reglab/housing_qa huggingface dataset:
OR Rev Stat § 709.040 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.040 - Securities eligible for deposit.

The securities mentioned in ORS 709.030 may only be of the following classes: (1) Interest-bearing bonds, notes or obligations of the United States including those of its agencies and instrumentalities, or bonds, notes or obligations for which the faith of the United States is pledged for the payment of the principal and interest. (2) Bonds or other obligations of the State of Oregon, any county of this state or any incorporated city, town or school or port district of this state having a population of not less than 2,000 as shown by the last federal census, or bonds of any other state, any county, incorporated city, town or school or port district therein having a population of not less than 25,000, as shown by the last federal census, if: (a) The bonds or obligations are issued in compliance with the constitution and laws of the applicable state; (b) The bonds or obligations are a general obligation of the state, city, town or school or port district issuing the bonds; and (c) There has been no default in payment of either principal or interest on any of the general obligations of the state, county, incorporated city, town or school or port district for a period of five years preceding the date of the deposit. (3) Notes or bonds secured by first liens upon improved real estate in this state or any other state if the obligation, plus taxes not due and bonded indebtedness for public improvements not due, do not exceed 50 percent of the reasonable market value of the real estate. The trust company shall file in support of a real estate obligation, such appraisal, evidence of merchantable title and insurance as may be required by the Director of the Department of Consumer and Business Services. [Amended by 1973 c.797 §184; 1997 c.631 §204]
OR Rev Stat § 709.050 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.050 - Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates.

A trust company authorized to do a trust business in this state which is required to make any deposit of securities with any public official in order to do business in this state may deposit: (1) Notes or bonds secured by mortgages or deeds of trust, payment of which are guaranteed by policies of mortgage insurance; and (2) Mortgage participation certificates issued by a mortgage insurance company authorized to do business in this state in accordance with ORS 742.282 and 742.284. [Amended by 1967 c.359 §703; 1973 c.797 §185; 1997 c.631 §205]
OR Rev Stat § 709.060 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.060 - Primary liability of deposit.

The deposit mentioned in ORS 709.030 is primarily liable for the malfeasance of a trust company as a fiduciary and is not liable for any debt or other obligation of the company until such malfeasance liability has been discharged. [Amended by 1973 c.797 §186; 1997 c.631 §206]
OR Rev Stat § 709.070 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.070 - Right of action against deposit.

A person who suffers loss or damage because of the breach of any trust committed to a trust company may recover the amount of the loss or damage out of the moneys or securities deposited under ORS 709.030 with the director by the trust company. [Amended by 1973 c.797 §187; 1997 c.631 §207]
OR Rev Stat § 709.080 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.080 - Charges for handling securities; collection procedure.

(1) The Director of the Department of Consumer and Business Services may charge a reasonable amount for any expenses incurred and services rendered in connection with deposits of securities. (2) If a trust company does not, after due notice, pay to the director any charge assessed against it under this section, the director may: (a) Apply in payment of the charges, with interest at the legal rate, as much as necessary of the interest or other earnings accruing on any securities deposited with the director; or (b) Report the facts to the Attorney General, who shall, in the name of the director, institute appropriate action against the trust company. [Amended by 1973 c.797 §188; 1997 c.631 §208]
OR Rev Stat § 709.110 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.110 - Deposit of documents with notes or bonds.

All mortgages or deeds of trust and all insurance policies, abstracts of title, certificates of title or title insurance policies and appraisements required by the Director of the Department of Consumer and Business Services under ORS 709.040 (3) shall be deposited with the notes or bonds. When less than the whole of a bond issue is deposited, the director shall not require the deposit of the abstract of title, certificates of title or title insurance policies and appraisements, but may require a certificate from the trustee of the mortgage or bond issue that the documents have been deposited with the trustee. [Amended by 1973 c.797 §189]
OR Rev Stat § 709.120 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.120 - Substitution of deposit securities; income of securities deposited.

(1) The Director of the Department of Consumer and Business Services may require the immediate substitution of other securities when the director has reason to believe that the market value of securities which have been deposited under ORS 709.030 have depreciated below the amount required under ORS 709.030. Substitution of securities with the director at the request of the depositing trust company may be permitted if approved by the director. (2) All interest, income or dividends from all securities deposited with the director belong to the depositing trust company, and if the trust company is solvent, it may receive and retain the interest, income or dividends. [Amended by 1973 c.797 §190; 1997 c.631 §209]
OR Rev Stat § 709.130 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.130 - Indemnity bond when cash and securities of fiduciary account exceed stockholders’ equity or members’ equity in trust company.

If the cash and securities that belong to any single fiduciary account exceed the amount of a trust company’s stockholders’ equity or members’ equity, the court that appoints the trust company to the position of trust may require an indemnity bond from the trust company for the amount of cash and securities that exceeds the stockholders’ equity or members’ equity. [Amended by 1973 c.797 §191; 1999 c.59 §219; 2015 c.244 §75]
OR Rev Stat § 709.140 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.140 - Return of deposit; liability of state.

The State of Oregon is liable for the return of any funds or securities deposited in accordance with ORS 709.030. [Amended by 1973 c.797 §192]
OR Rev Stat § 709.145 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.145 - Investment of capital.

The capital of a trust company may be invested in the securities specified in ORS 709.040. [1973 c.797 §193]
OR Rev Stat § 709.150 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.150 - General powers of trust companies.

A trust company may: (1) Act as a fiscal or transfer agent of the United States or of any state, county, municipality, political subdivision or corporation, and in that capacity: (a) Receive and disburse money; (b) Transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness; (c) Authenticate and certify bonds and certificates of indebtedness; and (d) Act as attorney-in-fact or agent of a person for any lawful purpose. (2) Lease, hold, purchase and convey any real property necessary or convenient in transacting trust business. (3) Receive deposits of moneys, securities and other personal property in trust from any person and loan trust funds that are secured by real or personal property. (4) Act as trustee under any mortgage or bonds and accept and execute any lawful municipal or corporate trusts. (5) Be appointed by a court and act as a fiduciary. (6) Accept and execute any lawful trust. (7) Rent receptacles for safe deposits of personal property and receive personal property upon deposit for safekeeping. (8) Purchase, invest in and sell bills of exchange, bonds and mortgages, and other evidences of indebtedness. (9) Discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt in managing trust properties, accept for payment at a future date drafts drawn upon the trust company and issue letters of credit authorizing holders to draw drafts upon the trust company or the trust company’s correspondents at sight or on time, not exceeding one year. (10) Exercise all other powers given to trust companies under the Bank Act. [Amended by 1961 c.344 §106; 1973 c.797 §194; 1973 c.823 §141; 1974 c.36 §24; 1997 c.631 §210; 2015 c.244 §76]
OR Rev Stat § 709.160 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.160 - Solicitation and performance of legal business.

(1) A trust company shall not advertise to furnish or furnish to the public legal advice or hold itself out as practicing law. (2) A trust company that violates subsection (1) of this section is ineligible for one year thereafter to be judicially appointed as a fiduciary in this state. [Amended by 1973 c.797 §195; 1975 c.544 §28; 1997 c.631 §211]
OR Rev Stat § 709.175 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.175 - Limitation on investment of trust funds; exceptions.

(1) Except as provided in ORS 709.220, subsection (2) of this section, or as the instrument that creates the trust relationship or a court order authorizes, a trust company may not invest funds that the trust company holds as fiduciary in stock or obligations of, or property the trust company acquired from: (a) The trust company or the trust company’s directors, officers or employees; (b) Individuals affiliated with the trust company or the trust company’s directors, officers or employees; (c) Organizations in which the trust company or the trust company’s directors, officers or employees hold an interest; (d) Affiliates of the trust company or the affiliates’ directors, officers or employees; (e) Individuals with whom the trust company has an interest that might affect the trust company’s exercising the trust company’s best judgment in making the investment or acquiring the property; or (f) Organizations in which the trust company has an interest that might affect the trust company’s exercising the trust company’s best judgment in making the investment or acquiring the property. (2) Subsection (1) of this section does not apply if the trust company invests funds the trust company holds as fiduciary in any open-end or closed-end management type investment company or investment trust for which the trust company, or an affiliate of the trust company, acts as investment advisor or custodian or provides other services, for which services the trust company and the trust company’s affiliates may receive reasonable fees. (3) For the purposes of this section, companies are affiliated if the companies are members of the same affiliated group under Section 1504 of the Internal Revenue Code. [1989 c.604 §3; 1991 c.353 §1; 1997 c.631 §213; 2015 c.244 §77]
OR Rev Stat § 709.200 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.200 - Acquisition or investment of trust property in own name or name of nominee.

(1) In the acquisition or investment of trust property, a trust company may take in its own name, or in the name of its nominee, any assets in which it may be authorized to invest or hold trust property. (2) Upon the satisfaction, conveyance or investment of trust property, whether the trust property is held in the name of the trust company, individually, or in its name as trustee or in a specified fiduciary capacity or otherwise, the instrument of satisfaction or transfer may be executed by the trust company in its own name. [Amended by 1973 c.797 §198; 1997 c.631 §215]
OR Rev Stat § 709.210 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.210 - Disclosure of fiduciary character or terms of trust instrument.

In acquiring, holding, satisfying and conveying trust property, a trust company is not required to disclose that it is acting in a fiduciary capacity, the terms or conditions of the instrument under which it acts, the nature or extent of its authority or the application of the proceeds of the transaction. A person dealing with a trust company may not inquire into the matters, except to the extent specified in ORS 709.270. [Amended by 1973 c.797 §199]
OR Rev Stat § 709.220 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.220 - Handling of funds awaiting investment or distribution; security for use of funds.

(1) Funds placed or held in trust by a trust company awaiting investment or distribution shall not be held uninvested or undistributed for a longer period than is reasonable for the proper management of the account, shall be carried in a separate account and shall not be used by the trust company, bank or extranational institution in the conduct of its business or in the conduct of the business of any of its affiliates, except that such funds may be deposited in the commercial or savings or other department of the trust company, bank or extranational institution if the trust company, bank or extranational institution first obtains and sets aside in its trust department: (a) Bonds or other securities eligible for the investment of trust funds; (b) A surety bond; (c) An irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008; or (d) A combination of the securities, letters of credit and surety bond. (2) The surety bond shall be issued by a surety company authorized to transact business in this state and approved by the Director of the Department of Consumer and Business Services. The bond or letter of credit shall provide that the principal and surety or letter of credit issuer shall indemnify the several owners of the funds held in trust against loss due to the failure of the trust company, bank or extranational institution. (3) Notwithstanding the provisions of ORS 708A.415, the securities, the surety bond, the letter of credit or the securities, the surety bond and the letters of credit together shall be in an amount equal to the portion of the trust funds not insured by the United States Government or any agency or instrumentality of the United States. (4) If the trust company, bank or extranational institution fails, the owners of the funds held in trust for investment or distribution have a lien on the bonds or other securities set apart, or a right of action on the surety bond and upon the letter of credit, in addition to their claim against the estate of the trust company, bank or extranational institution. [Amended by 1957 c.82 §2; 1973 c.797 §200; 1975 c.544 §29d; 1983 c.296 §5a; 1987 c.216 §5; 1991 c.331 §115; 1997 c.631 §216]
OR Rev Stat § 709.240 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.240 - Oath and bond exemption for trust company appointed as fiduciary.

An official oath or indemnity bond or other security shall not be required when a trust company is appointed as fiduciary or during the administration of the trust except as required by ORS 709.030 and 709.130. [Amended by 1973 c.797 §201; 1973 c.823 §144; 1974 c.36 §26]
OR Rev Stat § 709.270 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.270 - Disclosure of communications and writings.

A trust company shall, except as otherwise provided in this section, keep inviolate all communications and writings made to or by the trustees touching the existence, condition, management and administration of any private trust confided to it. A creditor or stockholder is not entitled to disclosure or knowledge of the communication or writing. However, the officers, manager, trust officer, secretary or attorney of the trust company may know of the communication or writing. In any suit or proceeding touching the existence, condition, management or administration of the trust, the court in which the matter is pending may require disclosure of the communication or writing. [Amended by 1973 c.797 §202; 1997 c.631 §217]
OR Rev Stat § 709.280 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.280 - Loans to directors, officers, employees or affiliates.

(1) A trust company shall not make any loan to any director, officer or employee of the trust company or to any affiliate or any director, officer or employee of an affiliate from its trust funds, and shall not permit any director, officer, employee or affiliate to become indebted to it in any way out of its trust funds, unless specifically authorized to do so by the terms of the trust. (2) An officer, director or employee of a trust company shall not knowingly violate any provision of this section, or aid or abet any other person in a violation. (3) This section shall not prevent the maintenance by a trust company of time or demand deposits of its trust funds in an affiliate that is a bank or extranational institution, provided that the bank or extranational institution complies with the requirements of ORS 709.220 pertaining to obtaining and setting aside bonds, surety bonds and other securities in an amount equal to the portion of the trust funds not insured by the Federal Deposit Insurance Corporation. [Amended by 1973 c.797 §203; 1975 c.544 §29e; 1983 c.296 §5b; 1997 c.631 §218]
OR Rev Stat § 709.290 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.290 - Closing of trust unduly delayed.

If, as a result of an examination, the Director of the Department of Consumer and Business Services finds that the closing of any trust by a trust company has been unreasonably delayed, the director may initiate proceedings in a court of competent jurisdiction to require the trust company to perform its duties in closing the trust. [Amended by 1973 c.797 §204]
OR Rev Stat § 709.300 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.300 - Transaction of trust business by national bank.

(1) A national bank authorized to conduct a trust business that has complied with the applicable provisions of this chapter may transact trust business in all respects, as provided by applicable laws of the United States and rules and regulations promulgated pursuant thereto. All acts provided in the Bank Act to be performed by the State Treasurer, the Director of the Department of Consumer and Business Services or other public officials for or in respect to trust companies, shall be performed for national banks equally with trust companies. (2) Every national bank that is authorized to transact trust business and that has qualified by making the deposit of securities required under ORS 709.030, may: (a) Act or be appointed by any court to act in any fiduciary capacity to the same extent as any trust company; (b) Use the word "trust" in its corporate name; and (c) Advertise its authority to act in fiduciary capacities. [Amended by 1963 c.55 §1; 1965 c.170 §1; 1973 c.797 §205; 1997 c.631 §219]
OR Rev Stat § 709.330 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.330 - Sale or transfer of assets or liabilities; effect on fiduciary relations.

(1) When a sale or transfer of assets or liabilities becomes effective, the purchasing corporation succeeds to all the rights, obligations and relations of the selling corporation to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust and in respect to any fiduciary relation, and the rights, obligations and relations remain unencumbered. (2) The sale or transfer of assets or liabilities does not effect a renunciation or revocation of any letters of administration, letters testamentary, letters of guardianship or any other fiduciary relationship. (3) If any trust, estate, conservatorship or other fiduciary relationship of the selling corporation requires a court to approve a change of the fiduciary, within 90 days after the change becomes effective the successor fiduciary shall file notice of the change with the court that has jurisdiction and serve notice of the change upon each beneficiary. The successor fiduciary may serve the notice in the manner provided in ORCP 9 or, if the residence of a beneficiary is not known, the successor fiduciary may publish the notice in the manner provided for the publication of summons. (4) A beneficiary or other person that is interested in the trust, estate, conservatorship or other fiduciary relationship may, within 90 days after the service of the notice described in subsection (3) of this section, apply to the appropriate court for a change of fiduciary or such other relief as may be proper. [Amended by 1973 c.797 §206; 1979 c.284 §195; 1997 c.631 §219a; 2015 c.244 §78]
OR Rev Stat § 709.335 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.335 - Digital signatures.

A trust company may conduct transactions using digital signatures and issue certificates for the purpose of verifying digital signatures. [1997 c.631 §234a; 1999 c.718 §3; 2001 c.535 §35; 2005 c.118 §5]
OR Rev Stat § 709.340 (2021)
2021 Oregon Revised Statutes|Volume : 18 - Financial Institutions, Insurance|Chapter 709 - Regulation of Trust Business|Section 709.340 - Trust company quitting business; examination.

A trust company quitting business shall furnish to the Director of the Department of Consumer and Business Services satisfactory evidence of its release and discharge from all obligations and trusts provided for in the Bank Act. The director shall examine the trust company, and, if the director is satisfied after the examination that the trust company has discharged all its obligations and trusts, the director shall revoke its certificate of authority and deliver up all securities on deposit with the director under ORS 709.030. [Amended by 1973 c.797 §207]