ORS 708A.535
Granting security interests in institution assets


(1)

An institution may only grant security interests in its assets:

(a)

To secure its indebtedness to a Federal Reserve Bank or Federal Home Loan Bank.

(b)

To secure its borrowings from others with a maturity of 90 days or less, provided the value of the assets pledged shall not be more than 50 percent greater than the amount borrowed. If the value of the assets pledged is more than 25 percent greater than the amount borrowed or if the amount borrowed is greater than the stockholders’ equity of the bank, the transaction shall first be approved in writing by the Director of the Department of Consumer and Business Services.

(c)

To secure its deposits that are not insured by the Federal Deposit Insurance Corporation provided:

(A)

The value of aggregate assets pledged does not exceed 20 percent of its stockholders’ equity; and

(B)

The prior written approval of the director is obtained.

(d)

To secure public funds pursuant to ORS 295.001 (Definitions for ORS 295.001 to 295.108) to 295.108 (State Treasurer rules), trust funds awaiting investment or distribution, or trust funds deposited with it by an institution.

(2)

Notwithstanding any other provision of state law, when an institution grants a security interest in assets to secure public funds, the depositor of the public funds and any bailee of pledged securities or other assets shall be entitled to the status of a lien creditor as defined in ORS 79.0102 (UCC 9-102. Definitions and index of definitions).

(3)

An institution shall grant a security interest in its assets only when authorized by a general or specific prior resolution of its board of directors.

(4)

As used in this section, “public funds” means deposits belonging to:

(a)

The State of Oregon that may be deposited to the official credit of the State Treasurer, and funds that may be deposited in an official capacity by any state officer, board or commission.

(b)

Any county within this state deposited to the official credit of the county treasurer, including the funds of any irrigation or drainage district organized under the laws of this state, or any school district within this state where funds of the school district are deposited with the county treasurer, and funds that may be deposited in an official capacity by any county officer.

(c)

Any port, port commission, dock or dock commission within this state that may be deposited to the credit of the port, port commission, dock or dock commission, or the treasurer thereof.

(d)

Any city within this state deposited to the official credit of the city treasurer, and funds that may be deposited in an official capacity by any officer of any municipal corporation.

(e)

Any school district within this state.

(f)

Any district organized under the laws of this state with the power to levy taxes.

(g)

Any housing authority organized and operating pursuant to ORS 456.055 (Definitions for ORS 456.055 to 456.235) to 456.235 (Dissolution of housing authorities).

(h)

The United States and any of its agencies and instrumentalities to be deposited in the manner and under the rules prescribed by the United States Government. [1997 c.631 §185; 2001 c.445 §180; 2007 c.871 §31]

Source: Section 708A.535 — Granting security interests in institution assets, https://www.­oregonlegislature.­gov/bills_laws/ors/ors708A.­html.

708A.005
Powers of institutions
708A.010
Investments and activities of Oregon commercial banks
708A.115
Investment in government obligations
708A.120
Investment in stock of other entity
708A.125
Stock in corporations acquired to strengthen capital or eliminate undesirable assets
708A.130
Definition for ORS 708A.135 to 708A.145
708A.135
Investment in bank service corporation
708A.140
Discrimination by bank service corporation prohibited against nonstockholding depository institution
708A.145
Authorized services of bank service corporations
708A.150
Community development corporations
708A.155
Investment in foreign banks
708A.160
Corporation or limited liability company created to establish ATMs
708A.165
Membership in Federal Reserve System
708A.170
Securities powers
708A.175
Right to purchase, hold and dispose of real and personal property
708A.180
Acquisition of personal property for leasing purposes
708A.185
Purchase of real estate contracts
708A.190
Acceptance of drafts and bills of exchange
708A.195
Disposition of real and personal property
708A.210
Challenge to validity of institution action
708A.250
Lending money
708A.255
Interest rates on loans or uses of money
708A.260
Accepting own stock as collateral
708A.265
Accepting stock of other institutions as collateral
708A.270
Real estate loans
708A.275
Establishment of loan production office
708A.290
“Capital” defined for ORS 708A.290 to 708A.375
708A.295
Limitations on amount of obligations to Oregon commercial bank
708A.300
Obligations secured by readily marketable collateral
708A.305
Obligations of other financial institutions
708A.310
Obligations of indorser of discounted commercial paper
708A.315
Noncommercial short-term notes
708A.320
Obligations secured by shipping documents
708A.325
Installment consumer paper
708A.330
Bankers’ acceptances of other financial institutions
708A.335
Obligations secured by documents covering readily marketable staples
708A.340
Obligations secured by documents covering livestock
708A.345
Obligations secured by government obligations or shares of mutual fund or unit trust
708A.350
Obligations secured by government bonds
708A.355
Insured and guaranteed obligations
708A.360
Obligations secured by deposits
708A.365
Obligations secured by life insurance policy values
708A.370
Obligations secured by first lien on real estate
708A.375
Obligations of guarantors
708A.400
Deposit accounts
708A.405
Deposits
708A.410
Savings accounts
708A.415
Securing deposits by surety bond, letter of credit or insurance
708A.420
Notice to depositor upon change in terms, charges, withdrawal conditions or decrease in interest rate
708A.425
Deposit made in name of minor
708A.430
Disposition of deposit on death of depositor
708A.435
Adverse claim to deposit
708A.440
Checks drawn by agents presumed to be in authorized manner
708A.445
Checks of intoxicated, drugged or financially exploited persons
708A.450
Certified checks
708A.455
Definitions for ORS 708A.455 to 708A.515
708A.460
Application of ORS 708A.465 to 708A.475
708A.465
Ownership of multiple-party accounts
708A.470
Multiple-party accounts
708A.475
Rights of survivorship based on form of account
708A.480
Transfer of moneys upon death of depositor or trustee is not testamentary disposition
708A.485
Payment of deposit in multiple-party account to one or more parties
708A.488
Withdrawal or payment conditioned on advance notice
708A.490
Joint account
708A.495
P.O.D. account
708A.500
Trust account
708A.505
Discharge of institution from liability for payments made
708A.510
Right of institution to setoff
708A.515
Designation of agent for account
708A.535
Granting security interests in institution assets
708A.555
Generally accepted accounting principles
708A.560
Real and personal property used in institution’s business
708A.565
Certain stock
708A.570
Community development corporations
708A.575
Market-making corporations
708A.580
Capital-strengthening corporations
708A.585
Claims and judgments as assets
708A.590
Charging off real estate assets
708A.595
Charging off personal property assets
708A.600
Charging off losses
708A.605
Separate accounts for foreign branches
708A.630
Negligent, excessive, dishonest or unlawful loans
708A.635
Written policies regarding reporting to and obtaining approval of board
708A.640
Receiving illegal compensation
708A.645
Illegal guaranty or indorsement
708A.650
Banking days
708A.655
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
708A.660
Savings promotion raffles
708A.670
Definitions for ORS 708A.670 and 708A.675
708A.675
Authority of financial institutions in cases of suspected financial exploitation
708A.680
Contractual rights not restricted
708A.990
Civil penalties
708A.995
Criminal penalties
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