There is a newer version of the Oregon Revised Statutes
2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 711 - Merger; Conversion; Share Exchange; Acquisition; Liquidation; Insolvency
Section 711.430 - Placing business in control of director; notice.
OR Rev Stat § 711.430 (2015) What's This?
(1) An institution may place its property and affairs under the control of the Director of the Department of Consumer and Business Services to be liquidated by notifying the director of its proposed action and by posting a notice on its doors as follows: "This Bank (or Trust Company) Is Under the Control of the Department of Consumer and Business Services."
(2) The posting of the notice or the taking possession of an institution by the director is sufficient to place all its property and affairs of whatever nature in the possession of the director and operates as a bar and dissolution to any attachment proceedings.
[Amended by 1973 c.797 §254; 1975 c.544 §36; 1987 c.373 §54]
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