37.090 Receiver’s bond, alternative security or insurance
292 words·~1 min read·
/or/ors-chapter-37/receivership/37-090·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
37.090 Receiver’s bond, alternative security or insurance.
(1)Except as otherwise provided by law, a court may, at any time before or during the service of a receiver, require a receiver or person nominated as a receiver to post a bond that:
(a)Is conditioned on the faithful discharge of the receiver’s duties;
(b)Is in an amount that is determined by the court to be adequate to secure payment of any costs, damages and attorney fees that may be sustained or suffered by any person due to a wrongful act of the receiver; and
(c)Has one or more sureties that meet the qualifications set forth in ORCP 82 D or that are approved by the court.
(2)Except as otherwise provided by law, the court may require the posting of alternative security in lieu of a bond, such as a letter of credit or a deposit of funds with the clerk of the court, to be held to secure the receiver’s faithful performance of the receiver’s duties until the court authorizes the release or return of the alternative security. The court shall remit any interest that may accrue on a deposit under this subsection to the receiver upon the receiver’s discharge.
(3)Except as otherwise provided by law, the court may require the receiver or person nominated as receiver to carry an insurance policy with coverage and limits determined by the court in lieu of a bond.
(4)A receiver may charge the cost of a bond, alternative security or insurance policy required by the court under this section against the estate.
(5)The court may authorize a receiver to act before the receiver posts a required bond or alternative security or acquires a required insurance policy. [2017 c.358 §9]