reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.150 - Merger of Oregon nonstock bank with insured nonstock institution.

Subject to the provisions and requirements of ORS 711.155 to 711.165 and 713.270, an Oregon nonstock bank may merge with any insured nonstock institution if the merger is permitted by the laws of the supervisory authority having jurisdiction over the resulting insured nonstock institution. [1997 c.631 §275]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.155 - Approval of merger involving Oregon nonstock bank; contents of plan; fee.

(1) For each Oregon nonstock bank that is a party to a merger, the plan of merger shall be approved by a majority of the entire board of directors of each such Oregon nonstock bank. If an insured nonstock institution, other than an Oregon nonstock bank, is a party to a merger with an Oregon nonstock bank, the plan of merger shall be approved by such insured nonstock institution’s board of directors to the extent required under the laws applicable to such insured nonstock institution.
(2) The plan of merger shall contain:
(a) The name of each party to the merger and the name of the resulting insured nonstock institution;
(b) The terms and conditions of the proposed merger;
(c) The manner and basis of converting the obligations or securities of each merging insured nonstock institution into obligations or other securities of the resulting insured nonstock institution or, in whole or part, into cash or other property;
(d) A statement of any changes in the articles of incorporation of the resulting insured nonstock institution to be put into effect by the plan of merger; and
(e) Any other provisions with respect to the proposed merger that the Director of the Department of Consumer and Business Services determines to be necessary.
(3) After approval by the board of directors, the plan of merger shall be submitted to the director for approval with a nonrefundable application fee of $3,000. Certified copies of the authorizing resolutions of each board of directors, if any such resolutions are required under applicable law, showing approval of the plan of merger in accordance with subsection (1) of this section shall also be submitted. For each Oregon nonstock bank that is a party to a merger, the certified copies of the board resolutions shall also show that the resolutions were approved by a majority of the entire board.
(4) After approval by each board of directors of the plan of merger, notice of the merger shall be delivered to the household of each depositor of each Oregon nonstock bank unless the Oregon nonstock bank is the resulting insured nonstock institution. Such notice shall include at least the name of the resulting insured nonstock institution and the location of its head office and may be included in any account statement regularly delivered to such depositors. [1997 c.631 §276]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.160 - Action by director on plan of merger involving Oregon nonstock bank; appeal.

(1) Within 90 days after receiving the materials and fee specified in ORS 711.155, unless the time is extended by the Director of the Department of Consumer and Business Services in concurrence with the applicants, the director shall approve or disapprove the plan of merger. The director shall approve the plan of merger if the director finds that:
(a) The resulting insured nonstock institution meets the requirements of the Bank Act;
(b) The merger will not be detrimental to the safety and soundness of the resulting insured nonstock institution;
(c) The merger is not contrary to the public interest; and
(d) The director is satisfied that the merger is permitted by the state or federal supervisory authority having jurisdiction over the resulting insured nonstock institution.
(2) If the director disapproves a plan of merger, the director shall state any objections in writing and give the boards of the parties to the merger an opportunity to amend the plan of merger to obviate the objections. The amended plan of merger shall be submitted to the director for approval as if it were the original plan of merger.
(3) Any of the parties to the merger may appeal the decision of the director as provided in ORS 183.415 to 183.500. [1997 c.631 §277]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.165 - Effective date of merger involving Oregon nonstock bank.

(1) If the resulting insured nonstock institution is an Oregon nonstock bank, the merger shall, unless a later date is specified in the plan of merger, become effective upon the filing with the Director of the Department of Consumer and Business Services the approved plan of merger and evidence satisfactory to the director that all federal regulatory requirements, if any, have been satisfied. The charters of each Oregon nonstock bank that is a party to the merger, other than the resulting insured nonstock institution, shall terminate when the merger becomes effective.
(2) If the resulting insured nonstock institution is an insured nonstock institution, the effective date and time of the merger shall be determined under the laws governing the resulting insured nonstock institution. The merger will be effective as to each Oregon nonstock bank that is a party to the merger when copies of the resolutions of the directors of the Oregon nonstock bank approving the plan of merger and evidence of the effective date and time of the merger are filed with the director.
(3) If the resulting insured nonstock institution is an Oregon nonstock bank, the director shall promptly issue to the resulting insured nonstock institution a certificate of merger specifying the names of the parties to the merger, the name of the resulting insured nonstock institution, and the date on which the merger became effective as prescribed in subsection (1) of this section. The certificate shall be prima facie evidence of the merger and of the correctness of all proceedings and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the merging insured nonstock institutions is held. [1997 c.631 §278]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.175 - Stockholder’s right to dissent to merger, share exchange, transfer of assets or liabilities or conversion.

(1) A stockholder of an Oregon stock bank or Oregon trust company may dissent from the following:
(a) A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is not the resulting insured institution;
(b) A plan of merger pursuant to which the Oregon stock bank or Oregon trust company is the resulting insured stock institution and the number of its voting shares outstanding immediately after the merger, plus the number of shares issuable as a result of the merger, either by the conversion of securities issued pursuant to the merger or the exercise of rights and warrants issued pursuant to the merger, will exceed by more than 20 percent the total number of voting shares of the resulting insured stock institution outstanding immediately before the merger;
(c) A plan of share exchange pursuant to which the Oregon stock bank or Oregon trust company in which the stockholder owns shares is acquired;
(d) An acquisition transaction requiring the stockholder’s approval pursuant to ORS 711.170 (5); and
(e) A plan of conversion pursuant to which the Oregon stock bank or Oregon trust company is to be converted to a limited liability company.
(2) To perfect a stockholder’s right to dissent to a transaction described in subsection (1) of this section, the stockholder must send or deliver a notice of dissent to the Oregon stock bank or Oregon trust company prior to or at the meeting of the stockholders at which the transaction is submitted to a vote, or the stockholder must vote against the transaction.
(3) A stockholder may not dissent as to less than all the shares registered in the name of the stockholder, except a stockholder holding, as a fiduciary or nominee, shares registered in the stockholder’s name for the benefit of more than one beneficiary, may dissent as to less than all of the shares registered in the fiduciary or nominee’s name if any dissent as to the shares held for a beneficiary is made as to all the shares held by the fiduciary for that beneficiary or nominee. The fiduciary’s rights shall be determined as if the shares to which the fiduciary has dissented and the other shares are registered in the names of different stockholders. [1997 c.631 §280; 2005 c.134 §9]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.185 - Stockholder withdrawal of demand for payment for shares made under ORS 711.180.

(1) A dissenting stockholder making a demand under ORS 711.180 may withdraw the demand if:
(a) The Oregon stock bank, Oregon trust company or its successor consents to the withdrawal; or
(b) The dissenting stockholder pays the stockholder’s pro rata share of the appraisal costs and the Oregon stock bank’s or Oregon trust company’s reasonable costs and expenses, including attorney fees and costs.
(2) When a dissenting stockholder withdraws the demand under subsection (1) of this section, the stockholder’s status as a stockholder shall be restored, without prejudice to any corporate proceedings taking place in the interim. [1997 c.631 §281; 2005 c.134 §11]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.190 - Effect of merger or conversion of Oregon bank; rights, powers, duties and liabilities of resulting financial institution.

(1) When a merger or conversion of an Oregon bank becomes effective:
(a) The separate existence of each Oregon bank participating in the plan of merger or conversion, except the existence of the resulting financial institution, ends; and
(b) The resulting financial institution is an entity with all the property, rights, powers and duties of all parties to the merger or the converting financial institution, except as affected by the laws applicable to the resulting financial institution and by the charter, articles of incorporation and bylaws of the resulting financial institution.
(2) All property, debts, choses in action and every other interest of each merging or converting financial institution are transferred to and vested in the resulting financial institution without any further act or deed of any party to the merger or conversion. The title to or any interest in any real estate vested in any merging or converting financial institution may not revert or be impaired because of the merger or conversion.
(3) When a merger or conversion becomes effective, the resulting financial institution shall be liable for all liabilities and obligations of each of the merging or converting financial institutions. Any existing or pending claim, action or proceeding by or against any merging or converting financial institution may be prosecuted as if the merger or conversion had not taken place, or the resulting financial institution may be substituted in its place. A merger or conversion may not impair the rights of creditors or depositors of a merging or converting financial institution or any liens upon the property of a merging or converting financial institution.
(4) Unless prohibited under applicable law, a resulting financial institution may use the name of the merging financial institution or the converting financial institution whenever it can do any act under the name more conveniently.
(5) Any reference to a merging or converting financial institution in any writing, whether executed or taking effect before or after the merger or conversion, is a reference to the resulting financial institution if consistent with the other provisions of the writing, and if the resulting financial institution is authorized to exercise the powers conferred or required by the writing. [Formerly 711.040]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.195 - Merger, conversion or acquisition of Oregon bank involving trust company.

If a merger, conversion or acquisition of an Oregon bank involves a trust company, the Director of the Department of Consumer and Business Services shall not approve the merger, conversion, or acquisition until satisfied that adequate provision has been made for successor fiduciaries. [1997 c.631 §282]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.197 - Conditions for resulting Oregon bank to conform with state law.

If, pursuant to a merger or conversion of a financial institution, the resulting or converting financial institution is an Oregon bank and has assets or liabilities in this state that do not conform to the requirements of applicable law or carries on business activities that are not permitted for the resulting or converting financial institution, the Director of the Department of Consumer and Business Services may:
(1) Permit the resulting or converting financial institution to retain the nonconforming assets or liabilities or to continue the otherwise unpermitted activities for such periods and subject to such conditions and limitations as the director determines, by rule or order, will not be injurious to the safety and soundness of the resulting or converting financial institution; or
(2) Grant the resulting or converting financial institution a reasonable time to conform with applicable law. [Formerly 711.055]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.199 - Valuation of assets on books of resulting Oregon bank.

Without approval by the Director of the Department of Consumer and Business Services, an asset shall not be carried on the books of a resulting or converting financial institution that is an Oregon bank at a valuation higher than that on the books of the resulting or converting financial institution at the time of its last examination prior to the effective date of the merger or conversion. [Formerly 711.060]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.215 - Voluntary liquidation on approval of stockholders and director; costs of special examination.

An institution may go into voluntary liquidation by vote of its stockholders owning at least two-thirds of its capital stock. The institution shall first obtain the written consent of the Director of the Department of Consumer and Business Services. Before consenting to the liquidation, the director may require a special examination of the condition and affairs of the institution. The institution shall pay the actual costs of the examination as provided in ORS 706.544. [Amended by 1973 c.797 §238; 1985 c.762 §43; 1985 c.786 §40; 1999 c.59 §220]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.217 - Transactions exempt from ORS 711.220 to 711.235.

In a transaction where a purchasing insured institution assumes or agrees to pay all the liabilities of a liquidating institution, ORS 711.220 to 711.235 do not apply. [1973 c.797 §239; 1997 c.631 §239]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 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]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.510 - Deposit of money collected under ORS 711.495; security for deposit.

(1) The moneys collected by the Director of the Department of Consumer and Business Services under ORS 711.495 shall be, from time to time, deposited in one or more insured institutions, subject to the order of the director.
(2) The director may require any bank in which the director deposits money under this section to furnish security therefor satisfactory to the director for the safekeeping and prompt payment of the money deposited. [Amended by 1973 c.797 §268; 1997 c.631 §248]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.515 - "Depositor" defined; preferences among depositors.

(1) As used in ORS 711.515 to 711.525, "depositor" includes purchasers or holders in due course of certificates of deposit, cashiers’ checks, certified checks, outstanding unpaid drafts drawn or issued by an Oregon stock bank, unsecured letters of credit and unsecured drafts accepted by the Oregon stock bank if the instruments enumerated are issued pursuant to cash or credit actually received or realized by the Oregon stock bank.
(2) A depositor or deposit, including deposits of the State of Oregon or any county, city or political subdivision thereof, shall not have a preference or prior lien on any assets of an insolvent Oregon stock bank over the claims of other depositors or deposits, unless the assets have been pledged as security in compliance with the provisions of law. This subsection does not apply to any claims or demands involving funds held by an Oregon stock bank under an express oral or written trust agreement, where a preference to the trust funds may be established by evidence satisfactory to the Director of the Department of Consumer and Business Services and the supervising court. [Amended by 1973 c.797 §269; 1997 c.631 §249]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.520 - Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation.

If an Oregon stock bank becomes insolvent or goes into voluntary or involuntary liquidation, the assets of the Oregon stock bank must be applied in the following order of priority:
(1) First, if collateral has been pledged under ORS 295.015 and assets have been pledged under ORS 709.030, to the benefit of those for whom the collateral and assets have been pledged;
(2) Second, to pay the expenses of liquidation;
(3) Third, to satisfy the amount due the depositors; and
(4) Fourth, to satisfy the amount due sellers of federal funds. [Amended by 1973 c.797 §270; 1993 c.373 §1; 1997 c.631 §250; 1999 c.311 §5; 2015 c.244 §84]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.525 - Interest on deposits after Oregon stock bank closes.

Interest on unsecured interest-bearing deposits and on secured interest-bearing deposits other than public funds shall stop on the date any Oregon stock bank is placed in the hands of the Director of the Department of Consumer and Business Services for liquidation. Interest on public funds that are secured as provided in ORS chapter 295, shall continue at the rate being paid by the Oregon stock bank prior to the time it closed. [Amended by 1973 c.797 §271; 1997 c.631 §251]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.530 - Notice to creditors to present claims.

The Director of the Department of Consumer and Business Services shall cause notice to be given by advertisement, in a newspaper of the choice of the director, weekly for four consecutive weeks, notifying persons with claims against an institution which the director has taken possession of for the purpose of liquidating its affairs, to present the claim to the director, with legal proof of the claim, at a designated place on or before the expiration of 60 days after the date of the first publication of the notice. The notice shall state the date of the first publication. The director shall mail a similar notice to all persons whose names appear as creditors upon the books of the institution. Failure to mail the notice to any creditor does not give the creditor any right or impose any liability on the director. [Amended by 1973 c.797 §272]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.535 - Verification and filing of claims; demand for preference.

(1) All claims shall be verified and filed with the Director of the Department of Consumer and Business Services. If a claimant asserts a preference other than the preference given in ORS 711.520 to depositors, the claim shall include a demand for preference and a statement of the grounds upon which preference is claimed.
(2) Any claim for preference shall be filed with the director and the supervising court, before the expiration of the time fixed under ORS 711.530 in the notice to creditors. If a claim for preference is not filed within the designated time, it is barred. [Amended by 1973 c.797 §273]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.540 - Approval or rejection of claims.

(1) Within a reasonable time after the expiration of the time fixed in the notice to creditors, the Director of the Department of Consumer and Business Services shall approve or reject, in whole or in part, every claim filed.
(2) Depositors’ claims that assert no priority or preference other than the preference given under ORS 711.520 to depositors and that are filed after the expiration of the time fixed in the notice to creditors for the filing of all claims shall be approved or rejected, in whole or in part, within a reasonable time after the claims are filed with the director.
(3) The approval or rejection of any claim by the director shall be indorsed in writing upon the claim and the director need not state the reasons for the approval or rejection. The director may at any time alter or amend the previous approval or rejection of any claim. [Amended by 1973 c.797 §274; 2003 c.14 §443]
2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency › Section 711.545 - Objection to approval of claims.

(1) If a creditor of the closed institution or any interested party objects to the action of the Director of the Department of Consumer and Business Services in allowing in whole or in part any claim filed with the director, the creditor shall, within 10 days after the list of allowed claims has been filed with the clerk of the supervising court, make and file with the clerk of the supervising court a verified statement of the objections of the creditor. The statement shall state the facts and reasons upon which the objections are based and include a notice that the objecting party appeals to the supervising court. Objections to the approval of any claim may be made at any time but, if not filed within the 10-day period, the objections shall apply only to that portion of the claim which has not yet been paid.
(2) A copy of the objections and notice shall be served upon the director and upon the creditor whose claim is challenged. Proof of the service shall be filed in the supervising court with the statement of objections.
(3) The statement of objection filed in the supervising court shall also have attached to it a copy, certified as correct by the director, of the claim so approved and the approval of the claim indorsed thereon by the director. [Amended by 1973 c.797 §275]