Oregon Statutes - Chapter 586 - Warehouses; Grain and Commodity Inspection - Section 586.529 - Receivership of warehouse business; claims against surety.

(1) An employee of the State Department of Agriculture may be appointed receiver if the court is unable, or deems it inadvisable, to obtain the services of another qualified person to accept the position as authorized by ORS 586.525. If a person other than an employee of the department is appointed a receiver and if at any time it is apparent to the court that there is or may be insufficient assets from which to make reasonable payment for expenses or services rendered or to be rendered, the department is authorized with the approval of the court from funds received under this chapter, to make payment to such receiver for services rendered or expenses incurred thereunder of a total amount not to exceed $2,000 in any one particular receivership. The department is entitled to be reimbursed from the assets of the receivership on the same basis and priority as otherwise applies by law to payment to receivers appointed by the court.

(2) If a receiver is appointed as authorized by ORS 586.525, the surety on the bond of the warehouseman shall be made a party to the receivership and the action filed by the department. In addition to other authority provided by law, the receiver shall have authority to give notice and provide a reasonable time, as approved by the court, to persons holding warehouse receipts or other evidence of deposit issued by the defaulting warehouseman, to file their claims with the receiver. The receiver shall investigate each claim, determine the pro rata share of grain less setoffs, or the proceeds of the sale of such grains, due each claimant. The receiver shall also determine the amount, if any, due each claimant by the surety. The court after hearing may adopt or amend the findings of the receiver and shall by order, make distribution of grains or the proceeds from the sale of grains. The court by order shall also require the surety to make payment to claimants. Such orders unless appealed as otherwise authorized by law, are to be a final settlement of such matters between the parties concerned. The receiver is authorized with the approval of the court to continue the operation of all or any part of the entire business of the warehouseman and to take any other course of action or procedure which will best serve the interests of the depositors or those who need and use the services offered by the licensee and the warehouse. [1961 c.445 §20]

Section:  Previous  586.480  586.490  586.500  586.510  586.520  586.525  586.527  586.529  586.530  586.540  586.550  586.555  586.560  586.561  586.570  Next

Last modified: August 7, 2008