reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.550 - Objection to rejection of claims.

(1) 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 no address is given, then it is sufficient if the notice is mailed to the last address of the claimant as shown by the books and records of the closed institution. If notice of rejection is given by mail, the notice is considered to have been given by the director on the day when the notice of rejection is properly addressed and deposited in the mail, postage prepaid. Proof of giving of notice of rejection by the director shall be made by affidavit, and the affidavit shall be prima facie evidence of the giving of notice. The affidavit shall be filed in the office of the director.
(2) Within 30 days after the giving of the notice of rejection, the claimant may appeal the rejection by serving the director with notice of appeal and by filing the notice with the clerk of the supervising court with proof of service of the notice upon the director and a copy, certified as correct by the director, of the rejected claim and the indorsement made thereon by the director. [Amended by 1973 c.797 §276; 2007 c.71 §230]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.554 - Procedure for determination of claims.

(1) 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.
(2) The trial shall be held in a summary manner upon the documents filed with the court. The person filing the statement of objection or the claimant whose claim was rejected has the burden of proof.
(3) An appeal from the decision of the supervising court to the appellate court may be taken by either party as from any other judgment of the supervising court. [1973 c.797 §277; 2003 c.576 §550]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [Amended by 1973 c.797 §278]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [Amended by 1973 c.797 §279]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §280]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.570 - Lists of claims.

(1) 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 which claims have been presented to the supervising court for appeal. One copy of the list shall be filed in the office of the director and one in the office of the clerk of the supervising court.
(2) The director shall, in like manner, make and file supplemental lists showing all claims presented subsequent to the filing of the first list.
(3) The lists shall be filed in the supervising court at least 15 days before the payment of any dividend on the claims or the payment of any preferred claims. [Amended by 1973 c.797 §281]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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 assets which are distributed, to the extent that the liabilities of the institution are not thereafter paid and discharged. [1973 c.797 §282]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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 creditors the director may declare a final dividend. The dividends shall be paid to the persons, in the amounts and upon the notice as may be directed by the supervising court. [Amended by 1973 c.797 §283]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.577 - Death of depositor; payment of claim.

(1) 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.
(2) If any claim is more than $500, dividends may be paid to the person entitled thereto, as provided in ORS 708A.430, if the Director of the Department of Consumer and Business Services is satisfied that the total dividends to be paid after the death of the claimant are less than $100.
(3) The director is under no obligation to determine the relationship of the affiants or declarants to the deceased depositor and the payment of dividends made in good faith to parties making the affidavit or declaration shall be a release of the director for the amount of the dividends so paid. [1973 c.797 §284; 1997 c.631 §251a; 2017 c.51 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.580 - Safety deposit boxes; removal of property.

(1) 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 director may mail a notice to the person claiming to be or appearing upon the institution’s books to be the owner of the property, or the person in whose name the safe, vault or box stands notifying them to remove the property within a period fixed by the notice but not less than 90 days after the date the notice is mailed. The notice shall be in writing and sent by registered mail or by certified mail with return receipt directed to the person at the person’s post-office address as recorded upon the books of the institution. The director shall allow a person access to the institution so that the person may remove the person’s property stored or kept with the institution as described in this subsection. The director may require that the person show identification reasonably identifying the person as the person whose name appears as owner of the property on the institution’s books or as the person in whose name the safe, vault or box stands. The director may limit access to normal business hours.
(2) Upon the date fixed by the notice, the contract, if any, between a person and the institution for the storage of the property or for the use of the safe, vault or box is terminated, and the amount of the unearned rent or charges, if any, paid by the person becomes a debt of the institution to the person.
(3) After the date fixed in the notice the safe, vault or box may be opened in the presence of the director, and a witness who is not an officer or employee of the institution. A list and description of the property shall be made by the person opening the safe, vault or box and shall be attached to the property. The director shall keep the property in one of the general safes or boxes of the institution until it is delivered to the person entitled to receive it or is disposed of as provided in ORS 711.582. [Amended by 1973 c.797 §285; 1981 c.397 §1; 1991 c.249 §67]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.582 - Disposition of contents of safety deposit boxes.

(1) 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 have not been claimed within two years after the final order closing the liquidation of the institution may be disposed of in the manner prescribed in ORS 711.590 for unclaimed dividends and deposits.
(2) If papers or other articles which have no value and cannot be sold are not removed within six months after the time fixed in the notice of the director, the director shall store the papers and articles with the records of the insolvent institution. One year after the final order closing the liquidation of the institution the papers and articles may be destroyed in the manner prescribed in ORS 711.595 for the records of an insolvent institution. [1973 c.797 §286]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.585 - Selection of agents to wind up affairs of institution; bond or letter of credit; duties of agent.

(1) 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 director shall call a meeting of the stockholders of the institution by giving notice of the meeting for 30 days in one or more newspapers circulated in the county in which the principal office of the institution is located. At the meeting the stockholders shall select, by ballot, one or more agents to administer the assets and wind up the affairs of the institution. A majority of the stock present and voting in person or by proxy is necessary to select an agent.
(2) The agent shall file with the director a bond or an irrevocable letter of credit to the State of Oregon in an amount not less than 20 percent of the book value of the assets to be surrendered to the agent, but in no case shall the bond or letter of credit be less than $1,000. The bond or letter of credit shall be executed by the agent as principal. The bond shall be executed by a surety company authorized to do business in this state as surety, and any letter of credit shall be issued by an insured institution. The bond or letter of credit shall be conditioned for the faithful performance of all the duties of the agent’s trust.
(3) When the agent files the required bond or letter of credit, the director shall transfer to the agent all the assets of the institution remaining in the hands of the director. Upon the transfer and delivery the director is discharged from all further liability to the institution and its creditors. The agent shall complete the liquidation of the affairs of the institution, and, after paying the expenses of the liquidation, shall distribute the proceeds among the stockholders in proportion to the several holdings of stock.
(4) If the stockholders fail to meet on the date advertised for the stockholders’ meeting or within 15 days after the advertised date or fail to appoint an agent, or if the agent fails to qualify as required in this section within 30 days after the date of their selection, the director may appoint an agent. This agent shall file a bond or letter of credit and liquidate the affairs of the institution as though the agent had been selected by the stockholders. Upon the transfer and delivery to the agent appointed by the director of all the remaining assets in the hands of the director, the director is discharged from all further liability to the institution and its creditors. [Amended by 1973 c.797 §287; 1991 c.331 §116; 1997 c.631 §252]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.590 - Disposition of unclaimed deposits; interest.

(1) 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 Consumer and Business Services, and report and pay the funds to the State Treasurer as unclaimed property under ORS 98.352.
(2) The interest earned on the dividend accounts while they remain in the possession of the director shall be paid to the State Treasurer to be credited to the Consumer and Business Services Fund and no person entitled to the accounts has any claim to the interest. [Amended by 1959 c.138 §4; 1973 c.797 §288; 1993 c.694 §37; 2019 c.678 §74; 2021 c.424 §22]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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 been closed by order of the supervising court, destroy any of the files, records, documents, books of account or other papers which appear to the director to be unnecessary for future reference as part of the liquidation and files of the office of the director. [Amended by 1973 c.797 §289]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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, rent, postage, telephone, telegraph and other office and traveling expense. The compensation of the employees and the expense of supervision and liquidation shall be fixed by the director, subject to the approval of the supervising court. The supervising court shall not increase the compensation or expenses over the amount fixed by the director. [Amended by 1973 c.797 §290; 1985 c.762 §44]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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 petitioner is dissatisfied with the decision of the director the petitioner may, within 30 days after the decision of the director, present the petition, with the decision of the director, to the supervising court. The supervising court shall fix a date for the hearing of the petition, giving reasonable notice of the date to the petitioner and to the director. The supervising court shall determine the matter upon the evidence produced by all the parties, and the burden of proof is upon the petitioner. [Amended by 1973 c.797 §291]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [Amended by 1973 c.797 §292; 1999 c.803 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.620 - Suspending or restricting payment of liabilities; duration.

(1) 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 interest.
(2) The order of the director is effective upon receipt by the Oregon stock bank of written notice thereof signed by the director and shall continue in effect until released or modified by the written order of the director. The suspension and restriction shall not exceed a period of 90 days, but may be extended for further periods not to exceed 90 days each upon the written order of the director. [1973 c.797 §293; 1997 c.631 §253]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.625 - Taking possession of Oregon stock bank by director; powers of director; expenses.

(1) 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.
(2) While the director is in possession of an Oregon stock bank, the director shall have all the powers given to the director in connection with insolvent Oregon stock banks, and the rights of interested parties shall, subject to ORS 711.620 to 711.670, be the same as if the director had taken possession of the Oregon stock bank because of insolvency.
(3) All expenses of the director while in possession of the Oregon stock bank shall be paid out of the assets of the Oregon stock bank and shall be a lien on the assets prior to any other lien. [1973 c.797 §294; 1975 c.544 §38; 1997 c.631 §254]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §295; 1997 c.631 §255]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.635 - Receiving new deposits; segregation.

(1) 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.
(2) Deposits received after the director takes possession and the amounts released for payment to depositors under ORS 711.630, shall be segregated and held and used solely to meet the deposit liability and the pro rata amount so released. They shall not be used to liquidate any indebtedness of the Oregon stock bank existing at the time the director took possession, or any subsequent indebtedness incurred in liquidating any indebtedness of the Oregon stock bank existing at the time the director took possession.
(3) Deposits received while the Oregon stock bank is in the possession of the director shall be kept on hand in cash, invested in direct obligations of the United States or deposited with an approved reserve depository. [1973 c.797 §296; 1997 c.631 §256]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.640 - Termination of suspension or restriction on payment of liabilities.

(1) 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.
(2) Immediately upon the termination of the suspension or restriction on payment of liabilities of the Oregon stock bank designated in the order, the director shall surrender possession of the assets and properties of the Oregon stock bank to the proper officers of the Oregon stock bank. The receipt of the officers operates as a full release of the director. [1973 c.797 §297; 1997 c.631 §257]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.645 - Notice of termination of suspension or restriction on payment of liabilities.

(1) 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 of the notice is required.
(2) The notice shall specify:
(a) The date on which the suspension or restriction on the payment of liabilities will be removed;
(b) That the provisions of ORS 711.635 pertaining to the segregation of deposits will not be effective after that date; and
(c) That the segregated deposits after the removal of the restriction or suspension will be general deposits.
(3) On or before the date of the publication of the notice, the director shall mail, postage prepaid, to each depositor in the Oregon stock bank whose deposit has been segregated as provided by ORS 711.635 a copy of the notice addressed to the last-known address of each depositor as shown by the records of the Oregon stock bank.
(4) The director shall hand a copy of the notice to every depositor making a deposit in the Oregon stock bank after the date of the newspaper publication and up to the time the suspension or restriction on the payment of liabilities of the Oregon stock bank is removed. [1973 c.797 §298; 1997 c.631 §258]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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 given, the Oregon stock bank shall keep deposits segregated under ORS 711.635 separate and apart from its other assets until the notice has been given by the Oregon stock bank in the manner provided in ORS 711.645. After the notice has been given, the segregated deposits shall become general deposits and may be mingled with the other assets of the Oregon stock bank and the provisions of ORS 711.635 with respect to segregation of deposits shall no longer apply. [1973 c.797 §299; 1997 c.631 §259]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §300; 1997 c.631 §260]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §301; 1997 c.631 §261]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §302; 1997 c.631 §262]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1973 c.797 §303; 1997 c.631 §263]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 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. [1975 c.544 §40]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.010 - Application of Bank Act to out-of-state banks and extranational institutions; powers of out-of-state bank.

(1) Every activity that an out-of-state bank or extranational institution engages in while conducting a banking business in this state is subject to the applicable provisions of the Bank Act.
(2) Unless the laws of the out-of-state bank’s home state limit the powers and authorities of the out-of-state bank, an out-of-state bank that opens, occupies or maintains a branch in this state pursuant to and in accordance with the requirements of ORS 713.270 and that has a certificate of authority from the Director of the Department of Consumer and Business Services to conduct banking business in this state under ORS 713.020 and 713.140 to 713.160 has the same powers and authorities to engage in an activity in this state that an Oregon bank has under the laws of this state, except that an out-of-state bank may not transact trust business in this state unless the out-of-state bank complies with ORS chapter 709. [Amended by 1965 c.170 §2; 1967 c.333 §1; 1973 c.797 §307; 1975 c.725 §8; 1979 c.88 §13; 1997 c.631 §283; 2011 c.263 §2; 2015 c.244 §85]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.016 - Requirements for conducting banking business; deposit insurance.

(1) An out-of-state bank may not conduct banking business in this state unless the Federal Deposit Insurance Corporation insures the out-of-state bank’s insurable deposits and the out-of-state bank has received a certificate of authority to conduct banking business pursuant to ORS 713.020 and 713.140 to 713.160.
(2) An extranational institution may not conduct banking business in this state unless the extranational institution complies with the requirements of ORS 713.025. This subsection and ORS 713.025 do not apply to an extranational institution that has a branch office in this state and was lawfully conducting banking business on December 31, 1966. [1973 c.797 §309; 1975 c.725 §10; 1997 c.631 §286; 2011 c.263 §3]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.020 - Certificate of authority to conduct banking business.

The Director of the Department of Consumer and Business Services shall issue a certificate of authority to conduct banking business in this state to an out-of-state bank or extranational institution that applies for the certificate under ORS 713.140 and that otherwise complies with the requirements of this chapter. [Amended by 1965 c.170 §3; 1973 c.797 §310; 1975 c.725 §11; 1983 c.37 §23; 1987 c.197 §8; 1989 c.324 §55; 1991 c.67 §190; 1997 c.631 §287; 2011 c.263 §4]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.035 - Failure to maintain required assets; notice to director; effect of deficiency.

If at the close of any banking day an extranational institution does not have on deposit the assets required to be maintained under ORS 713.025, the managing officer in charge of the office of the extranational institution shall immediately notify the Director of the Department of Consumer and Business Services and the main office of the extranational institution of the deficit. The extranational institution shall have three banking days to eliminate the deficiency. If the deficiency is not eliminated within the three-day period, the extranational institution is prohibited from conducting banking business, making loans, issuing letters of credit or accepting drafts or bills of exchange and the director may revoke its certificate of authority. [1975 c.725 §4; 1997 c.631 §291]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.045 - Distribution of assets of extranational institution by director after insolvency or liquidation.

(1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS 713.025 directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust.
(2) Unless the deposited assets are delivered to the Federal Deposit Insurance Corporation as receiver, the amount available for distribution to the depositors under subsection (1) of this section shall be allocated to the depositors of the office pro rata to the extent of their deposits.
(3) Any additional deposited assets remaining after the distributions to depositors provided for in subsection (2) of this section shall be available for distribution to the other creditors of the extranational institution in accordance with ORS 711.530 to 711.570.
(4) As used in this section, the term "depositor" has the meaning given that term in ORS 711.515. [1975 c.725 §5; 1997 c.631 §292; 2007 c.71 §231]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.090 - Reports; fees; examination and regulation.

(1) An out-of-state bank or extranational institution that conducts banking business in this state shall file reports under oath with the Director of the Department of Consumer and Business Services in the form and giving the information the director requires.
(2) An out-of-state bank or extranational institution that conducts banking business in this state is subject to the fee provided in ORS 706.530 and to examination and regulation in the manner provided in ORS 706.500.
(3) This section does not apply to a federal bank. [Amended by 1973 c.797 §317; 1975 c.725 §15; 1997 c.631 §293; 1999 c.59 §222; 2011 c.263 §5]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.130 - Name of out-of-state bank or extranational institution.

(1) Except as provided in subsection (2) of this section, the Director of the Department of Consumer and Business Services may not issue a certificate of authority to an out-of-state bank or extranational institution if the name of the out-of-state bank or extranational institution is not distinguishable from:
(a) The name of any banking institution, insured institution, extranational institution that has complied with the provisions of ORS 713.020 or 713.300 or credit union, as defined in ORS 723.008; or
(b)(A) The name of any corporation, professional corporation, nonprofit corporation, cooperative, limited liability company, limited partnership or business trust currently on file with the Secretary of State; or
(B) Any reserved, registered or assumed business name currently on file with the Secretary of State.
(2) The director may refuse to permit an out-of-state bank or extranational institution to use a name if the director determines that the name is not distinguishable from the name of a financial institution that is already lawfully transacting business or making loans in this state.
(3)(a) Except as provided in paragraph (b) of this subsection, this section does not preclude an out-of-state bank or extranational institution from transacting business under one or more assumed business names if the names conform to the provisions of ORS 707.075.
(b) An out-of-state bank or extranational institution may not transact business under a name that the director determines is not distinguishable from:
(A) The name of any banking institution, insured institution, extranational institution that has complied with the provisions of ORS 713.020 or 713.300 or credit union, as defined in ORS 723.008; or
(B) The name of a corporation, professional corporation, nonprofit corporation, cooperative, limited liability company, limited partnership or business trust or any reserved, registered or assumed business name on file with the Secretary of State.
(c) The name designated under this section has the same legal effect under ORS 707.075 and ORS chapters 647 and 648 as the name of an Oregon bank.
(d) Issuing the certificate of authority does not abrogate or limit the law as to unfair competition or unfair trade practices or derogate from the common law, the principles of equity or the statutes of this state or of the United States with respect to the right to acquire and protect trade names, trademarks and service marks. [1989 c.324 §58; 1997 c.631 §294; 2011 c.263 §6; 2015 c.244 §86]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.140 - Contents of application for certificate of authority; rules; authority to transact business under other laws.

(1) To procure a certificate of authority to conduct banking business in this state, an out-of-state bank or extranational institution shall apply to the Director of the Department of Consumer and Business Services. The application must state:
(a) The name, in accordance with the provisions of ORS 713.130.
(b) The state or country under the laws of which the out-of-state bank or extranational institution is organized.
(c) The date of organization.
(d) The period of duration of the out-of-state bank or extranational institution, if the duration is not perpetual.
(e) A mailing address to which the director may send notices.
(f) The address of the main office of the out-of-state bank or extranational institution in the state or country under the laws of which the out-of-state bank or extranational institution is organized.
(g) The name of the proposed registered agent and the street address in this state of the proposed registered office that will receive service of process for the out-of-state bank or extranational institution.
(h) The names and addresses of the president and secretary of the out-of-state bank or extranational institution.
(i) Additional information that the director by rule requires.
(2) The director may prescribe and furnish forms for the application. The president or a vice president and secretary or an assistant secretary of the out-of-state bank or extranational institution shall sign the application.
(3) The out-of-state bank or extranational institution shall also take the steps necessary to become authorized to transact business:
(a) If a corporation, as a foreign corporation under ORS chapter 60;
(b) If a limited partnership, as a foreign limited partnership under ORS chapter 70;
(c) If a limited liability company, as a foreign limited liability company under ORS chapter 63; or
(d) If a business trust, as a business trust under ORS 128.560 to 128.600.
(4) If the out-of-state bank is an unincorporated company, partnership or association, the out-of-state bank shall register the out-of-state bank’s name as an assumed business name as provided in ORS chapter 648. [1989 c.324 §59; 1997 c.631 §295; 2011 c.263 §7]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.150 - Submission of application; fee; issuance of certificate of authority.

(1) An out-of-state bank or extranational institution shall submit an application for a certificate of authority, together with an application fee of $2,500, to the Director of the Department of Consumer and Business Services for filing. The out-of-state bank or extranational institution shall also deliver with the completed application a certificate of existence or a document of similar import, duly authenticated by the official with custody of records in the state or country under whose law the out-of-state bank or extranational institution is organized and a copy of the documents filed with the Secretary of State to comply with ORS 713.140 (3).
(2) If the director finds that the application conforms to this chapter, the director, when all fees and charges have been paid, shall issue and return to the sender a certificate of authority to conduct banking business in this state with the copy of the filed application. [1989 c.324 §60; 1997 c.631 §296; 2011 c.263 §8]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.160 - Conduct of banking business under certificate of authority.

After the Director of the Department of Consumer and Business Services issues a certificate of authority, the out-of-state bank or extranational institution is authorized to conduct banking business in this state, subject, however, to the right of this state to suspend or revoke the authority as provided in ORS 713.230. [1989 c.324 §61; 1997 c.631 §297; 2011 c.263 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.170 - Registered office or agent.

An out-of-state state bank or extranational institution authorized to conduct banking business in this state shall have and continuously maintain in this state:
(1) A registered office that may be, but need not be, the same as the out-of-state state bank’s or extranational institution’s place of business in this state.
(2) A registered agent in compliance with the requirements imposed by ORS 713.140 (3). [1989 c.324 §62; 1997 c.631 §298; 2011 c.263 §10]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.200 - Delivery of documents filed with Secretary of State; change of name or duration.

(1) An out-of-state bank or extranational institution that has a certificate of authority to conduct banking business in this state shall deliver copies of documents that the out-of-state bank or extranational institution filed with the Secretary of State pursuant to ORS chapters 60, 63, 70 and 648 and ORS 128.560 to 128.600 to the Director of the Department of Consumer and Business Services promptly after filing the documents with the Secretary of State.
(2) If an out-of-state bank or an extranational institution that has a certificate of authority to conduct banking business in this state changes the out-of-state bank’s or extranational institution’s name or duration, the out-of-state bank or extranational institution shall apply to the director to amend the certificate of authority.
(3) The requirements for signing and submitting the application described in subsection (2) of this section to the director and that prescribe the form and contents of the application are the same as in the case of an original application for a certificate of authority under ORS 713.140. Filing the application for the amended certificate of authority by the director has the same legal effect as filing the original certificate of authority. [1989 c.324 §65; 1997 c.631 §300; 2011 c.263 §12]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 713 - Out-of-State Banks and Extranational Institutions › Section 713.210 - Withdrawal from state.

(1) An out-of-state bank or extranational institution that has a certificate of authority to conduct banking business in this state may withdraw from this state by applying to the Director of the Department of Consumer and Business Services to withdraw. An application to withdraw must set forth:
(a) The name of the out-of-state bank or extranational institution and the state or country under the laws of which the out-of-state bank or extranational institution is organized.
(b) A statement that the out-of-state bank or extranational institution no longer conducts banking business in this state.
(c) A statement that the out-of-state bank or extranational institution surrenders authority to conduct banking business in this state.
(d) A statement that the out-of-state bank or extranational institution revokes the authority of the out-of-state bank’s or extranational institution’s registered agent in this state to accept service of process, notice or demand and authorizes the director to accept on the out-of-state bank’s or extranational institution’s behalf service of process, notice or demand in any action, suit or proceeding based upon a transaction, event or occurrence that took place in this state before the filing of the application to withdraw.
(e) A mailing address to which a person that initiates proceedings may mail a copy of process, notice or demand that has been served on the director, to the out-of-state bank or extranational institution.
(f) Additional information that is necessary or appropriate to enable the director to determine and assess unpaid fees or charges payable by the out-of-state bank or extranational institution as prescribed in the Bank Act.
(2) The out-of-state bank or extranational institution may apply for withdrawal on forms the director prescribes or furnishes. The president or vice-president and secretary or assistant secretary of the out-of-state bank or extranational institution shall sign the application and one of the officers signing the application shall verify the application or, if the out-of-state bank or extranational institution is in the hands of a receiver or trustee, the receiver or trustee shall sign and verify the application on behalf of the out-of-state bank or extranational institution.
(3) An out-of-state bank or extranational institution that conducted banking business in this state without the authorization provided by this chapter is subject to service after ceasing to conduct banking business in this state in the same manner as though the out-of-state bank or extranational institution was authorized to conduct banking business, later withdrew and, in connection with the withdrawal, filed an authorization for service in the manner required by subsection (1)(d) of this section. [1989 c.324 §66; 1997 c.631 §301; 2011 c.263 §13]