2011 ORS § 295.041¹
Subrogation rights of State Treasurer

Upon the distribution of the proceeds of assessments and liquidated collateral pursuant to ORS 295.037 (Distribution of collateral after loss in bank depository) by the State Treasurer to any public official, the State Treasurer shall be subrogated to all of the right, title and interest of the public official against the closed depository, and shall share in any distribution of its assets ratably with other depositors. Any sums received from any distribution shall be paid to the public officials to the extent of any unpaid net deposit liability and the balance remaining shall be paid to the bank depositories against which the assessments were made, pro rata in proportion to the assessments actually paid by each bank depository. However, the closed depository may not share in any distribution of the balance remaining. If the State Treasurer incurs expenses in enforcing the treasurers rights under this section, the expenses may be charged as provided in ORS 295.106 (State Treasurer charges). The State Treasurer shall submit a claim for expenses to the bank depository, and if the charges are thereafter paid to the treasurer, they shall be treated as a liquidation expense of the closed depository. [2007 c.871 §6; 2009 c.821 §11]

Note: The amendments to 295.041 (Subrogation rights of State Treasurer) by section 14, chapter 101, Oregon Laws 2010, become operative January 1, 2013, and apply to public funds on deposit on or after January 1, 2013. See section 29, chapter 101, Oregon Laws 2010, as amended by section 2, chapter 667, Oregon Laws 2011, and see section 30, chapter 101, Oregon Laws 2010. The text that is operative on and after January 1, 2013, is set forth for the users convenience.

295.041 (Subrogation rights of State Treasurer). When the State Treasurer distributes the proceeds of assessments and liquidated collateral to a public official under ORS 295.037 (Distribution of collateral after loss in bank depository) or 295.038 (Distribution of collateral after loss in credit union depository), the State Treasurer is subrogated to all of the public officials right, title and interest against the closed depository, and shares in any distribution of the depositorys assets ratably with other depositors. Sums received from a distribution must be paid to the public official to the extent of any unpaid net deposit liability. The State Treasurer shall pay the remaining balance to the depositories against which the assessments were made, pro rata in proportion to the assessments each depository paid. However, the closed depository may not share in a distribution of the balance remaining. The State Treasurer may charge expenses that the State Treasurer incurs in enforcing the State Treasurers rights under this section as provided in ORS 295.106 (State Treasurer charges). The State Treasurer shall submit a claim for expenses to the depository, and if the charges are thereafter paid to the State Treasurer, they shall be treated as a liquidation expense of the closed depository.