Oregon § 295.053 Custodian duties when qualified depository ceases holding uninsured public funds; securities

Oregon Statutes

§ 295.053 — Custodian duties when qualified depository ceases holding uninsured public funds; securities

Oregon § 295.053

Vol.7

Title 28Public Financial Administration

Ch. 295Depositories of Public Funds and Securities

This text of Oregon § 295.053 (Custodian duties when qualified depository ceases holding uninsured public funds; securities) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 295.053 (2026).

Text

(1)If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depository’s pledged securities for a longer period.

(2)If any of a qualified depository’s pledged securities matures, expires or otherwise terminates during the period described in subsection (1) of this section, the depository shall provide substitute securities or other collateral until the period expires.

(3)If a qualified depository has not held uninsured public funds deposits during the period described in subsection (1)

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(1) If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depository’s pledged securities for a longer period.
(2) If any of a qualified depository’s pledged securities matures, expires or otherwise terminates during the period described in subsection (1) of this section, the depository shall provide substitute securities or other collateral until the period expires.
(3) If a qualified depository has not held uninsured public funds deposits during the period described in subsection (1) of this section, at the end of the period the depository’s custodian shall return the depository’s pledged securities to the depository.