ORS 709.150
General powers of trust companies

A trust company may:

(1)

Act as a fiscal or transfer agent of the United States or of any state, county, municipality, political subdivision or corporation, and in that capacity:

(a)

Receive and disburse money;

(b)

Transfer, register and countersign certificates of stock, bonds or other evidence of indebtedness;

(c)

Authenticate and certify bonds and certificates of indebtedness; and

(d)

Act as attorney-in-fact or agent of a person for any lawful purpose.

(2)

Lease, hold, purchase and convey any real property necessary or convenient in transacting trust business.

(3)

Receive deposits of moneys, securities and other personal property in trust from any person and loan trust funds that are secured by real or personal property.

(4)

Act as trustee under any mortgage or bonds and accept and execute any lawful municipal or corporate trusts.

(5)

Be appointed by a court and act as a fiduciary.

(6)

Accept and execute any lawful trust.

(7)

Rent receptacles for safe deposits of personal property and receive personal property upon deposit for safekeeping.

(8)

Purchase, invest in and sell bills of exchange, bonds and mortgages, and other evidences of indebtedness.

(9)

Discount and negotiate promissory notes, drafts, bills of exchange and other evidences of debt in managing trust properties, accept for payment at a future date drafts drawn upon the trust company and issue letters of credit authorizing holders to draw drafts upon the trust company or the trust company’s correspondents at sight or on time, not exceeding one year.

(10)

Exercise all other powers given to trust companies under the Bank Act. [Amended by 1961 c.344 §106; 1973 c.797 §194; 1973 c.823 §141; 1974 c.36 §24; 1997 c.631 §210; 2015 c.244 §76]

Source: Section 709.150 — General powers of trust companies, https://www.­oregonlegislature.­gov/bills_laws/ors/ors709.­html.

Attorney General Opinions

Status of religious nonprofit organizations serving as trustees of gifts and donations, (1973) Vol 36, p 604

709.005
Certificate of authority to transact trust business 709.015
Organization as limited liability company 709.030
Approval to transact trust business 709.040
Securities eligible for deposit 709.050
Trust companies depositing securities guaranteed by mortgage insurance and mortgage participation certificates 709.060
Primary liability of deposit 709.070
Right of action against deposit 709.080
Charges for handling securities 709.110
Deposit of documents with notes or bonds 709.120
Substitution of deposit securities 709.130
Indemnity bond when cash and securities of fiduciary account exceed stockholders’ equity or members’ equity in trust company 709.140
Return of deposit 709.145
Investment of capital 709.150
General powers of trust companies 709.160
Solicitation and performance of legal business 709.170
Establishment of and investment in common trust funds 709.175
Limitation on investment of trust funds 709.190
Trust department kept separate 709.200
Acquisition or investment of trust property in own name or name of nominee 709.210
Disclosure of fiduciary character or terms of trust instrument 709.220
Handling of funds awaiting investment or distribution 709.240
Oath and bond exemption for trust company appointed as fiduciary 709.270
Disclosure of communications and writings 709.280
Loans to directors, officers, employees or affiliates 709.290
Closing of trust unduly delayed 709.300
Transaction of trust business by national bank 709.330
Sale or transfer of assets or liabilities 709.335
Digital signatures 709.340
Trust company quitting business 709.350
Successor trustee upon liquidation or receivership 709.390
Discontinuance of trust business 709.400
Order to start court action 709.410
Termination of right to do trust business 709.420
Actions or suits on claims 709.430
Release or payment of deposit pending suit 709.440
Director’s charges as prior lien on deposit 709.450
Sale and disposition of securities to pay expenses, costs and claims 709.460
Application of ORS 709.390 to 709.450 to merger or consolidation 709.520
Conversion to out-of-state trust company 709.525
Merger or acquisition 709.530
Applicability of ORS 711.190, 711.197 and 711.199 to merging or converting trust company 709.535
Sale of assets or transfer of liabilities 709.540
Rights of stockholder of trust company party to merger, share exchange or acquisition 709.600
Regulation of trust business by corporations formed prior to adoption of Bank Act 709.980
Civil penalties
Green check means up to date. Up to date

Current through early 2024

§ 709.150’s source at oregon​.gov