2017 ORS 825.166¹
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]

Chapter 825

(formerly chapter 767)

Notes of Decisions

Political subdivisions subject to pro­vi­sions of Public Contracts and Purchasing Law, [former] ORS chapter 279, are not re­quired to comply with it before entering into contracts for supplies or services of public utilities whose rates are regulated pursuant to this chapter (formerly ORS chapter 767). Bower Trucking and Whse. Co. v. Multnomah Cty., 35 Or App 427, 582 P2d 439 (1978)

Atty. Gen. Opinions

Nonprofit opera­tion of van pools, (1978) Vol 38, p 1780

1 Legislative Counsel Committee, CHAPTER 825—Motor Carriers, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors825.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 825, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano825.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.