2011 ORS § 711.625¹
Taking possession of Oregon stock bank by director
- • powers of director
- • expenses
(1) When the order mentioned in ORS 711.620 (Suspending or restricting payment of liabilities) takes effect, the Director of the Department of Consumer and Business Services shall immediately take possession of the property and affairs of the Oregon stock bank, and take whatever action is necessary to conserve the assets of the Oregon stock bank pending further disposition of its business.
(2) While the director is in possession of an Oregon stock bank, the director shall have all the powers given to the director in connection with insolvent Oregon stock banks, and the rights of interested parties shall, subject to ORS 711.620 (Suspending or restricting payment of liabilities) to 711.670 (Compliance with ORS 711.620 to 711.670 as defense to depositors action), be the same as if the director had taken possession of the Oregon stock bank because of insolvency.
(3) All expenses of the director while in possession of the Oregon stock bank shall be paid out of the assets of the Oregon stock bank and shall be a lien on the assets prior to any other lien. [1973 c.797 §294; 1975 c.544 §38; 1997 c.631 §254]