(1) Personal representatives, trustees and other fiduciaries; banks, trust companies, credit unions and similar financial organizations; charitable, educational and eleemosynary corporations, funds and organizations; and municipal and other public corporations and public officials may invest funds held by them, without any order of any court, in savings accounts of savings associations and federal associations. Such investments shall be considered legal investments.
(2) A savings association may pledge its assets to secure public funds as provided under ORS chapter 295. For the purposes of this section, “public funds” has the meaning given that term by ORS 295.001.
(3) When a deposit of securities or a bond with security is required for any purpose under the laws of this state or otherwise, a savings account of an association or federal association is acceptable for such a deposit or security.
(4) This section is supplemental to other laws relating to legal investments and to the deposit of securities and the filing of bonds for any purpose.
(5) Notwithstanding any other provision of law, when a savings association or federal association pledges securities or any other assets to secure public funds, the custodian of such public funds shall be a lien creditor, as defined in ORS 79.0102, with respect to the securities or assets which have been pledged to secure such funds. [1975 c.582 §88; 1989 c.232 §1; 1991 c.67 §191; 2001 c.445 §181]
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