Distribution of assets of extranational institution by director after insolvency or liquidation
(1) If an extranational institution becomes insolvent or goes into voluntary or involuntary liquidation or cannot otherwise pay its deposit or other liabilities, the Director of the Department of Consumer and Business Services may take possession of the assets required to be deposited under ORS 713.025 (Assets requirement for extranational institutions) directly or through the appointment of a receiver, free of any liens and other claims. The assets shall be held by the director or receiver in trust.
(2) Unless the deposited assets are delivered to the Federal Deposit Insurance Corporation as receiver, the amount available for distribution to the depositors under subsection (1) of this section shall be allocated to the depositors of the office pro rata to the extent of their deposits.
(3) Any additional deposited assets remaining after the distributions to depositors provided for in subsection (2) of this section shall be available for distribution to the other creditors of the extranational institution in accordance with ORS 711.530 (Notice to creditors to present claims) to 711.570 (Lists of claims).
(4) As used in this section, the term depositor has the meaning given that term in ORS 711.515 (Depositor defined). [1975 c.725 §5; 1997 c.631 §292; 2007 c.71 §231]
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