Or. Admin. Code § 160-010-0400

Current through Register Vol. 64, No. 1, January 1, 2025

Section 160-010-0400 - Professional Corporation Limit on Joint and Several Liability

(1) The Secretary of State, assisted by the Office of Economic Analysis, Department of Administrative Services, has calculated the inflation factor affecting joint and several liability caps of Professional Corporations to be 1.553656, following the formula prescribed in ORS 58.187.

(2) Therefore, joint and several liability claims under ORS 58.185(5) & (8) made against a single shareholder shall not exceed $450,000.

(3) The total joint and several liability for a single claim made against one or more licensed Oregon shareholders under ORS 58.185(5) and (8) shall not exceed $3,100,000.

(4) As required by ORS 58.187(1), the Corporation Division hereby adopts said figures.

Or. Admin. Code § 160-010-0400

CORP 1-2000, f. & cert. ef. 2-1-00; CORP 1-2006, f. & cert. ef. 2-1-06; CORP 1-2012, f. & cert. ef. 3-1-12

Stat. Auth.: ORS 58.187

Stats. Implemented: ORS 58.187