2011 Oregon Revised Statutes
ORS Volume 17, Chapters 756 - 838
ORS Chapter 822
822.120 Bond or letter of credit requirements; action against certificate holder and surety.

(1) A bond or letter of credit required to qualify for a dismantler certificate under ORS 822.110 or renewal of a certificate under ORS 822.125 must be:

(a) With a corporate surety licensed to transact business within this state, or as to a letter of credit, an irrevocable letter of credit issued by an insured institution, as defined in ORS 706.008;

(b) Executed to the State of Oregon;

(c) In the sum of $10,000;

(d) Approved as to form by the Attorney General;

(e) Conditioned that the person issued the dismantler certificate will conduct business without violation of this section, ORS 803.140, 819.010, 819.012, 819.016, 819.040, 822.140 or 822.150; and

(f) Conditioned that the bond or letter of credit is subject to an action under this section.

(2) Any person shall have a right of action against the holder of a dismantler certificate and the surety on the holder s bond or the dismantler s letter of credit issuer if the person suffers any loss or damage by reason of the certificate holder s violation of this section, ORS 803.140, 819.010, 819.012, 819.016, 819.040, 822.140 or 822.150. [1983 c.338 804; 1985 c.16 403; 1985 c.176 3; 1991 c.331 140; 1991 c.820 17; 1991 c.873 48; 1997 c.631 557; 2005 c.654 10]