Oregon Revised Statutes Chapter 87 § 87.440 — Determination of adequacy of bond or letter of credit

Determination of adequacy of bond or letter of credit. If an attorney or other licensee of the Oregon State Bar licensed to practice law considers the bond filed with a recording officer or the irrevocable letter of credit deposited with the treasurer of a county inadequate to protect the claim of the attorney or licensee for lien for some reason other than the amount of the bond or irrevocable letter of credit, the attorney or licensee shall, within 10 days of receipt of the notice of filing, petition the court in which the suit to foreclose the lien may be brought for a determination of the adequacy of the bond or irrevocable letter of credit. The attorney or licensee shall state in detail the reasons for the inadequacy. If the court determines that the bond is inadequate for one or more of the reasons stated by the attorney or licensee, the court shall order such action as shall make the bond or irrevocable letter of credit adequate to protect the claim for lien. [1975 c.648 §58 (enacted in lieu of 87.495); 1991 c.331 §19; 2023 c.72 §39; 2025 c.32 §81]