Oregon Law
Law as of Jan 1, 2026
Chapter contents
709.005Certificate of authority to transact trust business; application; contents; fee; exceptions 709.010[Repealed by 1973 c.797 §428] 709.015Organization as limited liability company 709.020[Amended by 1973 c.428 §10; repealed by 1973 c.797 §428] 709.030Approval to transact trust business; exceptions; deposit of cash, securities, letter of credit or surety bond with director; amount 709.040Securities eligible for deposit 709.050Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates 709.060Primary liability of deposit 709.070Right of action against deposit 709.080Charges for handling securities; collection procedure 709.090[Repealed by 1973 c.797 §428] 709.100[Repealed by 1973 c.797 §428] 709.110Deposit of documents with notes or bonds 709.120Substitution of deposit securities; income of securities deposited 709.130Indemnity bond when cash and securities of fiduciary account exceed stockholders’ equity or members’ equity in trust company 709.140Return of deposit; liability of state 709.145Investment of capital 709.150General powers of trust companies 709.160Solicitation and performance of legal business 709.170Establishment of and investment in common trust funds; rules; accounting 709.175Limitation on investment of trust funds; exceptions 709.180[Repealed by 1973 c.797 §428] 709.190Trust department kept separate; records of securities; retention of records 709.200Acquisition or investment of trust property in own name or name of nominee 709.210Disclosure of fiduciary character or terms of trust instrument 709.220Handling of funds awaiting investment or distribution; security for use of funds 709.230[Amended by 1961 c.344 §107; repealed by 1973 c.797 §428; amended by 1973 c.823 §143; amendment treated as reenactment, see 709.231] 709.231[1973 c.823 §143 amending 709.230 treated as reenactment of 709.230 repealed by 1973 c.797 §428; repealed by 1974 c.36 §28] 709.240Oath and bond exemption for trust company appointed as fiduciary 709.250[Repealed by 1973 c.797 §428; amended by 1973 c.823 §145; amendment treated as reenactment, see 709.251] 709.251[1973 c.823 §145 amending 709.250 treated as reenactment of 709.250 repealed by 1973 c.797 §428; repealed by 1974 c.36 §28] 709.260[Repealed by 1973 c.797 §428] 709.270Disclosure of communications and writings 709.280Loans to directors, officers, employees or affiliates 709.290Closing of trust unduly delayed 709.300Transaction of trust business by national bank 709.310[Amended by 1963 c.55 §2; repealed by 1973 c.797 §428] 709.320[Repealed by 1973 c.797 §428] 709.330Sale or transfer of assets or liabilities; effect on fiduciary relations 709.335Digital signatures 709.340Trust company quitting business; examination 709.350Successor trustee upon liquidation or receivership; appointment and qualification; petition by director; applicability of state laws 709.360[Repealed by 1973 c.797 §428] 709.370[Repealed by 1973 c.797 §428] 709.380[Repealed by 1973 c.797 §428] 709.390Discontinuance of trust business; determination of claims against deposit of securities 709.400Order to start court action; publication of order; jurisdiction over securities; notice to trustor; applicability of state laws 709.410Termination of right to do trust business 709.420Actions or suits on claims; service of summons; preference on calendar 709.430Release or payment of deposit pending suit; distribution of deposits upon determination of suit 709.440Director’s charges as prior lien on deposit 709.450Sale and disposition of securities to pay expenses, costs and claims 709.460Application of ORS 709.390 to 709.450 to merger or consolidation; return of security deposit after merger or consolidation 709.500[Formerly 57.830; renumbered 709.600 in 1997] 709.520Conversion to out-of-state trust company; conversion to Oregon trust company; procedures 709.525Merger or acquisition; procedures 709.530Applicability of ORS 711.190, 711.197 and 711.199 to merging or converting trust company 709.535Sale of assets or transfer of liabilities; approval by stockholders and director; appeal 709.540Rights of stockholder of trust company party to merger, share exchange or acquisition 709.600Regulation of trust business by corporations formed prior to adoption of Bank Act; regulation of other business 709.980Civil penalties 709.990[Repealed by 1973 c.797 §428]

Chapter 709 — Regulation of Trust Business

ORS 709.420 Actions or suits on claims; service of summons; preference on calendar

(1)

In all actions to determine claims to the deposits, the Director of the Department of Consumer and Business Services shall be a necessary party defendant.

(2)

An action shall not be considered to have begun within the time required by the order unless, in the case of defendants within the state, summons is actually served within 60 days after the time limited in the order.

(3)

Actions filed to determine claims to the deposits shall have preference upon the calendar of any Oregon trial or appellate court and shall be tried by such courts without unnecessary delay.

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Provenance

Version history

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