Oregon Statutes - Chapter 295 - Depositories of Public Funds and Securities - Section 295.041 - Subrogation rights of State Treasurer.

Upon the distribution of the proceeds of assessments and liquidated collateral pursuant to ORS 295.037 by the State Treasurer to any public official, the State Treasurer shall be subrogated to all of the right, title and interest of the public official against the closed bank depository, and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public officials to the extent of any unpaid net deposit liability and the balance remaining shall be paid to the bank depositories against which the assessments were made, pro rata in proportion to the assessments actually paid by each bank depository. However, the closed bank depository may not share in any distribution of the balance remaining. If the State Treasurer incurs expenses in enforcing the treasurerís rights under this section, the expenses may be charged as provided in ORS 295.106. The State Treasurer shall submit a claim for expenses to the bank depository, and if the charges are thereafter paid to the treasurer, they shall be treated as a liquidation expense of the closed bank depository. [2007 c.871 §6]

Note: See note under 295.031.

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Last modified: August 7, 2008