2011 ORS § 822.120¹
Bond or letter of credit requirements
  • action against certificate holder and surety

(1) A bond or letter of credit required to qualify for a dismantler certificate under ORS 822.110 (Dismantler certificate) or renewal of a certificate under ORS 822.125 (Privileges granted by certificate) must be:

(a) With a corporate surety licensed to transact business within this state, or as to a letter of credit, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act);

(b) Executed to the State of Oregon;

(c) In the sum of $10,000;

(d) Approved as to form by the Attorney General;

(e) Conditioned that the person issued the dismantler certificate will conduct business without violation of this section, ORS 803.140 (Application), 819.010 (Failure to comply with requirements for destruction of vehicle), 819.012 (Failure to follow procedures for a totaled vehicle), 819.016 (When salvage title required), 819.040 (Illegal salvage procedures), 822.140 (Local government approval requirements) or 822.150 (Failure to return revoked, canceled or suspended certificate or identification card); and

(f) Conditioned that the bond or letter of credit is subject to an action under this section.

(2) Any person shall have a right of action against the holder of a dismantler certificate and the surety on the holders bond or the dismantlers letter of credit issuer if the person suffers any loss or damage by reason of the certificate holders violation of this section, ORS 803.140 (Application), 819.010 (Failure to comply with requirements for destruction of vehicle), 819.012 (Failure to follow procedures for a totaled vehicle), 819.016 (When salvage title required), 819.040 (Illegal salvage procedures), 822.140 (Local government approval requirements) or 822.150 (Failure to return revoked, canceled or suspended certificate or identification card). [1983 c.338 §804; 1985 c.16 §403; 1985 c.176 §3; 1991 c.331 §140; 1991 c.820 §17; 1991 c.873 §48; 1997 c.631 §557; 2005 c.654 §10]