Oregon Statutes 734.014 – Definitions
As used in this chapter:
Terms Used In Oregon Statutes 734.014
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- general assets: includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. See Oregon Statutes 734.014
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Receiver: means receiver, rehabilitator, liquidator or conservator, as the context may require. See Oregon Statutes 734.014
- Statute: A law passed by a legislature.
(1) ‘Delinquency proceeding’ means any proceeding commenced against an insurer pursuant to this chapter for the purpose of liquidating, rehabilitating or conserving the insurer.
(2) ‘Foreign country’ means territory not in any state.
(3) ‘General assets’ means all property, real, personal or otherwise, not specifically mortgaged, pledged, deposited or otherwise encumbered for the security or benefit of specified persons or a limited class or classes of persons. As to specifically encumbered property, ‘general assets’ includes all such property or its proceeds in excess of the amount necessary to discharge the sum or sums secured thereby. Assets held in trust and assets held on deposit for the security or benefit of all policyholders or all policyholders and creditors, in more than a single state, shall be treated as general assets.
(4) An insurer is ‘impaired’ when its allowed assets do not exceed its liabilities plus its required capitalization.
(5) An insurer is ‘insolvent’ when the insurer is unable to pay its obligations when they are due, or when its allowed assets do not exceed its liabilities.
(6) ‘Insurer’ includes:
(a) All persons transacting or purporting to transact insurance as insurers in this state; and
(b) All persons in process of organization to become insurers.
(7) ‘Receiver’ means receiver, rehabilitator, liquidator or conservator, as the context may require.
(8) ‘Secured claim’ means any claim secured by mortgage, trust deed, pledge, deposit as security, escrow or otherwise, but not including special deposit claims or claims against general assets. ‘Secured claim’ also includes claims which more than four months prior to the commencement of delinquency proceedings in the state of the insurer’s domicile have become liens upon specific assets by reason of judicial process.
(9) ‘Special deposit claim’ means any claim secured by a deposit made pursuant to statute for the security or benefit of a limited class or classes of persons, but not including any claim secured by general assets. [Formerly 734.020; 1993 c.447 § 90]
[Formerly 751.010; and then 734.030 in 1989; repealed by 1993 c.447 § 122]
[1967 c.359 § 257; renumbered 734.014 in 1989]
[Formerly 734.040; repealed by 1993 c.447 § 122]