Oregon Code § 731.620·Enacted ·Last updated March 01, 2026
Statute Text
Assignment of deposited securities.
(1) The insurer shall assign in trust to the Director of the Department of
Consumer and Business Services and successors in office all securities being
deposited through the director under the Insurance Code that are not negotiable
by delivery; or, in lieu of such assignment, the insurer may give the director
an irrevocable power of attorney authorizing the director to transfer the
securities or any part thereof for any purpose within the scope of the
Insurance Code.
(2) Upon release
to the insurer, or other person entitled thereto, of any such security the
director shall reassign the security to such insurer or person; or, in the case
of power of attorney given pursuant to subsection (1) of this section, the
director shall deliver the power of attorney, together with the securities
covered thereby, to the insurer or person entitled thereto. [1967 c.359 §116;
1979 c.870 §3; 1987 c.158 §154]
Plain English Explanation
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Key Points
01Part of Oregon statutory law
02Referenced as Oregon Code § 731.620
03Subject to legislative amendments
04Consult a licensed attorney for application to specific cases
Frequently Asked Questions
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