Oregon Revised Statutes Chapter 711 § 711.572 — Liability of directors for distributing assets without payment of known debts
Oregon Revised Statutes Chapter 711 ·
Oregon Code § 711.572·Enacted ·Last updated March 01, 2026
Statute Text
Liability of directors for distributing assets without payment of known debts.
The directors of an institution
who vote for or assent to any distribution of assets of the institution to its
stockholders during the liquidation of the institution without the payment and
discharge of, or making adequate provision for, all known liabilities of the
institution shall be jointly and severally liable to the institution for the
value of the assets which are distributed, to the extent that the liabilities
of the institution are not thereafter paid and discharged. [1973 c.797 §282]
Plain English Explanation
This Oregon statute addresses Liability of directors for distributing assets without payment of known debts. AI-powered analysis coming soon.
Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 711.572
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
This section of Oregon law addresses Liability of directors for distributing assets without payment of known debts. Read the full statute text above for details.
This page reflects the current text as of our last update. Always verify with the official Oregon legislature website for the most current version.
The formal citation is Oregon Code § 711.572. Use this format in legal documents and court filings.
Browse related sections using the links below, or search all Oregon statutes on FlawFinder.