An Oregon stock bank may convert into an insured stock institution subject to the prior approval of the supervisory authority having jurisdiction over the proposed resulting insured stock institution. Upon completion of the conversion of an Oregon stock bank, its charter shall terminate, except for the purposes specified in ORS 711.190.

711.070 Conversion of financial institution into Oregon stock bank; application

A financial institution with its head office or any branches located in this state that follows the procedures prescribed by the supervisory authority having jurisdiction over the converting financial institution shall be granted a charter of an Oregon stock bank by the Director of the Department of Consumer and Business Services if the director finds that t…

711.075 Conversion of Oregon nonstock bank into financial institution

An Oregon nonstock bank may convert into a financial institution subject to the prior approval of the supervisory authority having jurisdiction over the proposed resulting financial institution. Upon completion of the conversion of an Oregon nonstock bank, its charter shall terminate, except for the purposes specified in ORS 711.190.

711.080 Conversion of financial institution into Oregon nonstock bank; application

A financial institution with its head office or any branches located in this state that follows the procedures prescribed by the supervisory authority having jurisdiction over the converting financial institution shall be granted a charter of an Oregon nonstock bank by the Director of the Department of Consumer and Business Services if the director finds tha…

711.085 Approval of conversion of Oregon bank by board or shareholders

If an Oregon bank converts pursuant to ORS 711.065 to 711.080, the conversion must be approved by: A simple majority of the full board of directors of the converting Oregon bank, unless the articles or bylaws of the converting Oregon bank required a greater percentage; and If the converting bank is an Oregon stock bank, a vote of a simple majority of the o…

711.090 Conversion of Oregon bank or Oregon trust company to corporation or limited liability company

An Oregon bank or Oregon trust company organized as a corporation under ORS chapter 707 or 709 may be converted to a limited liability company. An Oregon bank or Oregon trust company organized as a limited liability company may be converted to a corporation. The conversion shall be accomplished by the approval of a plan of conversion under ORS 711.095 and th…

711.095 Approval of plan of conversion; fee

A plan of conversion for an Oregon bank or Oregon trust company shall be approved as follows: In the case of the conversion of an Oregon bank or Oregon trust company that was organized as a corporation under ORS chapter 707 or 709 to a limited liability company, the conversion shall be approved by: A simple majority of the full board of directors of the co…

711.100 Articles of conversion; effective date of conversion

After a plan of conversion is approved under ORS 711.095, the converting Oregon bank or Oregon trust company shall file articles of conversion with the Director of the Department of Consumer and Business Services. The articles shall: State the name and type of the business entity prior to conversion; State the name and type of the business entity after con…

711.104 Rights of member of Oregon bank or Oregon trust company to dissent to conversion from limited liability company to corporation; demand required; notice and offer to pay for shares; cost of appraisal of shares

A member of an Oregon bank or Oregon trust company that is organized as a limited liability company may dissent to a plan of conversion under which the Oregon bank or Oregon trust company is to be converted from a limited liability company to a corporation. To perfect a member’s right to dissent to a plan of conversion described in subsection (1) of this se…

711.105 [Repealed by 1973 c.797 §428]

711.110 [Amended by 1973 c.797 §233; repealed by 1997 c.631 §567]

711.112 [1973 c.797 §234; repealed by 1997 c.631 §567]

711.115 [Amended by 1973 c.797 §235; repealed by 1997 c.631 §567]

711.120 [Repealed by 1973 c.797 §428]

(Merger, Share Exchange and Acquisition)

711.125 Merger of Oregon stock bank with insured stock institution; company acquiring shares of Oregon stock bank through share exchange

Subject to the provisions and requirements of ORS 711.130 to 711.145 and 713.270, any Oregon stock bank may merge with any insured stock institution if the merger is permitted by the supervisory authority having jurisdiction over the resulting insured stock institution. Subject to the provisions and requirements of ORS 711.130 to 711.145 and 713.270, ORS ch…

711.130 Approval of plan of merger or share exchange involving Oregon stock bank; contents of plan; fee

For each Oregon stock bank that is a party to a merger or that proposes to have its stock acquired through a share exchange, the plan of merger or plan of share exchange shall be approved by a majority of the entire board of directors of each such Oregon stock bank. If an insured stock institution, other than an Oregon stock bank, is a party to a merger with…

711.135 Action by director on plan of merger or share exchange involving Oregon stock bank; appeal

Within 90 days after the Director of the Department of Consumer and Business Services receives the materials and fee specified in ORS 711.130, unless the director extends the time in concurrence with the applicants, the director shall approve or disapprove a plan of merger or plan of share exchange. The director shall approve the plan of merger or plan of sh…

711.140 Approval of merger or share exchange involving Oregon stock bank by stockholders

To be effective, a merger or share exchange involving an Oregon stock bank shall be approved by the stockholders of each Oregon stock bank that is a party to a merger or Oregon stock bank to be acquired through a share exchange by a vote of two-thirds of the outstanding stock of each class of voting shares at a meeting called to consider the merger or share …

711.145 Effective date of merger or share exchange involving Oregon stock bank

In a merger involving an Oregon stock bank: If the resulting insured stock institution is an Oregon stock bank, the merger shall, unless a later date is specified in the plan of merger, become effective upon the filing with the Director of the Department of Consumer and Business Services of the approved plan of merger, copies of the resolutions of the stock…

711.150 Merger of Oregon nonstock bank with insured nonstock institution

Subject to the provisions and requirements of ORS 711.155 to 711.165 and 713.270, an Oregon nonstock bank may merge with any insured nonstock institution if the merger is permitted by the laws of the supervisory authority having jurisdiction over the resulting insured nonstock institution.

711.155 Approval of merger involving Oregon nonstock bank; contents of plan; fee

For each Oregon nonstock bank that is a party to a merger, the plan of merger shall be approved by a majority of the entire board of directors of each such Oregon nonstock bank. If an insured nonstock institution, other than an Oregon nonstock bank, is a party to a merger with an Oregon nonstock bank, the plan of merger shall be approved by such insured nons…

711.160 Action by director on plan of merger involving Oregon nonstock bank; appeal

Within 90 days after receiving the materials and fee specified in ORS 711.155, unless the time is extended by the Director of the Department of Consumer and Business Services in concurrence with the applicants, the director shall approve or disapprove the plan of merger. The director shall approve the plan of merger if the director finds that: The resulting…

711.165 Effective date of merger involving Oregon nonstock bank

If the resulting insured nonstock institution is an Oregon nonstock bank, the merger shall, unless a later date is specified in the plan of merger, become effective upon the filing with the Director of the Department of Consumer and Business Services the approved plan of merger and evidence satisfactory to the director that all federal regulatory requirement…

711.170 Sale of assets and transfer of liabilities by Oregon bank; approval of director and board of directors; fee; appeal

Subject to the provisions set forth in this section and ORS 713.270, an Oregon bank may sell all or any portion of its assets or transfer all or any portion of its liabilities, other than deposit liabilities, to any person and may transfer all or any portion of its deposit liabilities to any insured institution. An Oregon bank may sell all or substantially …

711.175 Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion

A stockholder of an Oregon stock bank or Oregon trust company may dissent from the following: A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is not the resulting insured institution; A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is the resulting insured stock institution and the number of…

711.180 Rights of stockholder dissenting to merger, share exchange, transfer of assets or liabilities or conversion; demand required; notice and offer to pay for shares; costs of appraisal of shares; when rights not applicable

Any stockholder of an Oregon stock bank or Oregon trust company who dissented to a transaction listed under ORS 711.175 (1) and who desires to receive the value in cash of those shares, shall make written demand upon the Oregon stock bank, Oregon trust company or its successor and accompany the demand with the surrender of the share certificates, properly in…

711.185 Stockholder withdrawal of demand for payment for shares made under ORS 711.180

A dissenting stockholder making a demand under ORS 711.180 may withdraw the demand if: The Oregon stock bank, Oregon trust company or its successor consents to the withdrawal; or The dissenting stockholder pays the stockholder’s pro rata share of the appraisal costs and the Oregon stock bank’s or Oregon trust company’s reasonable costs and expenses, includ…

711.190 Effect of merger or conversion of Oregon bank; rights, powers, duties and liabilities of resulting financial institution

When a merger or conversion of an Oregon bank becomes effective: The separate existence of each Oregon bank participating in the plan of merger or conversion, except the existence of the resulting financial institution, ends; and The resulting financial institution is an entity with all the property, rights, powers and duties of all parties to the merger o…

711.195 Merger, conversion or acquisition of Oregon bank involving trust company

If a merger, conversion or acquisition of an Oregon bank involves a trust company, the Director of the Department of Consumer and Business Services shall not approve the merger, conversion, or acquisition until satisfied that adequate provision has been made for successor fiduciaries.

711.197 Conditions for resulting Oregon bank to conform with state law

If, pursuant to a merger or conversion of a financial institution, the resulting or converting financial institution is an Oregon bank and has assets or liabilities in this state that do not conform to the requirements of applicable law or carries on business activities that are not permitted for the resulting or converting financial institution, the Directo…

711.199 Valuation of assets on books of resulting Oregon bank

Without approval by the Director of the Department of Consumer and Business Services, an asset shall not be carried on the books of a resulting or converting financial institution that is an Oregon bank at a valuation higher than that on the books of the resulting or converting financial institution at the time of its last examination prior to the effective …

711.205 [Amended by 1973 c.797 §236; 1993 c.229 §10; repealed by 1997 c.631 §567]

711.207 [1973 c.797 §237; repealed by 1997 c.631 §567]

711.210 [Repealed by 1973 c.797 §428]

711.211 [1993 c.229 §12; repealed by 1997 c.631 §567]

VOLUNTARY LIQUIDATION; DISSOLUTION

711.215 Voluntary liquidation on approval of stockholders and director; costs of special examination

An institution may go into voluntary liquidation by vote of its stockholders owning at least two-thirds of its capital stock. The institution shall first obtain the written consent of the Director of the Department of Consumer and Business Services. Before consenting to the liquidation, the director may require a special examination of the condition and affa…

711.217 Transactions exempt from ORS 711.220 to 711.235

In a transaction where a purchasing insured institution assumes or agrees to pay all the liabilities of a liquidating institution, ORS 711.220 to 711.235 do not apply.

711.220 Notice of voluntary liquidation; presentation of claims

If a vote is taken authorizing the voluntary liquidation of an institution, the board of directors shall cause to be published in a newspaper of general circulation in the city, town or county in which the principal office of the institution is located, at least once a week for four consecutive weeks, notice of the liquidation notifying depositors, other cre…

711.225 Report and transfer of unclaimed deposits

Six months after the mailing of the written notice described in ORS 711.220 (3), the Oregon stock bank shall deliver a report and all deposits that remain unclaimed to the State Treasurer as unclaimed property under ORS 98.352 and deliver a copy of the report filed with the State Treasurer to the Director of the Department of Consumer and Business Services.

711.230 Claims; time within which presented; extension of time

Claims of all persons, other than depositors, against the institution shall be presented in writing to the institution within one year after the date of first publication provided for in ORS 711.220, unless barred by an earlier period of limitation. Claims arising out of the expense of liquidation may be filed at any time prior to the closing of the liquidat…

711.235 Report of liquidation to director; disposition of remaining assets

After the expiration of the time provided in ORS 711.230 for the filing of claims or if the board of directors has extended the time of liquidation then after the time set by them and after payment of unclaimed deposits to the State Treasurer, the board of directors shall make a complete report of the liquidation to the Director of the Department of Consumer…

711.240 Supervision and control by director

The Director of the Department of Consumer and Business Services shall supervise and control an institution in voluntary liquidation until the final report is filed to the same extent the director supervises and controls any other institution.

711.245 [Repealed by 1973 c.797 §428]

711.250 Engaging in banking or trust business prohibited after liquidation, transfer of deposit liabilities or ceasing to do business for one year; dissolution

An institution may not engage in banking business or transact trust business if the institution: Goes into voluntary liquidation; Is closed because of insolvency; Sells all or substantially all of its assets to another institution that takes over and assumes all or substantially all of its deposit liabilities; or Does not engage in banking business or tr…

711.305 [Amended by 1973 c.797 §246; repealed by 1997 c.631 §567]

711.310 [Amended by 1973 c.797 §247; 1975 c.544 §31; repealed by 1997 c.631 §567]

711.315 [Amended by 1973 c.797 §248; 1975 c.544 §32; 1991 c.249 §66; repealed by 1997 c.631 §567]

711.320 [Amended by 1973 c.797 §249; repealed by 1997 c.631 §567]

INSOLVENCY; LIQUIDATION BY DIRECTOR

711.400 Supervision of liquidation by circuit court; called “supervising court.”

The circuit court of the county in which the principal office of an institution is located: Shall, as directed in ORS 711.400 to 711.615, supervise the liquidation of an institution; and Is referred to in ORS 711.400 to 711.615 as the supervising court.

711.405 When institution deemed insolvent

An institution is insolvent if any of the following occurs: The fair market value of the institution’s assets is insufficient to pay the institution’s liabilities, excluding any liability on account of capital debentures. An Oregon stock bank fails to make good the Oregon stock bank’s reserve requirements under applicable law for a period of 30 days. The …

711.410 Transfer of assets after commission of act of insolvency or in contemplation of insolvency; exceptions

Except for transfers of public funds or collateral that a qualified depository, as defined in ORS 295.001, or the State Treasurer must make under ORS 295.001 to 295.108, transfers of assets made after the commission of an act of insolvency or in contemplation of insolvency to prevent the application of the assets in the manner prescribed by the Bank Act or t…

711.415 Receiving deposits in excess of insurance while insolvent

A director, officer or employee of an Oregon stock bank shall not receive or permit to be received any deposit in excess of the insurance that the Oregon stock bank holds for its deposits under ORS 708A.405, if the director, officer or employee knows that the Oregon stock bank is insolvent.

711.419 Taking possession of Oregon stock bank by director

After an Oregon stock bank commits an act of insolvency or the insurance required for its deposits under ORS 708A.405 is canceled by the insurer, the Director of the Department of Consumer and Business Services may take possession of the property and affairs of the Oregon stock bank and proceed to liquidate it as provided for an insolvent Oregon stock bank u…

711.420 [Repealed by 1973 c.797 §428]

711.425 [Repealed by 1973 c.797 §428]

711.430 Placing business in control of director; notice

An institution may place its property and affairs under the control of the Director of the Department of Consumer and Business Services to be liquidated by notifying the director of its proposed action and by posting a notice on its doors as follows: “This Bank (or Trust Company) Is Under the Control of the Department of Consumer and Business Services.” The…

711.435 Resumption of business of institution placed in control of director

If the Director of the Department of Consumer and Business Services determines upon taking charge of an institution that it is only temporarily short of available funds and that its assets are sufficient to pay its liabilities, leaving its stockholders’ equity unimpaired, or the stockholders will arrange to make good its stockholders’ equity, if impaired, th…

711.440 Receivers and assignments for benefit of creditors; notice to and action by director

Notice shall be given to the Director of the Department of Consumer and Business Services before a receiver is appointed by any court or a deed of assignment for the benefit of creditors is filed in any court for an institution unless it is necessary so to do in order to preserve the assets of the institution. The director may, within five days after the se…

711.445 Notice of taking possession of institution; prohibition against liens subsequent to insolvency

Upon taking possession of the property and business of an institution, the Director of the Department of Consumer and Business Services shall give written notice of the fact to all persons holding or in possession of any assets of the institution. A person knowing that the director has taken possession of an institution shall not have a lien or charge for a…

711.450 Prohibition against applying to enjoin director from continuing possession

An institution may not apply to the supervising court for an order requiring the Director of the Department of Consumer and Business Services to show cause why the director should not be enjoined from continuing possession pursuant to ORS 711.419.

711.455 [Repealed by 1973 c.797 §428]

711.460 [Repealed by 1973 c.797 §428]

711.465 Transfer of liquidation functions to Federal Deposit Insurance Corporation

Upon taking possession of the business and property of an insolvent Oregon stock bank, the deposits of which are to any extent insured by the Federal Deposit Insurance Corporation, if the Federal Deposit Insurance Corporation will accept the duty of liquidating the Oregon stock bank, the Director of the Department of Consumer and Business Services may appoin…

711.470 Subrogation rights of Federal Deposit Insurance Corporation

If any Oregon stock bank in which the deposits are to any extent insured by the Federal Deposit Insurance Corporation is closed for the purpose of liquidation without adequate provision being made for the payment of its depositors and if the Federal Deposit Insurance Corporation pays or makes available for payment the insured deposit liabilities of the close…

711.475 Inventory of assets; filing notice of taking possession

Upon taking possession of the property of an institution to liquidate its affairs, the Director of the Department of Consumer and Business Services shall: Inventory the assets of the institution. The inventory shall be prepared in duplicate with one copy filed in the office of the director and one in the office of the clerk of the county in which the princi…

711.480 Sale of assets

Upon order of the supervising court, the Director of the Department of Consumer and Business Services may: Sell or compromise any bad or doubtful debts, including the individual liability of any stockholder of the institution. Sell all or any of the real estate and personal property of the institution on terms directed by the supervising court. The direct…

711.485 Borrowing funds to pay closed institution expenditures

The Director of the Department of Consumer and Business Services may, after the director has obtained the consent of the supervising court, borrow funds from any source available to be used for distribution among depositors or other creditors of the institution in the process of liquidation, or for expense of liquidation or preservation of the assets of the …

711.490 Capital stock requirements of institution purchasing assets and assuming liabilities of insolvent institution

If the assets of an insolvent institution are sold to a new institution and the new institution assumes any or all of the deposit liabilities of the insolvent institution with the approval of the Director of the Department of Consumer and Business Services and the supervising court, the new institution may be organized with a capital stock equal to the capit…

711.495 Action by director to collect balance due on stock or stock assessment

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 collection of the unpaid balance. The action may be prosecuted against one or more …

711.500 Liability of transferor of stock made in contemplation of insolvency; proceedings to relieve stockholder of liability prohibited

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 made, to the extent that the subsequent transferee fails to pay the unpaid balance on …

711.505 Liability of fiduciary as stockholder; liability of estate and funds

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 the same extent as the testator, intestate, protected person or person interested …

711.510 Deposit of money collected under ORS 711.495; security for deposit

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. The director may require any bank in which the director deposits money under this section to furnish security therefor satisfactory to the…

711.515 “Depositor” defined; preferences among depositors

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 accepted by the Oregon stock bank if the instruments enumerated are issued pursuant to c…

711.520 Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation

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: 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 pledg…

711.525 Interest on deposits after Oregon stock bank closes

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 public funds that are secured as provided in ORS chapter 295, shall continue at th…

711.530 Notice to creditors to present claims

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 possession of for the purpose of liquidating its affairs, to present the claim to t…

711.535 Verification and filing of claims; demand for preference

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 the grounds upon which preference is claimed. Any claim for preference shall be filed…

711.540 Approval or rejection of claims

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. Depositors’ claims that assert no priority or preference other than the preference given under ORS 711.520 to depositors and that are fil…

711.545 Objection to approval of claims

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 allowed claims has been filed with the clerk of the supervising court, make and file w…

711.550 Objection to rejection of claims

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 address indicated by the claimant on the proof of claim filed with the director. If …

711.554 Procedure for determination of claims

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. The trial shall be held in a summary manner upon the documents filed with the court. The person filing th…

711.555 [Repealed by 1973 c.797 §428]

711.560 Costs and disbursements in claim proceedings

A party to the proceedings upon any hearing provided for in ORS 711.554 shall not recover costs or disbursements from any other party.

711.565 Claims presented after time expired

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 the Department of Consumer and Business Services equitably applicable thereto.

711.567 Supervising court to bar claims to facilitate closing

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.

711.570 Lists of claims

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 neither approved nor rejected pending further investigation. The list shall also note whic…

711.572 Liability of directors for distributing assets without payment of known debts

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 shall be jointly and severally liable to the institution for the value of the ass…

711.575 Dividends to depositors

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 dividends. After the expiration of one year from the first publication of notice to…

711.577 Death of depositor; payment of claim

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 ORS 708A.430. If any claim is more than $500, dividends may be paid to the person ent…

711.580 Safety deposit boxes; removal of property

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 safe deposit boxes or any portion thereof for the storage of property of any kind, the …

711.582 Disposition of contents of safety deposit boxes

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 shall be held for the benefit of the person entitled to the property. Any funds which h…

711.585 Selection of agents to wind up affairs of institution; bond or letter of credit; duties of agent

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 unpaid deposits or dividends and has paid all the expenses of the liquidation, the dire…

711.590 Disposition of unclaimed deposits; interest

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 undelivered checks or unpaid dividend funds in the possession of the Department of C…

711.595 Destruction of liquidation records in possession of director

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 from the declaration of the final dividend or from the date the liquidation has b…

711.600 Liquidation expenses

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 counsel employed by the director in the course of the liquidation, and stationery, re…

711.605 Petitions relating to insolvent institutions; ruling by director; court review

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 refuse the petition and notify the petitioner in writing of the decision. If a …

711.610 [Repealed by 1973 c.797 §428]

711.615 Court filing fees

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 connection with the collection of assets of an institution.

711.620 Suspending or restricting payment of liabilities; duration

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 of the depositors and other creditors of the Oregon stock bank and is in the public …

711.625 Taking possession of Oregon stock bank by director; powers of director; expenses

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 Oregon stock bank pending further disposition of its business. While the director is…

711.630 Pro rata withdrawals by depositors

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 safely be used for the purpose.

711.635 Receiving new deposits; segregation

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. Deposits received after the director takes possession and the amounts released for payment to de…

711.640 Termination of suspension or restriction on payment of liabilities

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. Immediately upon the termination of the suspension or restriction on payment of liab…

711.645 Notice of termination of suspension or restriction on payment of liabilities

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 which the principal office of the Oregon stock bank is located. Only one publication…

711.650 Segregation of deposits until termination notice has been given

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 stock bank, before the 10 days’ notice provided for by ORS 711.645 has been give…

711.655 Use of suspended deposits to pay indebtedness of depositor

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 became effective, but a deposit liability subsequently assigned may not be so applied…

711.660 Assignment or transfer of capital stock while payment of liabilities suspended or restricted

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.

711.665 Suspension or restriction of liability payment not evidence of insolvency

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 bank and does not raise any presumption of insolvency.

711.670 Compliance with ORS 711.620 to 711.670 as defense to depositor’s action

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 contract liability. PENALTIES

711.980 Civil penalties

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 offense. The civil penalty may be recovered as provided in ORS 706.980.

711.990 [Amended by 1973 c.797 §304; repealed by 1975 c.544 §62]

_______________ CHAPTER 712 [Reserved for expansion]