Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.415 - Securing deposits by surety bond, letter of credit or insurance.
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(1) An Oregon commercial bank may secure any of the funds deposited with the Oregon commercial bank by giving a surety bond, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008, or a policy of insurance under which some person other than the Oregon commercial bank becomes liable for deposits, provided that the aggregate face amount of the bonds, letters of credit and policies of insurance does not exceed 20 percent of the capital of the Oregon commercial bank.
(2) A depositor may insure any deposit if the Oregon commercial bank is not a party to the insurance and does not pay any premium or other charges. [1997 c.631 §164]
Section: 708A.360 708A.365 708A.370 708A.375 708A.400 708A.405 708A.410 708A.415 708A.420 708A.425 708A.430 708A.435 708A.440 708A.445 708A.450
Last modified: August 7, 2008
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