ORS 456.685: Bondholders’ remedies.
Edition: 2025 EditionEffective: 2026-01-01Last verified: 2026-09-07
(1) If the Housing and Community Services Department defaults in the payment of the principal or interest due upon a bond, whether at maturity or upon call for redemption and such default continues for a period of 30 days thereafter or if the department fails or refuses to comply with any agreement with the bondholders or any other provision of ORS 456.548 to 456.828, the holders of 25 percent in aggregate principal amount of bonds then outstanding may instruct the trustee to represent them as provided in subsection (2) of this section by filing an appropriate instrument that is acknowledged in the manner provided for the acknowledgment of deeds in this state with the county clerk for Marion County. (2) A trustee appointed pursuant to subsection (1) of this section may: (a) Enforce all rights of the bondholders under ORS 456.548 to 456.828 or any agreement with the department by appropriate proceedings. (b) Bring suit upon such bonds. (c) By appropriate proceeding, require the department to account. (d) By appropriate judicial proceedings, enjoin any act of the department that is in violation of ORS 456.548 to 456.828 or in violation of any agreement with the bondholders. (e) Exercise any powers necessary or appropriate for the exercise of any functions under this section or otherwise incidental to the general representation of the bondholders in the enforcement and protection of their rights. [1973 c.828 §19; 1995 c.79 §263]
Administrative rules citing this section
- OAR 813-002-0005: Temporary rule language in effect until 01/08/2027. Purpose and Objectives — authority
- OAR 813-002-0010: Definitions — implements
- OAR 813-002-0010: Definitions — authority
- OAR 813-002-0025: Funding Applications — implements
- OAR 813-002-0025: Funding Applications — authority
- OAR 813-002-0030: Technical Advisory — implements
- OAR 813-002-0030: Technical Advisory — authority
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — implements
- OAR 813-002-0045: Protests and Judicial Review of Funding Decisions — authority
- OAR 813-002-0055: Fees and Charges — implements
- OAR 813-002-0055: Fees and Charges — authority
- OAR 813-005-0005: General Definitions — implements
- OAR 813-005-0005: General Definitions — authority
- OAR 813-005-0025: Protest Process — implements
- OAR 813-010-0021: Form of Loan Assistance — implements
- OAR 813-010-0720: Disposal of Department-Owned Projects — authority
- OAR 813-010-0740: Waiver — authority
- OAR 813-012-0180: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Waiver — authority
- OAR 813-015-0001: General Purpose — implements
- OAR 813-015-0001: General Purpose — authority
- OAR 813-015-0006: Definitions — implements
- OAR 813-015-0006: Definitions — authority
- OAR 813-015-0011: Eligibility for Funding — implements
- OAR 813-015-0011: Eligibility for Funding — authority
- OAR 813-015-0016: Availability and Source of Funds — implements
- OAR 813-015-0016: Availability and Source of Funds — authority
- OAR 813-015-0021: Program Loan Terms — implements
- OAR 813-015-0021: Program Loan Terms — authority
- OAR 813-015-0026: Loan Security — implements
- OAR 813-015-0026: Loan Security — authority
- OAR 813-015-0031: Application Requirements — implements
- OAR 813-015-0031: Application Requirements — authority
- OAR 813-015-0035: Application Review and Processing Procedures — implements
- OAR 813-015-0035: Application Review and Processing Procedures — authority
- OAR 813-015-0040: Transfer of Ownership — implements
- OAR 813-015-0040: Transfer of Ownership — authority
- OAR 813-015-0045: Equal Opportunity — implements
- OAR 813-015-0045: Equal Opportunity — authority
- OAR 813-015-0050: Waiver — implements
- OAR 813-015-0050: Waiver — authority
- OAR 813-030-0014: Temporary rule language in effect until 01/08/2027. Elderly and Disabled Housing Designation — implements
- OAR 813-030-0020: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Form of Loan Assistance — implements
- OAR 813-030-0025: Temporary rule language in effect until 01/08/2027. Loan Security — implements
- OAR 813-030-0032: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Manufactured Dwelling Park Projects — implements
- OAR 813-030-0035: Temporary rule language in effect until 01/08/2027. Approved Housing Borrowers — implements
- OAR 813-030-0040: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Processing Procedures — implements
- OAR 813-030-0044: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Loan Closing — implements
- OAR 813-030-0066: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Transfer of Ownership — implements
- OAR 813-030-0068: Temporary rule language in effect until 01/08/2027. Disposal of Department-Owned Projects — implements
- OAR 813-030-0070: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Waiver — authority
- OAR 813-035-0021: Financing Commitments and Charges — implements
- OAR 813-035-0070: Waiver — authority
- OAR 813-042-0000: Purpose and Objectives — authority
- OAR 813-042-0010: Definitions — authority
- OAR 813-042-0020: Eligibility for Housing Development Grant Program Funds — authority
- OAR 813-042-0030: Distribution of Funds — authority
- OAR 813-042-0040: Application Procedure and Requirements — authority
- OAR 813-042-0050: Criteria for Funding — authority
- OAR 813-042-0060: Application Review — authority
- OAR 813-042-0070: Charges — authority
- OAR 813-042-0080: General Administrative and Monitoring Requirements — authority
- OAR 813-042-0090: Remedies for Noncompliance — authority
- OAR 813-042-0100: Sanctions — authority
- OAR 813-042-0110: Waiver — authority
- OAR 813-045-0005: General Purpose — implements
- OAR 813-045-0010: Definitions — implements
- OAR 813-045-0015: Eligibility for Housing Development Account Funds — implements
- OAR 813-045-0020: Application Procedure — implements
- OAR 813-045-0025: Application Review — implements
- OAR 813-045-0030: Form of Assistance — implements
- OAR 813-045-0035: Waiver for Other Sources — implements
- OAR 813-055-0040: Application Procedure and Requirements — implements
- OAR 813-055-0085: Charges — implements
- OAR 813-060-0036: Temporarily suspended until 01/08/2027. This rule language is not currently in effect. Interim Loans — implements
- OAR 813-060-0070: Waiver — authority
- OAR 813-080-0005: Purpose and Objectives — authority
- OAR 813-080-0030: Allocation of Mortgage Credit Certificates — authority
- OAR 813-090-0015: Qualified Allocation Plan; Allocation of Credit Authority — authority
- OAR 813-090-0031: Application Requests and Charges — authority
- OAR 813-090-0036: Procedures for Allocation of Low-Income Housing Tax Credit (the “Carryover Allocation”) — authority
- OAR 813-090-0039: Reservation and Extended Use Agreement; Low-Income Commitment — authority
- OAR 813-090-0065: Representations — authority
- OAR 813-110-0011: Oregon Affordable Housing Tax Credit Manual — authority
- OAR 813-110-0013: Loan Requirements — authority
- OAR 813-110-0015: Application Requirements — authority
- OAR 813-110-0020: Application Review — authority
- OAR 813-110-0021: Reservation in Lieu of Certification — authority
- OAR 813-110-0022: Set-Aside — authority
- OAR 813-110-0025: Certification of Eligible Projects — authority
- OAR 813-110-0026: Reservations, Certifications and Other Commitments Subject to Housing Stability Council Approval — authority
- OAR 813-110-0027: Certification Request by Lending Institution — authority
- OAR 813-110-0029: Supplemental Application Charge — authority
- OAR 813-110-0030: Monitoring and Reporting Requirements — authority
- OAR 813-110-0031: Charges — authority
- OAR 813-110-0035: Community Rehabilitation Project Certification — authority
- OAR 813-110-0037: Use of Project; Transfer of Title — authority
- OAR 813-110-0050: Waiver — authority
- OAR 813-135-0010: Purpose — authority
- OAR 813-135-0020: Definitions — authority
- OAR 813-135-0025: Local Innovation and Fast Track Homeownership Program Manual — authority
- OAR 813-135-0026: Local Innovation and Fast Track Rental Program Manual — authority
- OAR 813-135-0030: Eligibility — authority
- OAR 813-135-0040: Allocation of Bond Proceeds — authority
- OAR 813-135-0050: Application Requests and Charges — authority
- OAR 813-206-0050: Fund Uses — authority
- OAR 813-206-0060: General Administrative and Monitoring Requirements — authority
- OAR 813-261-0000: Purpose and Objectives — implements
- OAR 813-261-0010: Definitions — implements
- OAR 813-261-0020: Program Guidance — implements
- OAR 813-261-0030: Administration — implements
- OAR 813-261-0040: Use of Funds — implements
- OAR 813-350-0010: Definitions — implements
- OAR 813-350-0020: Source of Guarantee Funding — implements
- OAR 813-350-0030: Eligibility for Guarantees — implements
- OAR 813-350-0040: Application Procedure and Requirements — implements
- OAR 813-350-0050: Criteria for Guarantees — implements
- OAR 813-350-0060: Fees — implements
- OAR 813-350-0070: Waiver — implements
This rule cites
- ORS 456.548 — resolved
- 456.828 — resolved
Cited by
No inbound citations found.
Official source: https://www.oregonlegislature.gov/bills_laws/ors/ors456.html