(1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS 713.025 directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust.
(2) Unless the deposited assets are delivered to the Federal Deposit Insurance Corporation as receiver, the amount available for distribution to the depositors under subsection (1) of this section shall be allocated to the depositors of the office pro rata to the extent of their deposits.
(3) Any additional deposited assets remaining after the distributions to depositors provided for in subsection (2) of this section shall be available for distribution to the other creditors of the extranational institution in accordance with ORS 711.530 to 711.570.
(4) As used in this section, the term “depositor” has the meaning given that term in ORS 711.515. [1975 c.725 §5; 1997 c.631 §292; 2007 c.71 §231]Section: Previous 713.012 713.016 713.020 713.025 713.030 713.035 713.040 713.045 713.050 713.060 713.070 713.080 713.090 713.100 713.110 Next
Last modified: August 7, 2008