(1) The Director of the Department of Consumer and Business Services may, after the director has taken possession of the property and business of a domestic or foreign savings association under ORS 722.474 to 722.484, apply to the circuit court of the county in which the conservatorship proceedings are pending, for an order directing the director to cause any safe, safety vault or safety deposit box held anywhere by such association to be thereafter opened and the contents listed. A safe, vault or box shall be opened in the presence of:
(a) The director or an examiner;
(b) A notary public not an officer of or in the employ of such association or of the savings and loan office; and
(c) An officer of the association, if available.
(2) One signed copy of the list of the contents of the safe, vault or box shall be delivered to the director; a second signed copy shall be retained by the notary public; and a third signed copy shall be delivered to the officer of the association.
(3) The contents shall be enclosed in a container distinctly marked by the notary public and delivered to the director. The container shall be kept by the director in the custody of the director and control for use in the administration of the affairs of the savings association, as provided by law. The contents shall be held subject to the payment of any rent that may be unpaid for the use of such safe, vault or box, also any expenses incurred in opening thereof, and also reasonable compensation for the safekeeping of the contents after their removal from the safe, vault or box. [Formerly 722.785]
Section: Previous 722.466 722.468 722.470 722.472 722.474 722.475 722.476 722.478 722.480 722.482 722.484 722.485 722.490 722.495 722.497 NextLast modified: August 7, 2008