Oregon Statutes
§ 711.572 — Liability of directors for distributing assets without payment of known debts
Oregon § 711.572
JurisdictionOregon
Vol.18
Title 53Financial Institutions
Ch. 711Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency
This text of Oregon § 711.572 (Liability of directors for distributing assets without payment of known debts) 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. § 711.572 (2026).
Text
The directors of an institution who vote for or assent to any distribution of assets of the institution to its stockholders during the liquidation of the institution without the payment and discharge of, or making adequate provision for, all known liabilities of the institution shall be jointly and severally liable to the institution for the value of the assets which are distributed, to the extent that the liabilities of the institution are not thereafter paid and discharged.
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Legislative History
1973 c.797 §282
Nearby Sections
15
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Bluebook (online)
Oregon § 711.572, Counsel Stack Legal Research, https://law.counselstack.com/statute/or/711.572.