Oregon Statutes 723.522 – Line of credit
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The credit committee, credit manager, or loan officer may approve in advance upon their own motion or upon application by a member, a line of credit, and advances may be granted to such member within the limit of such extension of credit. Where a line of credit has been approved, no additional loan applications are required as long as the aggregate obligation does not exceed the limit of such extension of credit. [1975 c.652 § 56; 1987 c.286 § 8]
Terms Used In Oregon Statutes 723.522
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.