Oregon Statutes 711.445 – Notice of taking possession of institution; prohibition against liens subsequent to insolvency
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(1) Upon taking possession of the property and business of an institution, the Director of the Department of Consumer and Business Services shall give written notice of the fact to all persons holding or in possession of any assets of the institution.
Terms Used In Oregon Statutes 711.445
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) A person knowing that the director has taken possession of an institution shall not have a lien or charge for any payment advanced or any clearance thereafter made, or liability thereafter incurred, against any of the assets of the institution. [Amended by 1973 c.797 § 257]