reglab/housing_qa huggingface dataset:
OR Rev Stat § 711.220 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.220 - Notice of voluntary liquidation; presentation of claims.

(1) 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 creditors or claimants to present their claims for payment. (2) Claims of depositors shall be paid upon the presentation of a check, passbook, certificate of deposit or other instrument required for payment before the institution went into voluntary liquidation. Disputed claims shall be presented in writing for allowance or rejection in the manner provided in ORS 711.230 for claims of other creditors. (3) Within 60 days after the last publication of the notice provided for in this section, an institution in voluntary liquidation shall mail a written notice of its intention to liquidate to the last-known address of all depositors and other creditors who have not yet claimed the full amount shown to be due them according to the records of the institution. [Amended by 1973 c.797 §240]
OR Rev Stat § 711.225 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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. [Amended by 1957 c.670 §33; 1959 c.138 §1; 1973 c.797 §241; 1993 c.694 §36; 1997 c.631 §240; 2019 c.678 §71; 2021 c.424 §21]
OR Rev Stat § 711.230 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.230 - Claims; time within which presented; extension of time.

(1) 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 liquidation. (2) The board of directors shall, within 30 days after the presentment of a claim, allow or reject the claim, in whole or in part, noting the same in their minutes. The board shall notify the claimants in writing of its action, either by personal service or by mail. Any claim rejected or disallowed is barred unless action to adjudicate the claim is commenced within 60 days after the date of service or mailing of notice of disallowance or rejection. (3) The board of directors may extend the time within which to receive claims and continue the liquidation after the expiration of the time allowed in this section for the filing of claims. Any new claims filed after the time shall be allowed and paid or rejected in the same manner as provided for other claims. If the liquidation is continued, the transfer of unclaimed deposits to the State Treasurer may be delayed to such time as designated by the Director of the Department of Consumer and Business Services. [Amended by 1959 c.138 §2; 1973 c.797 §242; 2019 c.678 §72]
OR Rev Stat § 711.235 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.235 - Report of liquidation to director; disposition of remaining assets.

(1) 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 and Business Services and shall certify to the director that all claims have been paid or finally determined. (2) Any claims received and approved after the report has been filed with the director shall be paid if the remaining assets are sufficient. (3) When the report has been approved by the director the board of directors may proceed to liquidate the remaining assets and distribute them to the stockholders or other persons entitled to receive them according to their respective rights and interests without further report to the director. [Amended by 1959 c.138 §3; 1973 c.797 §243; 2019 c.678 §73]
OR Rev Stat § 711.240 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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. [Amended by 1973 c.797 §244]
OR Rev Stat § 711.400 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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: (1) Shall, as directed in ORS 711.400 to 711.615, supervise the liquidation of an institution; and (2) Is referred to in ORS 711.400 to 711.615 as the supervising court. [1973 c.797 §250]
OR Rev Stat § 711.405 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.405 - When institution deemed insolvent.

An institution is insolvent if any of the following occurs: (1) 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. (2) An Oregon stock bank fails to make good the Oregon stock bank’s reserve requirements under applicable law for a period of 30 days. (3) The institution cannot meet the institution’s obligations or demands upon the institution as the obligations or demands become due. [Amended by 1973 c.797 §251; 1975 c.544 §35; 1997 c.631 §242; 2015 c.244 §83]
OR Rev Stat § 711.410 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 to the preference of one creditor to another are void. [Amended by 1973 c.797 §252; 2007 c.871 §32; 2010 c.101 §28; 2019 c.587 §49]
OR Rev Stat § 711.415 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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. [Amended by 1973 c.797 §253; 1985 c.786 §41; 1997 c.631 §243]
OR Rev Stat § 711.419 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 under ORS 711.400 to 711.615. [1975 c.544 §34; 1985 c.786 §42; 1997 c.631 §244]
OR Rev Stat § 711.430 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.430 - Placing business in control of director; notice.

(1) 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." (2) The posting of the notice or the taking possession of an institution by the director is sufficient to place all its property and affairs of whatever nature in the possession of the director and operates as a bar and dissolution to any attachment proceedings. [Amended by 1973 c.797 §254; 1975 c.544 §36; 1987 c.373 §54]
OR Rev Stat § 711.435 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.435 - Resumption of business of institution placed in control of director.

(1) 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, the director may permit the officers and directors of the institution to arrange with its depositors and creditors for an extension of time for payment of the depositors and creditors. (2) When the director is satisfied that the stockholders’ equity of the institution has been brought into conformance with the Bank Act, the institution is solvent and has funds on hand with which to meet the demands made on it in the ordinary course of business, and the institution has arranged with its depositors and creditors for an extension of time to enable the institution to realize on its assets to meet the obligations, the director may within 60 days after taking charge of the institution permit it to resume business. (3) The institution shall pay, at the actual per diem cost, for the service of the director and the employees of the director in taking charge of and looking after the affairs of the institution during the time it was under control of the director. The money so received shall be deposited with the State Treasurer to be credited to the Consumer and Business Services Fund. [Amended by 1973 c.797 §255; 1997 c.631 §245]
OR Rev Stat § 711.440 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.440 - Receivers and assignments for benefit of creditors; notice to and action by director.

(1) 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. (2) The director may, within five days after the service of the notice upon the director, take possession of the institution, in which case no further proceedings shall be had upon the application for the appointment of receiver or under the deed of assignment. If a receiver has been appointed or the assignee has entered upon the administration of the trust of the assignee, the appointment shall be vacated or the assignee shall be removed upon application of the director to the court. (3) The director shall proceed to administer the assets of the institution as provided in ORS 711.475 to 711.510. [Amended by 1973 c.797 §256]
OR Rev Stat § 711.445 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.445 - Notice of taking possession of institution; prohibition against liens subsequent to insolvency.

(1) 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. (2) A person knowing that the director has taken possession of an institution shall not have a lien or charge for any payment advanced or any clearance thereafter made, or liability thereafter incurred, against any of the assets of the institution. [Amended by 1973 c.797 §257]
OR Rev Stat § 711.450 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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. [Amended by 1973 c.797 §258; 1975 c.544 §37; 1985 c.786 §43]
OR Rev Stat § 711.465 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.465 - Transfer of liquidation functions to Federal Deposit Insurance Corporation.

(1) 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 appoint without bond the Federal Deposit Insurance Corporation to act as receiver for the Oregon stock bank. When so appointed the Federal Deposit Insurance Corporation shall exercise all the powers and perform all the duties of the director in connection with the liquidation of Oregon stock banks. (2) Upon being notified in writing of the acceptance of the appointment, the director shall file a certificate evidencing the appointment of the Federal Deposit Insurance Corporation in the office of the director. Upon the filing of the certificate the possession of all the assets, business and property of the Oregon stock bank except those securities pledged under ORS 295.015 shall be transferred from the Oregon stock bank and the director to the Federal Deposit Insurance Corporation, and without the execution of any instruments of conveyance, assignment, transfer or indorsement the title to all such assets and property shall vest in the Federal Deposit Insurance Corporation. The director shall be relieved from all responsibility and liability in respect to the liquidation of the Oregon stock bank. [Amended by 1973 c.797 §259; 1983 c.296 §11; 1993 c.98 §25; 1997 c.631 §246]
OR Rev Stat § 711.470 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 closed insured Oregon stock bank, the Federal Deposit Insurance Corporation is subrogated to all rights against the closed insured Oregon stock bank of the owners of deposits to the extent of any payments made by the corporation to the depositors. [Amended by 1973 c.797 §260; 1997 c.631 §247]
OR Rev Stat § 711.475 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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: (1) 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 principal office of the institution is located. (2) Within a reasonable time, file with the clerk of the supervising court a notice that the director has taken possession and the time of taking possession. (3) Proceed to liquidate the affairs of the institution, collect debts due the institution and do what is necessary to preserve the assets and business of the institution. [Amended by 1973 c.797 §261]
OR Rev Stat § 711.480 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.480 - Sale of assets.

(1) Upon order of the supervising court, the Director of the Department of Consumer and Business Services may: (a) Sell or compromise any bad or doubtful debts, including the individual liability of any stockholder of the institution. (b) Sell all or any of the real estate and personal property of the institution on terms directed by the supervising court. (2) The director, upon compliance with the terms of the sale of property, shall execute and deliver to the purchaser of the property the necessary deeds or instruments to evidence the passing of the title. If the real estate is situated outside the county in which the principal office of the institution is located, a certified copy of the order authorizing and ratifying the sale shall be filed in the office of the clerk of the county in which the property is situated. [Amended by 1973 c.797 §262]
OR Rev Stat § 711.485 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 institution. To secure the loan, the director may pledge, on terms fixed by the lender and agreed to by the director, all or any portion of the assets of the institution. The director is not personally obligated to pay the loans. [Amended by 1973 c.797 §263]
OR Rev Stat § 711.490 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 capital stock of the insolvent institution without regard to the capital requirements of ORS 707.050. [Amended by 1973 c.797 §264]
OR Rev Stat § 711.495 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 stockholders, singly or collectively. [Amended by 1973 c.797 §265]
OR Rev Stat § 711.500 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 711.500 - Liability of transferor of stock made in contemplation of insolvency; proceedings to relieve stockholder of liability prohibited.

(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 made, to the extent that the subsequent transferee fails to pay the unpaid balance on the stock. This subsection does not affect any recourse which a former stockholder might otherwise have against those in whose name the stock is registered at the time the institution closes. (2) An action may not be brought by the holder of any stock standing in the name of the stockholder on the books of an institution at the time it closes which will relieve the stockholder of liability as a stockholder. [Amended by 1973 c.797 §266]
OR Rev Stat § 711.505 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency|Section 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 in the trust fund would be liable if able to act and hold the stock in the name of that person. [Amended by 1973 c.797 §267; 1973 c.823 §146; 1974 c.36 §27]