ORS 33.520
Discharge of surety or letter of credit issuer on application of principal

Text
Annotations

Any trustee, committee, guardian, assignee, receiver, executor, administrator or other fiduciary shall be entitled to have any surety on the bond of the fiduciary or of any irrevocable letter of credit issuer discharged from liability thereon, and the fiduciary may file a new bond or irrevocable letter of credit as provided in this section. The fiduciary may, on written notice to the surety or letter of credit issuer and to all other interested persons, apply to the court that accepted the bond or irrevocable letter of credit, or to a judge thereof, praying that the surety or irrevocable letter of credit be discharged from liability thereon, and that the principal be allowed to file a new bond or irrevocable letter of credit and to account. Notice of the application shall be served on the surety or letter of credit issuer and on each of the persons interested, within the state, not less than 10 days prior to the date on which the application is to be made, unless it satisfactorily appears to the court or judge that the notice cannot with due diligence be served within the state, in which case notice may be given in such manner as the court or judge shall direct. Upon the return of the application, the principal may file a new bond or irrevocable letter of credit satisfactory to the court or judge, and therewith file an account of all proceedings, whereupon the court or judge shall proceed, upon due notice to all persons interested, to judicially settle the account and duly credit and charge the principal; and upon the trust fund or estate being found or made good and paid over or properly secured, the surety or letter of credit issuer shall be discharged from all liability. [Amended by 1991 c.331 §12]

Source: Section 33.520 — Discharge of surety or letter of credit issuer on application of principal, https://www.oregonlegislature.gov/bills_laws/ors/ors033.html (accessed May 26, 2025).

33.015
Definitions for ORS 33.015 to 33.155 33.025
Nature of contempt power 33.035
Appointed counsel 33.045
Types of sanctions 33.055
Procedure for imposition of remedial sanctions 33.065
Procedure for imposition of punitive sanctions 33.075
Compelling attendance of defendant 33.085
Compelling testimony of witness 33.096
Summary imposition of sanction 33.105
Sanctions authorized 33.115
Referral to another judge 33.125
Appeal 33.135
Limitations of actions 33.145
Rules 33.155
Applicability 33.410
Jurisdiction 33.420
Notice of application in case of minor child 33.430
Change of name on record of live birth 33.440
Application by minor child 33.460
Jurisdiction 33.510
Discharge of surety or letter of credit issuer on application of surety or issuer 33.520
Discharge of surety or letter of credit issuer on application of principal 33.530
Liability of sureties or letter of credit issuer after termination of bond or letter of credit 33.610
Evaluating securities of secured creditor 33.710
Definitions 33.720
Proceeding in rem 33.850
Definitions for ORS 33.850 to 33.875 33.855
Transfer of payment rights 33.857
Contents of petition 33.860
Disclosure statement 33.862
Information that may be requested at hearing 33.865
Required findings by court or responsible administrative authority 33.870
Liability of parties after transfer 33.875
Limitations on transfers

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Colorado:	C.R.S.
Nevada:	NRS
New York:	Laws
Oregon:	OAR, ORS
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World:	Rome Statute, International Dictionary

ORS 33.520 Discharge of surety or letter of credit issuer on application of principal

ORS 33.520
Discharge of surety or letter of credit issuer on application of principal