§ 548.415 — Surety bond; amount; conditions

Oregon § 548.415

• Jurisdiction: Oregon
• Vol.: 15
• Title 45: Water Resources; Irrigation, Drainage, Flood Control, Reclamation
• Ch. 548: Provisions Applicable Both to Drainage Districts and to Irrigation

Text

The surety bond to be filed under ORS 548.405 or 548.410 shall be for double the amount of the face value of the securities described in such certificate of deposit or receipt, if the securities are to be surrendered, or double the amount the claimant is to receive from moneys or securities deposited with the county treasurer, with two or more sureties, qualified and who must justify as in the case of sureties for bail; provided that surety bonds of companies licensed to transact surety business in Oregon may be accepted for the face amount of the securities if the securities are to be returned, or the face amount of any moneys or securities to be paid or delivered by the county treasurer to the claimant. Every such surety bond shall be conditioned upon indemnifying the county treasurer, and the employees of the county treasurer making the payment, and all rightful owners of the securities, against any loss or expenses, including interest or other damage or liability, resulting from such payment or delivery.

Legislative History

Amended by 1989 c.182 §42