ORS 709.430
Release or payment of deposit pending suit

  • distribution of deposits upon determination of suit

(1)

If any actions on claims against the deposit mentioned in ORS 709.390 (Discontinuance of trust business) are begun within the six-month period, the Director of the Department of Consumer and Business Services shall not release and the court shall not order the payment of any part of the deposit until all actions are determined by final judgment.

(2)

When all actions on claims against the deposit are finally determined, so much of the deposit as is necessary shall be paid to the claimants who have established their claims in the sums allowed by the court or, if not sufficient, the deposit shall be distributed pro rata among the claimants establishing their claims.

(3)

The court, in the proceeding initiated by the director, shall enter a judgment providing that the balance of the deposit be paid to the trust company or if the trust company is in the process of liquidation, to the official in charge of the liquidation. [Amended by 1973 c.797 §213; 1997 c.631 §225; 2003 c.576 §548]

Source: Section 709.430 — Release or payment of deposit pending suit; distribution of deposits upon determination of suit, https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html.

709.005
Certificate of authority to transact trust business
709.015
Organization as limited liability company
709.030
Approval to transact trust business
709.040
Securities eligible for deposit
709.050
Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates
709.060
Primary liability of deposit
709.070
Right of action against deposit
709.080
Charges for handling securities
709.110
Deposit of documents with notes or bonds
709.120
Substitution of deposit securities
709.130
Indemnity bond when cash and securities of fiduciary account exceed stockholders’ equity or members’ equity in trust company
709.140
Return of deposit
709.145
Investment of capital
709.150
General powers of trust companies
709.160
Solicitation and performance of legal business
709.170
Establishment of and investment in common trust funds
709.175
Limitation on investment of trust funds
709.190
Trust department kept separate
709.200
Acquisition or investment of trust property in own name or name of nominee
709.210
Disclosure of fiduciary character or terms of trust instrument
709.220
Handling of funds awaiting investment or distribution
709.240
Oath and bond exemption for trust company appointed as fiduciary
709.270
Disclosure of communications and writings
709.280
Loans to directors, officers, employees or affiliates
709.290
Closing of trust unduly delayed
709.300
Transaction of trust business by national bank
709.330
Sale or transfer of assets or liabilities
709.335
Digital signatures
709.340
Trust company quitting business
709.350
Successor trustee upon liquidation or receivership
709.390
Discontinuance of trust business
709.400
Order to start court action
709.410
Termination of right to do trust business
709.420
Actions or suits on claims
709.430
Release or payment of deposit pending suit
709.440
Director’s charges as prior lien on deposit
709.450
Sale and disposition of securities to pay expenses, costs and claims
709.460
Application of ORS 709.390 to 709.450 to merger or consolidation
709.520
Conversion to out-of-state trust company
709.525
Merger or acquisition
709.530
Applicability of ORS 711.190, 711.197 and 711.199 to merging or converting trust company
709.535
Sale of assets or transfer of liabilities
709.540
Rights of stockholder of trust company party to merger, share exchange or acquisition
709.600
Regulation of trust business by corporations formed prior to adoption of Bank Act
709.980
Civil penalties
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