Oregon Revised Statutes Public Financial Administration § 295.053

(1) If a depository ceases holding uninsured public funds deposits, the depository's custodian shall continue to hold the depository's pledged securities as collateral pursuant to ORS 295.001 to 295.108. Unless the State Treasurer directs that the custodian hold the depository's pledged securities for a longer period, the custodian shall hold the depository's pledged securities for a period of 30 days.

(2) If any of a depository's pledged securities mature during the period described in subsection (1) of this section, the depository shall pledge substitute securities that the depository's custodian shall hold until the period expires.

(3) If a depository has not held uninsured public funds deposits during the period described in subsection (1) of this section, at the end of the period the depository's custodian shall tender the depository's pledged securities to the depository.