Oregon Statutes 97.929 – Exceptions to ORS 97.923 to 97.949
(1) The provisions of ORS § 97.923 to 97.949, 97.992, 97.994 and 692.180 do not apply to:
Terms Used In Oregon Statutes 97.929
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(a) Agreements to sell or sales of graves, crypts or niches where such graves, crypts or niches are in existence at the time of the sale or agreement to sell and are located in an endowment care cemetery as defined in ORS § 97.810.
(b) Agreements to sell or sales of crypts or niches where such crypts or niches are not in existence at the time of the sale or agreement to sell and are to be located in an endowment care cemetery, provided that:
(A) Thirty-five percent of the sales price of each crypt or niche described in this paragraph is deposited in accordance with the provisions of ORS § 97.937; or
(B) Such endowment care cemetery deposits a bond with a corporate surety authorized to do business in this state, or an irrevocable letter of credit issued by an insured institution, as defined in ORS § 706.008. The bond or letter of credit shall be in an amount equal to 35 percent of the total sales price of all crypts or niches described in this paragraph that have been sold by the endowment care cemetery and that have not yet been completed.
(c) Agreements to sell or sales of burial vaults or markers for installation in an endowment care cemetery, provided that:
(A) Sixty-six and two-thirds percent of the sale price of such vaults or markers is deposited in accordance with the provisions of ORS § 97.937;
(B) Such endowment care cemetery is at the time of the sale or agreement to sell and for not less than 24 months before such sale or agreement has been in continuous operation as an endowment care cemetery and has assumed the obligation to supply and install the vault or marker and maintain it as part of its endowment care program; and
(C) Such endowment care cemetery deposits with the Director of the Department of Consumer and Business Services:
(i) A bond in a form approved by the director in the amount of $10,000 issued by a corporate surety authorized to do business in this state; or
(ii) An irrevocable letter of credit in a form approved by the director in the amount of $10,000 issued by an insured institution, as defined in ORS § 706.008.
(2) Notwithstanding the exception provided in subsection (1) of this section, a person who would otherwise have a claim against a certified provider, a master trustee or a salesperson under the provisions of ORS § 97.923 to 97.949 or ORS Chapter 692 shall have a right against the bond or letter of credit described in subsection (1)(b) and (c) of this section. [Formerly 128.412; 2003 c.271 § 1]
97.929 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 97 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
[1977 c.715 2,3; renumbered 97.975 in 2001]