Oregon Statutes 711.485 – Borrowing funds to pay closed institution expenditures
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The Director of the Department of Consumer and Business Services may, after the director has obtained the consent of the supervising court, borrow funds from any source available to be used for distribution among depositors or other creditors of the institution in the process of liquidation, or for expense of liquidation or preservation of the assets of the institution. To secure the loan, the director may pledge, on terms fixed by the lender and agreed to by the director, all or any portion of the assets of the institution. The director is not personally obligated to pay the loans. [Amended by 1973 c.797 § 263]
Terms Used In Oregon Statutes 711.485
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.