2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency
Section 711.405 - When institution deemed insolvent.
An institution is insolvent if any of the following occurs:
(1) The fair market value of the institution’s assets is insufficient to pay the institution’s liabilities, excluding any liability on account of capital debentures.
(2) An Oregon stock bank fails to make good the Oregon stock bank’s reserve requirements under applicable law for a period of 30 days.
(3) The institution cannot meet the institution’s obligations or demands upon the institution as the obligations or demands become due.
[Amended by 1973 c.797 §251; 1975 c.544 §35; 1997 c.631 §242; 2015 c.244 §83]
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