2013 ORS § 295.013¹
Custodians receipt
  • duties of custodian

(1) When a custodian receives securities from a depository, the custodian shall issue to the State Treasurer, with a copy to the depository, a custodians receipt that describes the securities.

(2) A custodian shall:

(a) Maintain an accurate inventory of the securities of each depository described in the custodians receipts that the custodian issues to the State Treasurer and adjust the inventory to reflect withdrawals and substitutions of securities that the custodian previously inventoried.

(b) Appraise the value of the securities added to and withdrawn from the depositorys inventory and appraise the value of the depositorys entire inventory on the last day of each month and at such other times as the State Treasurer directs.

(c) Provide a monthly report to the State Treasurer that lists the securities each depository has pledged and that sets forth the value of each security and of the entire inventory of securities the depository has pledged.

(d) Notify a depository in writing within one business day after the custodian determines that the value of the securities the custodian holds for the depository is less than the minimum collateral requirement for the depository.

(e) Notify the State Treasurer in writing within one business day after the custodian learns that a depository failed to increase the value of the depositorys securities within the time required under ORS 295.015 (Maintenance of securities by depository) (3)(b).

(f) Notify the State Treasurer in writing if a depository increases the value of the depositorys securities to an adequate amount after the depository receives notice under paragraph (d) of this subsection.

(g) Notify the State Treasurer within one business day after the custodian determines that a bond in the inventory of a depository no longer meets the rating requirements described in ORS 295.001 (Definitions for ORS 295.001 to 295.108) (19)(c) or (d). [Formerly 295.035; 2009 c.821 §5; 2010 c.101 §6]