ORS 825.166
Deposit of securities or letter of credit


(1)

In lieu of the insurance policy or surety bond, the holder of any certificate or permit may file with the Department of Transportation an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008 (Additional definitions for Bank Act), or money, bank or savings and loan savings certificates, or bonds, negotiable by delivery, of the State of Oregon, school districts therein, or of any county therein, or obligations of the United States, or obligations for which the faith of the United States is pledged for the payment of both the principal and interest, equal in amount to the amount of the insurance policy or bond required by the department.

(2)

So long as the deposit remains unencumbered the depositor is entitled to collect the interest upon such securities.

(3)

The department shall hold the securities or letter of credit upon such terms as the department shall designate and approve pursuant to the provisions of this chapter, and shall deliver such securities or letter of credit to the State Treasurer, who shall receive and hold them subject to the lawful orders of the department. The State Treasurer and the surety or letter of credit issuer of the treasurer shall be liable upon the official bond or letter of credit for their safekeeping. The depositors shall reimburse the State Treasurer for any expenses incurred by the treasurer in the mailing, insuring, shipping or delivering of any such securities or letter of credit, or of the interest coupons attached thereto as they mature.

(4)

Such substituted security or letter of credit shall be subject to the liabilities imposed by the terms of the policy of insurance or surety bond or letter of credit then currently used by the department.

(5)

If the securities or letter of credit provided for in this section are furnished in lieu of an insurance policy or bond, they shall not be subject to withdrawal or assignment by the holder of the certificate or permit, either voluntarily or by operation of law, until the expiration of one year after the holder of the certificate or permit, in connection with which they are furnished has:

(a)

Substituted therefor a policy of insurance as provided in ORS 825.160 (Liability insurance of carriers) and 825.162 (Cargo insurance);

(b)

The certificate or permit canceled; or

(c)

Surrendered such certificate or permit to the department for cancellation and has ceased operation thereunder.

(6)

If any such securities become impaired in value, the department shall require additional protection by insurance, bond, letter of credit or substitute security to the extent that the value of the securities may have become impaired. [Formerly 767.210; 1997 c.631 §559; 2011 c.73 §3]

Source: Section 825.166 — Deposit of securities or letter of credit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors825.­html.

825.005
Definitions
825.007
Policy
825.010
Compliance with chapter required
825.015
Nonapplicability of chapter to certain vehicles used in nonprofit transportation of passengers
825.017
Nonapplicability of chapter to certain persons and vehicles
825.018
Report from owners or operators of vehicles exempted by ORS 825.017
825.020
Applicability of chapter to certain vehicles and combinations over 26,000 pounds
825.022
Nonapplicability of certain provisions to vehicles and combinations
825.024
Applicability to farm vehicles
825.026
Applicability of chapter to certain otherwise exempt vehicles when transporting hazardous wastes
825.028
Transportation services for charitable organizations
825.030
Application of chapter to interstate and foreign commerce
825.032
Nonapplicability of economic regulation to specified vehicles
825.100
Certificate or permit required for commercial transportation of persons or property on public highways
825.102
Issuance of permits to intrastate for-hire carriers
825.104
Federal registration and financial responsibility requirements for interstate carriers
825.105
Confirmation of federal registration and financial responsibility for interstate motor carriers
825.106
Issuance of permits to carriers described in ORS 825.020
825.108
Issuance of permits to private carriers
825.110
Issuance, extension or transfer of certificate to carriers of household goods
825.115
Temporary authority to provide transportation services
825.117
Certificate for emergency transportation services
825.125
Applications for authority
825.127
Permit for local cartage of household goods
825.129
Legal status of certificates
825.135
Denial of certificate, permit, transfer or extension of authority
825.137
Cancellation, revocation or suspension of authority, generally
825.139
Suspension or cancellation of authority for tax delinquency or failure to file bond
825.141
Reinstatement fee after suspension of authority
825.160
Liability insurance of carriers
825.162
Cargo insurance
825.164
Rules for compliance with ORS 825.160 and 825.162
825.166
Deposit of securities or letter of credit
825.168
Self-insurance
825.170
Prohibited indemnification provisions in motor carrier transportation contracts
825.180
Application fee
825.200
Rules and orders regarding uniform cargo liability and joint line rates
825.202
Department’s authority over for-hire carriers of household goods
825.204
Regulation of shipping receipts, changes of vehicles and routes, records and mileage for carriers of household goods
825.206
Duties of interstate carriers
825.210
Regulation of motor vehicles
825.212
Regulation of mileage records
825.220
Temporary rate procedures
825.222
Publication of notice of proposed rate establishment or modification
825.224
Rate regulation of carriers of household goods
825.226
Rating bureaus
825.230
Carrier to operate only in class for which authority issued
825.232
General authority to prescribe and enforce rules and classifications
825.234
Classes of carriers of household goods
825.240
Inapplicability of certain regulatory statutes to local cartage activities
825.247
Imposition of fee on certain household goods carriers
825.248
Annual commercial motor vehicle safety plan
825.250
Stop for inspection
825.252
Safety regulations relating to drivers or operators
825.254
Limitation on movement of vehicles to particular days of week
825.256
Rules for transportation of infectious waste
825.258
Rules for transportation of hazardous waste, hazardous material and PCB
825.260
Impoundment of vehicles unlawfully transporting hazardous wastes or substances
825.300
Utilization of state police in enforcing chapter
825.302
Service of process on nonresident carrier by serving the department
825.304
Vehicle owner to be made party to certificate or permit enforcement proceedings
825.320
Carrier’s annual report to department
825.322
Disclosure of hazardous waste transportation reports and information to Environmental Protection Agency
825.325
Intrastate for-hire carrier of household goods required to obtain and retain criminal background check
825.326
Motor Carrier Account
825.328
Monthly transfer of Motor Carrier Account surplus to State Highway Fund
825.330
Restrictions on use of funds
825.350
Voluntary commuter ridesharing arrangement not to be taxed or licensed by local government
825.352
Advertising requirements for carriers of household goods
825.354
Appointment of agents to issue passes, collect fees and taxes
825.356
Courts to forward copies of record on conviction for violation of chapter
825.400
Rules for establishment of motor carrier education program
825.402
Participation in program
825.410
Drug and alcohol testing program
825.415
Drug and alcohol testing
825.450
Weight identifier
825.452
Initial registration period
825.454
Identification devices
825.470
Temporary pass
825.472
Determination of filing of reports or payments
825.474
Motor carrier tax for use of highways
825.475
Exemption from motor carrier tax and fuel tax
825.476
Carrier tax tables
825.480
Substitute taxes for certain vehicles
825.482
Review of flat fee rates
825.484
Effect of carrier tax law on other taxes
825.486
Credit for fuel tax
825.488
Fees required of interstate carriers
825.490
Due date of taxes and fees
825.492
Annual and quarterly reports authorized
825.494
Assessment by department upon failure to report tax or fee due
825.496
Reassessment waiver or reduction upon request
825.498
Collection of fees, taxes and other moneys
825.500
Calculation of interest and penalties for delinquent road use assessment fees and single-use nondivisible load permits
825.502
Payment of taxes and fees by credit card
825.504
Warrant procedure for collecting tax, fee, penalty or assessment
825.506
Deposit or bond to secure payment of fees, taxes, charges and penalties
825.507
Limitations on cancellation of bond
825.508
Use of collection agency to obtain moneys due
825.509
Writing off uncollected moneys due
825.515
Daily records and monthly reports by carriers
825.517
Certain records not public
825.550
Multijurisdictional agreement for collection of weight-mile taxes
825.555
International fuel tax agreement
825.600
Purpose of ORS 825.601 to 825.615
825.601
Definitions
825.605
Unlawfully idling the primary engine of a commercial vehicle
825.610
Exemptions from requirements in ORS 825.605
825.615
Preemption of local regulation of idling
825.950
Civil penalty for violation of this chapter, ORS chapter 818 or 826, or rule or order of department
825.955
Civil penalty for violation of provisions relating to driver equipment compliance form or drug and alcohol testing program
825.960
Department action against employer when department receives notification of violation of out-of-service order
825.990
Criminal penalties
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