ORS § 198.790

Current through 2024 Regular Session legislation

Section 198.790 - Rights of creditors after change of organization; enforcement

No change of organization, or any term or condition thereof, shall impair the rights of any bondholder or other creditor of a district. Notwithstanding ORS 198.705 to 198.955, or of any order changing the organization of a district, or any term or condition thereof, each and every bondholder or other creditor may enforce all the rights of the bondholder or other creditor in the same manner and to the same extent as if the change of organization, term or condition had not been made. Any such rights may also be enforced against agencies, and their respective officers, as follows:

(1) Upon annexation or withdrawal of territory: Against the district to or from which the territory is annexed or withdrawn.

(2) Upon dissolution of a district: Against the successor city, county or district or against a city, county or district receiving distribution of all or any part of the remaining assets of the dissolved district.

(3) Upon merger of two or more districts: Against the surviving district.

(4) Upon consolidation of two or more districts: Against the successor district.

ORS 198.790

1971 c.727 §23