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2019 Oregon Revised Statutes
Volume : 07 - Public Facilities and Finance
Chapter 295 - Depositories of Public Funds and Securities
Section 295.053 - Custodian duties when qualified depository ceases holding uninsured public funds; securities.
Universal Citation: OR Rev Stat § 295.053 (2019)
(1) If a qualified depository ceases holding uninsured public funds deposits, the depository’s custodian shall continue to hold the depository’s pledged securities as collateral pursuant to ORS 295.001 to 295.108 for a period of 30 days after the depository ceases holding uninsured public funds deposits, unless the State Treasurer directs the custodian to hold the depository’s pledged securities for a longer period.
(2) If any of a qualified depository’s pledged securities matures, expires or otherwise terminates during the period described in subsection (1) of this section, the depository shall provide substitute securities or other collateral until the period expires.
(3) If a qualified depository has not held uninsured public funds deposits during the period described in subsection (1) of this section, at the end of the period the depository’s custodian shall return the depository’s pledged securities to the depository. [2007 c.871 §13; 2009 c.821 §14; 2010 c.101 §17; 2019 c.587 §21]
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