§ 711.475 — Inventory of assets; filing notice of taking possession

Oregon § 711.475

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 711: Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency

Text

Upon taking possession of the property of an institution to liquidate its affairs, the Director of the Department of Consumer and Business Services shall:
(1) Inventory the assets of the institution. The inventory shall be prepared in duplicate with one copy filed in the office of the director and one in the office of the clerk of the county in which the principal office of the institution is located.
(2) Within a reasonable time, file with the clerk of the supervising court a notice that the director has taken possession and the time of taking possession.
(3) Proceed to liquidate the affairs of the institution, collect debts due the institution and do what is necessary to preserve the assets and business of the institution.

Legislative History

Amended by 1973 c.797 §261