justicedao/ipfs_state_laws huggingface dataset:
ORS Chapter 708a — Regulation of Institutions

ORS 708a.335. Obligations secured by documents covering readily marketable staples. (1) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans and acquire other obligations of a person secured by documents of title covering readily marketable staples, provided the obligation does not exceed: (a) 15 percent of the Oregon commercial banks capital, where the principal amount of the obligation does not exceed 85 percent of the market value of the staples. (b) 20 percent of the Oregon commercial banks capital, where the principal amount of the obligation does not exceed 80 percent of the market value of the staples. (c) 25 percent of the Oregon commercial banks capital, where the principal amount of the obligation does not exceed 75 percent of the market value of the staples. (d) 35 percent of the Oregon commercial banks capital, where the principal amount of the obligation does not exceed 70 percent of the market value of the staples. (e) 40 percent of the Oregon commercial banks capital, where the principal amount of the obligation does not exceed 65 percent of the market value of the staples. (2) If it is customary to insure the staples mentioned in subsection (1) of this section, the staples shall be fully covered by insurance. (3) This section does not apply to obligations of a person secured by the same staples for more than 10 months. (4) Staples, for purposes of this section, in addition to being readily marketable, must be either: (a) Nonperishable; or (b) Perishable, but frozen, freeze-dried, irradiated or refrigerated for the purpose of protecting the staple against deterioration.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.340. Obligations secured by documents covering livestock. In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person, not to exceed 15 percent of the Oregon commercial banks capital, secured by documents of title covering livestock if the principal amount of the obligation is not more than 80 percent of the market value of the livestock. Turkeys are considered livestock within the meaning of this section.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.345. Obligations secured by government obligations or shares of mutual fund or unit trust. In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of any person if the obligation is secured by one or more of the following types of security and the principal amount of the obligation is not more than 90 percent of the market value of the security: (1) Obligations of the United States, including those of its agencies and instrumentalities; (2) Obligations of public housing agencies issued pursuant to the United States Housing Act of 1937, as amended; (3) Obligations of the State of Oregon or any county, city, school district, port district or other public body with the power to levy taxes issued pursuant to the Constitution or statutes of the State of Oregon or the charter or ordinances of any county or city within the State of Oregon, if the issuing body has not been in default with respect to the payment of principal or interest on any of its obligations within five years preceding the date of the investment; or (4) Shares in any mutual fund or unit trust, the assets of which are invested solely in obligations of the type described in subsections (1) to (3) of this section.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.350. Obligations secured by government bonds. In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and accept other obligations of a person, not to exceed 20 percent of the Oregon commercial banks capital, if: (1) The obligation is secured by bonds of any state of the United States or bonds of any county, city, school district, port district or other public body in the United States; (2) The principal amount of the obligation is not more than 90 percent of the market value of the bonds that secure the obligation; (3) The bonds are payable from ad valorem taxes; and (4) The bonds are rated in one of the four highest grades by a recognized investment service organization that has been engaged regularly and continuously for a period of not less than 10 years in rating state and municipal bonds.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.355. Insured and guaranteed obligations. In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person without regard to amount to the extent the obligations are insured, guaranteed or covered by commitments or agreements to take over or purchase made by a private mortgage insurance company, the State of Oregon, any Federal Reserve Bank, the United States or any department, bureau, board, commission or agency of the United States, including any corporation wholly owned, directly or indirectly, by the United States.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.360. Obligations secured by deposits. (1) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person without regard to amount to the extent the obligations are fully secured by any kind of deposit held by the Oregon commercial bank, including but not limited to deposits held in an automatic savings to checking transfer account or a negotiable order of withdrawal account. (2) In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person without regard to amount to the extent the obligations are fully secured at all times by any kind of deposit, including but not limited to deposits held in an automatic savings to checking transfer account or a negotiable order of withdrawal account that are fully insured, guaranteed or underwritten by the United States Government or any agency or instrumentality of the United States by virtue of any Act of Congress or amendments thereto.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.365. Obligations secured by life insurance policy values. In addition to obligations permitted under ORS 708A.295, an Oregon commercial bank may make loans to and acquire obligations of a person not to exceed 10 percent of the Oregon commercial banks capital that are secured by a life insurance policy having a cash surrender value of not less than 100 percent of the amount of the obligations, plus an amount equal to one annual premium on the insurance policy.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.370. Obligations secured by first lien on real estate. In addition to obligations permitted by ORS 708A.295, an Oregon commercial bank may make loans to and acquire other obligations of a person not to exceed 10 percent of the Oregon commercial banks capital that are secured by a first lien on real estate if the obligation does not exceed 80 percent of the fair market value of the real estate as determined by an independent appraisal. Obligations secured by a first lien on real estate that are subject to ORS 708A.295 may become exempt from ORS 708A.295 if: (1) Title to the real estate has, in good faith, passed to another and the original maker of the note is no longer either directly or through some other person the owner of the real estate; (2) The new owner has assumed the obligation and the Oregon commercial bank looks to the owner of the real estate rather than the maker of the obligation for payment; (3) The obligation is not in default at the time the obligation becomes no longer subject to ORS 708A.295; and (4) The obligation does not exceed 80 percent of the fair market value of the real estate at the time the obligation becomes no longer subject to ORS 708A.295.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.375. Obligations of guarantors. In addition to obligations permitted by ORS 708A.295, an Oregon commercial bank may acquire obligations of a person, in the form of a guaranty or otherwise, without regard to amount, on account of obligations previously contracted in good faith or to reduce the risk of loss. Any such obligations shall, however, be subject to ORS 708A.295 in determining whether the Oregon commercial bank may make additional loans to or acquire other obligations of the person. [1997 c.631 160] DEPOSITS
ORS Chapter 708a — Regulation of Institutions

ORS 708a.400. Deposit accounts. Oregon commercial banks may, consistent with applicable law and safe and sound banking practices, offer deposit accounts upon such terms and conditions as they consider appropriate.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.405. Deposits; FDIC insurance required. Oregon commercial banks shall secure insurance for their deposits from the Federal Deposit Insurance Corporation or a similar organization organized under the laws of the United States.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.410. Savings accounts; conditions for withdrawal; interest rate; inadvertent overdraft. (1) Within the limits established under applicable federal statutes and regulations, an Oregon commercial bank that receives savings accounts shall prescribe by the Oregon commercial banks bylaws or by contract with the Oregon commercial banks depositors, the time and conditions on which the Oregon commercial bank repays depositors or makes a repayment to the depositors order. (2) An Oregon commercial bank may require 30 days notice to withdraw any sum up to $5,000, 90 days notice to withdraw any sum over $5,000 and not over $50,000, and 180 days notice to withdraw any sum over $50,000. The bank may limit, in the aggregate, withdrawals during a specified time period to the amount designated for the time period. (3)(a) Except for negotiable orders of withdrawal and similar deposit accounts, withdrawal from which is subject to check, negotiable order of withdrawal or similar instrument, and except for inadvertent overdrafts, an Oregon commercial bank may not knowingly permit a depositor to overdraw the depositors savings account. (b) As used in paragraph (a) of this subsection, inadvertent overdraft means an overdraft that: (A) The Oregon commercial bank does not expressly permit or provide for in bylaws or a deposit contract; (B) Results from events or circumstances beyond the Oregon commercial banks reasonable control; and (C) Is eliminated within 14 days after the Oregon commercial bank becomes aware of the overdraft.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.415. Securing deposits by surety bond, letter of credit or insurance. (1) An Oregon commercial bank may secure any of the funds deposited with the Oregon commercial bank by giving a surety bond, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, or a policy of insurance under which some person other than the Oregon commercial bank becomes liable for deposits, provided that the aggregate face amount of the bonds, letters of credit and policies of insurance does not exceed 20 percent of the capital of the Oregon commercial bank. (2) A depositor may insure any deposit if the Oregon commercial bank is not a party to the insurance and does not pay any premium or other charges.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.420. Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate; exception. (1) If an Oregon commercial bank changes the terms, service charges or conditions for withdrawal of any deposit account, the Oregon commercial bank shall notify the depositor in writing before the change is effective. If an Oregon commercial bank decreases the interest rate on any deposit account, other than an account that by its terms provides for a floating, variable or indexed rate of interest, the Oregon commercial bank shall notify the depositor in writing before the change is effective. With respect to deposit accounts for which the terms provide for a floating, variable or indexed rate of interest, the Oregon commercial bank need not give notice to the depositor concerning changes in the interest rate other than by means of account statements the Oregon commercial bank provides to the depositor in the ordinary course, not less than once each calendar quarter. For accounts that two or more depositors hold, the Oregon commercial bank may give or send the notice to any of the depositors. An Oregon commercial bank may notify a depositor under this section: (a) In person; (b) By sending the notice by regular mail to the last address shown in the Oregon commercial banks deposit account records; or (c) By sending the notice electronically in accordance with an agreement the depositor has with the Oregon commercial bank, provided that the Oregon commercial bank complies with all laws and regulations that apply to electronic consumer notices. (2) The provisions of subsection (1) of this section do not apply to any change in the interest rate payable upon an account as described in ORS 86.245.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.425. Deposit made in name of minor. Any deposit in an Oregon commercial bank made to an account in the name of a minor must be held for the exclusive right and benefit of the minor free from the control or lien of all other persons, except other parties to the account and creditors, and must be paid, in accordance with the terms of the account, together with any interest on the deposit, to or upon the order of the minor.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.435. Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit. (1) An insured institution shall recognize an adverse claim to a deposit the insured institution holds only if the adverse claimant gives notice to the insured institution of the adverse claim and: (a) Procures a restraining order, injunction or other appropriate process against the insured institution in an action wherein the person to whose credit the deposit stands is made a party and served with summons; or (b) Delivers to the insured institution in a form, and with sureties acceptable to the insured institution, a bond or an irrevocable letter of credit that another insured institution has issued to indemnify the insured institution from any liability, damage and expenses that may arise from paying the adverse claim or dishonoring the check or other order of the person to whose credit the deposit stands. (2) This section does not apply if the person in whose name the account is carried is a fiduciary for the adverse claimant, and the affidavit of the adverse claimant states the facts constituting the fiduciary relationship and the facts showing reasonable cause for the claimants belief that the fiduciary is about to misappropriate the deposit. (3) An insured institution may, at the insured institutions option, interplead a deposit that is subject to an adverse claim.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.440. Checks drawn by agents presumed to be in authorized manner. If a person who owns a deposit account subject to check authorizes another person as agent to draw checks against the account, the insured institution, in the absence of written notice to the contrary, may presume that any check the agent draws in the manner that the terms and conditions of the account authorize, including a check the agent draws to the agents personal order, is for a purpose that the principal authorizes and is within the scope of the authority conferred upon the agent.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.445. Checks of intoxicated, drugged or financially exploited persons. An insured institution may refuse to pay any check, draft or order drawn upon the insured institution if the officers or employees of the insured institution have reason to believe that the person signing or indorsing the instrument was the victim of financial exploitation, as defined in ORS 124.050, or was so under the influence of liquor, drugs or controlled substances or otherwise so incapacitated as to make it reasonably doubtful whether the person was capable of transacting business at the time of signing or indorsing the check, draft or order.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.450. Certified checks. (1) An Oregon commercial bank shall certify a check only if the amount of the check actually stands to the credit of the drawer in collected funds on the books of the Oregon commercial bank. (2) The amount of any certified check shall be immediately charged to the drawers account.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.455. c.369 1; 2009 c.595 1113; 2011 c.720 217; 2015 c.244 49; 2017 c.51 1; 2019 c.678 69; 2021 c.424 24; 2023 c.84 1]
ORS Chapter 708a — Regulation of Institutions

ORS 708a.460. Application of ORS 708A.465 to 708A.475; liability and setoff rights of financial institutions. The provisions of ORS 708A.465 to 708A.475 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, apply only to controversies between the parties, the P.O.D. payees or the beneficiaries and the creditors and other successors of the parties, P.O.D. payees or beneficiaries, and do not apply to the power of withdrawal that a party, P.O.D. payee or beneficiary has under the terms of account contracts. The provisions of ORS 708A.485 to
ORS Chapter 708a — Regulation of Institutions

ORS 708a.465. Ownership of multiple-party accounts. (1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent. (2) A P.O.D. account belongs to the original party during the lifetime of the party and not to the P.O.D. payee or payees. If two or more persons are named as original parties, during their lifetimes, rights as between them are governed by subsection (1) of this section. (3) Unless a contrary intent is manifested by the terms of the account or the deposit agreement or there is other clear and convincing evidence of an irrevocable trust, a trust account belongs beneficially to the trustee during the lifetime of the trustee. If two or more parties are named as trustees on the account, during their lifetimes beneficial rights as between them are governed by subsection (1) of this section. If there is an irrevocable trust, the account belongs beneficially to the beneficiary.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.475. Rights of survivorship based on form of account; alteration of form of account. The provisions of ORS 708A.470 as to rights of survivorship are determined by the form of the account at the death of a party. Subject to satisfaction of the requirements of the insured institution, the form of an account may be altered by written order given by a party to the insured institution if the party signs the order and the insured institution receives the order during the partys lifetime, and if the party does not countermand the order with another written order during the partys lifetime.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.480. Transfer of moneys upon death of depositor or trustee is not testamentary disposition. Any transfers resulting from the application of ORS 708A.470 are effective by reason of the account contracts involved and ORS 708A.470, and are not to be considered as testamentary or subject to administration in the estate of a deceased party.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.485. Payment of deposit in multiple-party account to one or more parties; institution not required to determine source or use of funds in account. An insured institution may enter into a multiple-party account to the same extent that the insured institution may enter into a single-party account. The insured institution may pay any multiple-party account, on request, to any one or more of the parties. An insured institution need not inquire as to the source of funds the insured institution receives for deposit to a multiple-party account, or as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.488. Withdrawal or payment conditioned on advance notice. If an insured institution conditions withdrawal or payment on advance notice, for purposes of ORS 708A.455 to 708A.515, a request for withdrawal or payment is immediately effective and a notice of intent to withdraw is a request for withdrawal. [2015 c.244 55] Note:
ORS Chapter 708a — Regulation of Institutions

ORS 708a.490. Joint account; payment to any party to account; payment to others. An insured institution may pay any sums in a joint account, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the party demands payment. An insured institution may not pay the personal representative or heirs of a deceased party unless proofs of death are presented to the insured institution showing that the decedent was the last surviving party or unless no right of survivorship exists under ORS 708A.470.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.495. P.O.D. account; payment to any original party; payment to others. An insured institution may pay any P.O.D. account, on request, to any original party to the account. The insured institution may pay, on request, the P.O.D. payee or the personal representative or heirs of a deceased P.O.D. payee upon presentation to the insured institution of proof of death showing that the P.O.D. payee survived all persons named as original parties. The insured institution may pay the personal representative or heirs of a deceased original party if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as an original party or as P.O.D. payee.
ORS Chapter 708a — Regulation of Institutions

ORS 708a.500. Trust account; payment to any trustee; payment to others. An insured institution may pay any trust account, on request, to any trustee. Unless the insured institution has received written notice that the beneficiary has a vested interest that does not depend upon the beneficiarys surviving the trustee, the insured institution may pay the personal representative or heirs of a deceased trustee if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as trustee or beneficiary. The insured institution may pay, on request, the beneficiary upon presentation to the insured institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees.