2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 709 - Regulation of Trust Business
Section 709.430 - Release or payment of deposit pending suit; distribution of deposits upon determination of suit.
(1) If any actions on claims against the deposit mentioned in ORS 709.390 are begun within the six-month period, the Director of the Department of Consumer and Business Services shall not release and the court shall not order the payment of any part of the deposit until all actions are determined by final judgment.
(2) When all actions on claims against the deposit are finally determined, so much of the deposit as is necessary shall be paid to the claimants who have established their claims in the sums allowed by the court or, if not sufficient, the deposit shall be distributed pro rata among the claimants establishing their claims.
(3) The court, in the proceeding initiated by the director, shall enter a judgment providing that the balance of the deposit be paid to the trust company or if the trust company is in the process of liquidation, to the official in charge of the liquidation.
[Amended by 1973 c.797 §213; 1997 c.631 §225; 2003 c.576 §548]
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