Priority of claimants against assets of Oregon stock bank that is insolvent or in liquidation
If an Oregon stock bank becomes insolvent or goes into voluntary or involuntary liquidation, the assets of the Oregon stock bank must be applied in the following order of priority:
(1) First, if collateral has been pledged under ORS 295.015 (Maintenance of securities by qualified depository) and assets have been pledged under ORS 709.030 (Approval to transact trust business), to the benefit of those for whom the collateral and assets have been pledged;
(2) Second, to pay the expenses of liquidation;
(3) Third, to satisfy the amount due the depositors; and
(4) Fourth, to satisfy the amount due sellers of federal funds. [Amended by 1973 c.797 §270; 1993 c.373 §1; 1997 c.631 §250; 1999 c.311 §5; 2015 c.244 §84]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.