Oregon Statutes - 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]

Section:  Previous  711.440  711.445  711.450  711.455  711.460  711.465  711.470  711.475  711.480  711.485  711.490  711.495  711.500  711.505  711.510  Next

Last modified: August 7, 2008