thereto under OR…

(1) If an institution, at the time the Director of the Department of Consumer and Business Services takes possession of its property and business, has in its possession, as bailee, for safekeeping and storage, any valuable personal property, or has rented any vaults, safes or saf…

(1) If property is not removed within six months after the time fixed by the notice of the Director of the Department of Consumer and Business Services under ORS 711.580, the director may sell the property under the direction of the supervising court. The proceeds of the sale sha…

(1) When the Director of the Department of Consumer and Business Services has paid to each depositor and creditor of the institution whose claim as a depositor or creditor has been proved and allowed, the full amount of the claim and has made proper provision for unclaimed or unp…

(1) Two years after the date of the final order closing the liquidation of an institution, the Director of the Department of Consumer and Business Services may withdraw any unclaimed deposits or balances remaining to the credit of dividend accounts, representing the aggregate of …

If any files, records, documents, books of account or other papers have been taken over and are in the possession of the Director of the Department of Consumer and Business Services in connection with the liquidation of an insolvent institution, the director may, after one year f…

The expenses incurred by the Director of the Department of Consumer and Business Services in the liquidation of an institution include the expenses of all employees of the Department of Consumer and Business Services employed in the liquidation, reasonable attorney fees for couns…

Any petition relating to an insolvent institution, except a petition by the Director of the Department of Consumer and Business Services, shall be filed with the supervising court and the director. The director shall, within a reasonable time after the petition is filed, grant or…

Fees shall not be charged for the filing in the supervising court by the Director of the Department of Consumer and Business Services, the deputies of the director or attorneys of any papers relating to the liquidation of an institution or which are necessary or convenient in con…

(1) The Director of the Department of Consumer and Business Services may order an Oregon stock bank to suspend or restrict the payment of its liabilities to depositors and other creditors except as provided in ORS 711.620 to 711.670, if the action is necessary for the protection …

(1) When the order mentioned in ORS 711.620 takes effect, the Director of the Department of Consumer and Business Services shall immediately take possession of the property and affairs of the Oregon stock bank, and take whatever action is necessary to conserve the assets of the O…

While the Oregon stock bank is in the possession of the Director of the Department of Consumer and Business Services under ORS 711.625, the director may set aside and make available for withdrawal by depositors on a ratable basis such amounts as in the opinion of the director may…

(1) While the Oregon stock bank is in the possession of the Director of the Department of Consumer and Business Services under ORS 711.625, the Oregon stock bank may accept deposits but the deposits shall not be subject to any limitation as to payment or withdrawal. (2) Deposits …

(1) The Director of the Department of Consumer and Business Services may, by order, on a date fixed by the order and at least 10 days after the date of the order, terminate the suspension or restriction on payment of liabilities of the Oregon stock bank designated in the order. (…

(1) At least 10 days before the date on which the suspension or restriction on the payment of liabilities is terminated, the Director of the Department of Consumer and Business Services shall cause a notice to be published in a newspaper circulated in the city, town or county in …

If the Director of the Department of Consumer and Business Services removes the restrictions or suspensions on the payment of liabilities of any Oregon stock bank and surrenders possession of the assets and properties of the Oregon stock bank to the proper officers of the Oregon …

Nothing in ORS 711.620 to 711.670 prevents the assignment of a suspended deposit liability or the application of all or a part of a suspended deposit to payment at maturity of any indebtedness of the depositor to the Oregon stock bank that existed at the time the suspension becam…

While the payment of the liabilities of any Oregon stock bank is suspended or restricted under ORS 711.620, an assignment or transfer of the capital stock of the Oregon stock bank is invalid. [1973 c.797 §301; 1997 c.631 §261]

An order of the Director of the Department of Consumer and Business Services under ORS 711.620 to 711.670 or the taking possession of the assets and properties of an Oregon stock bank by the director under ORS 711.620 to 711.670 is not an act of insolvency of the Oregon stock ban…

Compliance with the terms and conditions of ORS 711.620 to 711.670 and orders and rules promulgated as a result of ORS 711.620 to 711.670 is a complete defense to any suit or action brought by any depositor or creditor against an Oregon stock bank with respect to any deposit or c…

Any person who violates ORS 711.415 shall forfeit and pay to the State Treasurer to be deposited in the Consumer and Business Services Fund a civil penalty in an amount determined by the Director of the Department of Consumer and Business Services of not more than $2,500 for each…