2015 Oregon Revised Statutes
Volume : 16 - Financial Institutions, Insurance
Chapter 716 - Savings Banks
Section 716.905 - Notice of intention to close; disposition of unclaimed deposits.
(1) Acting under ORS 716.900 the directors shall direct the mailing of a written notice of their intention to close the Oregon nonstock bank to the last-known address of all depositors and other creditors.
(2) All deposits and amounts reserved for creditors that remain unclaimed after six months from the date of the written notice required under subsection (1) of this section shall be reported and transferred by the directors to the Department of State Lands as unclaimed property under ORS 98.302 to 98.436 and 98.992.
(3) A copy of the report of unclaimed deposits and amounts reserved for creditors filed with the Department of State Lands shall be filed with the Director of the Department of Consumer and Business Services.
[1973 c.797 §395; 1983 c.37 §31; 1993 c.694 §38; 1997 c.631 §361]
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