Oregon Disposition of Unclaimed Property Law


Oregon Law Summary
Uniform Disposition of Unclaimed Property

Note:  This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions.  You should check the State Laws for updates.

Chapter 98
Lost, Unordered and Unclaimed Property; Unlawfully Parked Vehicles

Rights and duties of finder of money or goods.

(1) If any person finds money or goods valued at $100 or more, and if the owner of the money or goods is unknown, such person, within 10 days after the date of the finding, shall give notice of the finding in writing to the county clerk of the county in which the money or goods was found. Within 20 days after the date of the finding, the finder of the money or goods shall cause to be published in a newspaper of general circulation in the county a notice of the finding once each week for two consecutive weeks. Each such notice shall state the general description of the money or goods found, the name and address of the finder and final date before which such goods may be claimed.

(2) If no person appears and establishes ownership of the money or goods prior to the expiration of three months after the date of the notice to the county clerk under subsection (1) of this section, the finder shall be the owner of the money or goods.

Chap. 98, §98.005

Chap. 98, §98.010 [Repealed by 1973 c.642 s.13]

Liability of noncomplying finder; forfeiture to county of unreclaimed money or goods. If any person who finds money or goods valued at $100 or more fails to comply with ORS 98.005, the person shall be liable, upon conviction for violation of ORS 164.065, to the county for the money or goods or the full value of the money or goods. The county treasurer shall hold the money or goods or their value for owner thereof and shall publish notice of the finding of the money or goods in the manner provided in ORS 98.005. If the owner has not reclaimed such money or goods within three months after the date of the first publication of notice by the county treasurer, the owner shall forfeit the rights of the owner to the value of such money or goods and the value of such money or goods shall be placed in the general fund of the county to be used for the payment of the general operating expenses of the county.

Chap. 98, §98.015

Chap. 98, §98.020 [Repealed by 1973 c.642 s.13]

Rights of owner.
If an owner of money or goods found by another person appears and establishes a claim to such money or goods within the time period prescribed by ORS 98.005 or 98.015, whichever applies, the owner shall have restitution of such money or goods or their value upon payment of all costs and charges incurred in the finding, giving of notice, care and custody of such money or goods. [1973 c.642 s.3]

Chap. 98, §98.025

Chap. 98, §98.030 [Repealed by 1973 c.642 s.13]

Chap. 98, §98.040 [Repealed by 1973 c.642 s.13]

FINDER’S REPORTS

Finder’s reports; fee.

(1) The administrator may compile information or data in the possession of the Division of State Lands into finder’s reports at the request of any person to assist in finding the owners of abandoned or unclaimed property.

(2) The administrator shall adopt by rule a fee for copies of finder’s reports. The fee charged shall be commensurate with preparation costs including production, duplication and staff time involved.

(3) Any person requesting a copy of a finder’s report shall be charged the fee.

(4) As used in subsections (1) to (3) of this section:

(a) “Administrator” has the same meaning as given by ORS 98.302.

(b) “Person” has the same meaning as given by ORS 192.410.

(c) “Finder’s report” means any report prepared by the administrator for the benefit of any person to assist in finding the owners of abandoned or unclaimed property. [1987 c.708 ss.1,2]

DISPOSAL OF CONSIGNED OR BAILED PROPERTY THAT IS UNCLAIMED

Record to be kept by consignee or bailee of property.
When personal property is consigned to or deposited with any forwarding merchant, wharf, warehouse, tavern keeper or the keeper of any depot for the reception and storage of trucks, baggage, merchandise or other personal property, the consignee or bailee shall immediately cause to be entered in a book kept by the consignee or bailee a description of such property, with the date of its reception.

Chap. 98, §98.110

Notice to owner of receipt of property by consignee or bailee.
If personal property left with a consignee or bailee referred to in ORS 98.110 was not left for the purpose of being forwarded or disposed of according to directions received by the consignee or bailee at or before the time of its reception, and if the name and residence of the owner of the property is known to the person having the property in the possession of the person, the person shall immediately notify the owner, by letter directed to the owner and deposited in the post office, of the reception of such property.

Chap. 98, §98.120

Right of custodian to sell property.
If personal property deposited with a consignee or bailee as mentioned in ORS 98.110 or 98.120 is not claimed and taken away within one year after the time it was received, the person having possession thereof may at any time thereafter proceed to sell the property in the manner provided in ORS 98.140 to 98.240.

Chap. 98, §98.130

Notice of sale.
Before property shall be sold pursuant to ORS 98.130, at least 60 days’ notice of sale shall be given the owner of the property, if the name and residence of the owner are known, either personally or by mail, or by leaving a notice at the residence or place of doing business of the owner, or, if the name and residence of the owner is not known, a notice shall be published containing a description of the property for six weeks successively in a newspaper published in the county where the property was deposited. If there is no newspaper published in that county, then the notice shall be published in a newspaper nearest thereto in the state. The last publication of the notice shall be at least 18 days prior to the time of sale.

Chap. 98, §98.140

Affidavit by custodian when no response to notice.
If the owner or person entitled to the property to be sold pursuant to ORS 98.130 shall not take it away and pay the charges thereon after 60 days’ notice is given, the person having possession thereof, the agent or attorney of the person shall deliver to a justice of the peace of the county where the property was received an affidavit setting forth a description of the property remaining unclaimed, the time of its reception, the publication of the notice, and whether the owner of the property is known or unknown.

Chap. 98, §98.150

Inventory and order to sell.
Upon the delivery to the justice of the peace of the affidavit as provided in ORS 98.150, the justice shall cause the property to be examined in the presence of the justice, and a true inventory thereof to be made. The justice shall annex to such inventory an order under the hand of the justice that the property therein described be sold at public auction by any constable of the constable district where the property is located, or if there is no constable, then by the county sheriff.

Chap. 98, §98.160

Sale.
The constable or sheriff receiving the inventory and order provided for in ORS 98.160 shall give 10 days’ notice of the sale by posting written notices thereof in three or more places in such constable district, or in the county, and sell the property at public auction to the highest bidder in the same manner as provided by law for sales under execution from justice courts.

Chap. 98, §98.170

Delivery of proceeds to justice.
Upon completing the sale provided for in ORS 98.170, the constable or sheriff making the sale shall indorse upon the order provided for in ORS 98.160 a return of the proceedings. The constable or sheriff shall deliver the order to the justice, together with the inventory and the proceeds of sale, after deducting fees.

Chap. 98, §98.180

Disposal of proceeds by justice.
From the proceeds of the sale provided for in ORS 98.170, the justice shall pay all legal charges that have been incurred in relation to the property, or a ratable proportion of each charge if the proceeds of the sale are not sufficient to pay all the charges; and the balance, if there is any, the justice shall immediately pay over to the treasurer of the county in which the property was sold, and deliver a statement therewith containing a description of the property sold, the gross amount of the sale, and the costs, charges and expenses paid to each person.

Chap. 98, §98.190

Procedure by county treasurer.
The county treasurer shall make an entry of the amount received by the county treasurer and the time when received, and shall file in the office of the county treasurer the statement delivered to the county treasurer by the justice pursuant to ORS 98.190.

Chap. 98, §98.200

Payment to person proving ownership.
If the owner of the property sold, or the legal representative of the owner, furnishes satisfactory evidence to the treasurer of ownership of the property deposited in the county treasury pursuant to ORS 98.190, the owner shall be entitled to receive from the treasurer the amount deposited with the treasurer.

Chap. 98, §98.210

Chap. 98, §98.220 [Repealed by 1957 c.670 s.37]

Sale of perishable property.
Perishable property consigned or left as mentioned in ORS 98.110, if not reclaimed within 30 days after it was left, may be sold by giving 10 days’ notice thereof. The sale shall be conducted and the proceeds of the sale shall be applied as provided in ORS 98.170 to 98.210. Any property in a state of decay or manifestly liable to immediately become decayed, may, after inspection, be summarily sold by order of a justice of the peace, as provided in ORS 98.160.

Chap. 98, §98.230

Fees allowed to justice of peace and constable or sheriff.
A justice of the peace shall receive $9 for each day’s service rendered pursuant to ORS 98.160 to 98.230; and a constable or sheriff shall receive the same fees as are allowed by law for sales upon an execution, and 50 cents a folio for making an inventory of property.

Chap. 98, §98.240

UNCLAIMED PROPERTY IN POSSESSION OF LAW ENFORCEMENT AGENCY

Disposition of unclaimed property; notice of pending disposition; procedure.

(1) As used in this section:

(a) “Law enforcement agency” means a sheriff’s office, municipal police department, state police office or law enforcement agency created by intergovernmental agreement.

(b) “Unclaimed property” means personal property that was seized by a law enforcement agency as evidence, abandoned property, found property or stolen property, and that has remained in the physical possession of that law enforcement agency for a period of more than 60 days following conclusion of all criminal actions related to the seizure of the evidence, abandoned property, found property or stolen property, or conclusion of the investigation if no criminal action is filed.

(2) Notwithstanding ORS 98.302 to 98.436, and in addition to any other method provided by law, a law enforcement agency may dispose of unclaimed property as follows:

(a) An inventory describing the unclaimed property shall be prepared by the law enforcement agency.

(b) The law enforcement agency shall publish a notice of intent to dispose of the unclaimed property described in the inventory prepared pursuant to paragraph (a) of this subsection. The notice shall be posted in three public places in the jurisdiction of the law enforcement agency, and shall also be published in a newspaper of general circulation in the jurisdiction of the law enforcement agency. The notice shall include a description of the unclaimed property as provided in the inventory, the address and telephone number of the law enforcement agency and a statement in substantially the following form:

___________________________________________________________________

NOTICE

The (law enforcement agency) has in its physical possession the unclaimed personal property described below. If you have any ownership interest in any of that unclaimed property, you must file a claim with the (law enforcement agency) within 30 days from the date of publication of this notice, or you will lose your interest in that property.

___________________________________________________________________

(c) A copy of the notice described in paragraph (b) of this subsection shall also be sent to any person that the law enforcement agency has reason to believe has an ownership or security interest in any of the unclaimed property described in the notice. A notice sent pursuant to this paragraph shall be sent by regular mail to the last known address of the person.

(d) Prior to the expiration of the time period stated in a notice issued pursuant to this section, a person may file a claim that presents proof satisfactory to the law enforcement agency issuing the notice that the person is the lawful owner or security interest holder of any property described in that notice. The law enforcement agency shall then return the property to that person.

(e) If a law enforcement agency fails to return property to a person that has timely filed a claim pursuant to paragraph (d) of this subsection, the person may file, within 30 days of the date of the failure to return the property, a petition seeking return of the property to the person. The petition shall be filed in the circuit court for the county in which the law enforcement agency is located. If one or more petitions are filed, the law enforcement agency shall hold the property pending receipt of an order of the court directing disposition of the property or dismissing the petition or petitions with prejudice. If the court grants the petition, the agency shall turn the unclaimed property over to the petitioner in accordance with the order.

(f) Unless the law enforcement agency or court upholds the claim or petition under paragraph (d) or (e) of this subsection, title to all unclaimed property described in a notice issued pursuant to this section shall pass to the law enforcement agency free of any interest or encumbrance thereon in favor of any person who has:

(A) A security interest in the property and to whom the law enforcement agency mailed a copy of the notice described in paragraph (b) of this subsection in accordance with paragraph (c) of this subsection; or

(B) Any ownership interest in the property.

(g) The law enforcement agency may transfer good and sufficient title to any subsequent purchaser or transferee, and the title shall be recognized by all courts and governmental agencies. Any department, agency or officer of the state or any political subdivision whose official functions include the issuance of certificates or other evidence of title shall be immune from civil or criminal liability when such issuace is pursuant to a bill of sale issued by the law enforcement agency.

Chap. 98, §98.245

Chap. 98, §98.260 [1967 c.181 s.3; repealed by 1985 c.336 s.1]

Chap. 98, §98.270 [1967 c.181 s.1; repealed by 1985 c.336 s.1]

Chap. 98, §98.280 [1967 c.181 s.2; repealed by 1985 c.336 s.1]

UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT

Definitions for ORS 98.302 to 98.436.
As used in ORS 98.302 to 98.436 and 98.992, unless the context otherwise requires:

(1) “Administrator” means the Director of the Division of State Lands.

(2) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder.

(3) “Banking institution” means a financial institution or a trust company, as those terms are defined in ORS 706.008, an investment company, a safe deposit company or a private banker.

(4) “Business association” means a nonpublic corporation, joint stock company, business trust, partnership, investment company or an association for business purposes of two or more individuals, whether or not for profit, including a banking institution, financial institution, insurance company or utility.

(5) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.

(6) “Financial institution” means a savings and loan association, building and loan association, credit union or investment company.

(7) “Holder” means a person, wherever organized or domiciled, who is in possession of property belonging to another, a trustee or indebted to another on an obligation.

(8) “Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, workers’ compensation, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection insurance.

(9) “Intangible property” includes:

(a) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances;

(b) Stocks and other intangible ownership interests in business associations;

(c) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(d) Amounts due and payable under the terms of insurance policies;

(e) Amounts distributed from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing,employee savings, supplemental unemployment insurance or similar benefits; and

(f) Moneys, checks, drafts, deposits, interest, dividends and income.

(10) “Last-known address” means a description of the location of the apparent owner sufficient for the purpose of delivery of mail.

(11) “Lawful deduction” means a deduction related to the purpose of an account or deposit, for example, to satisfy unpaid utility bills.

(12) “Owner” means a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in case of other intangible property, or a person, or the person’s legal representative, having a legal or equitable interest in property.

(13) “Person” means an individual, business association, state or other government or political subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

(14) “Service charge” means fees or charges that are limited to a specific situation and that meet basic contractual and notice requirements.

(15) “State” means any state, district, commonwealth, territory, insular possession or any other area subject to the legislative authority of the United States.

(16) “Utility” means a person who owns or operates for public use, any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas.

Chap. 98, §98.302

When intangible property subject to custody of state.
Unless otherwise provided in ORS 98.302 to 98.436 and 98.992 or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under ORS 98.342 are satisfied, and one or more of the following is true:

(1) The last-known address, as shown on the records of the holder, of the apparent owner is in this state.

(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state.

(3) The records of the holder do not reflect the address of the apparent owner, and one or more of the following is established:

(a) The last-known address of the person entitled to the property is in this state.

(b) The holder is a domiciliary or a government or political subdivision or agency of this state and has not previously paid or delivered the property to the state of the last-known address of the apparent owner or other person entitled to the property.

(c) The last-known address, as shown on the records of the holder, or the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or political subdivision or agency of this state.

(4) The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or political subdivision or agency of this state.

(5) The transaction out of which the property arose occurred in this state, and:

(a) There is no known address of the apparent owner or other person entitled to the property;

(b) The last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheats or custodial taking of the property or its escheats or unclaimed property law is not applicable to the property; or

(c) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.

Chap. 98, §98.304

Chap. 98, §98.306 [1957 c.670 s.4; 1967 c.357 s.1; 1973 c.797 s.424; repealed by 1983 c.716 s.26]

Intangible property held by banking institution.

(1) Any demand, savings or matured time deposit with a banking institution, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, mutual investment certificate or any other interest in a banking institution is presumed abandoned unless the owner, within five years has done one or more of the following:

(a) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest.

(b) Communicated in writing with the banking institution concerning the property.

(c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking institution.

(d) Owned other property to which paragraph (a), (b) or (c) of this subsection applies, and the banking institution has communicated in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent.

(e) Had another relationship with the banking institution concerning which the owner has:

(A) Communicated in writing with the banking institution; or

(B) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking institution, and the banking institution has communicated in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.

(2) For purposes of subsection (1) of this section “property” includes interest and dividends.

(3) With respect to property described in subsection (1) of this section, a holder may not impose any charge or cease payment of interest due to dormancy or inactivity unless:

(a) There is a written contractual agreement between the holder and the owner of the account clearly and prominently setting forth the conditions under which a service charge may be imposed or the payment of interest terminated;

(b) The establishment of a service charge, the change of an existing service charge or the change of a policy pertaining to the payment of interest is uniformly applied to all dormant or inactive accounts;

(c) The holder shall give written notice to the owner at the owner’s last-known address whenever an account becomes dormant or inactive; and

(d) Three months’ written notice is given by certified mail to the last-known address of the owner of a dormant or inactive account before the holder may apply a service charge to that account or stop paying interest on that account.

(4) A signature card is not a written contractual agreement for the purposes of subsection (3)(a)of this section, however, the signature card and the written contractual agreement may be contained in one instrument.

(5) Property described in subsection (1) of this section that is automatically renewable is matured for purposes of subsection (1) of this section upon the expiration of its initial time period. However, if the owner consents to a renewal at or about the time of renewal by communicating in writing with the banking institution or otherwise indicating consent as evidenced by a memorandum or other record on file prepared by an employee of the institution, the property is matured upon the expiration of the last time period for which consent was given. If at the time provided for delivery in ORS 98.362, a penalty or forfeiture in the payment of interest would result from the delivery of the property, the time for delivery is extended until the time when no penalty or forfeiture would result.

(6) Except for those instruments subject to ORS 98.309, any sum payable on a check, draft or similar instrument, on which a banking institution is directly liable, including a cashier’s check and a certified check, which has been outstanding for more than five years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within five years, has communicated in writing with the banking institution concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.

(7) A holder may not deduct from the amount of any instrument subject to subsections (6) and (7) of this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.

Chap. 98, §98.308

When traveler’s check or money order presumed abandoned.

(1) Subject to subsection (4) of this section, any sum payable on a traveler’s check that has been outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.

(2) Subject to subsection (4) of this section, any sum payable on a money order or similar written instrument, other than a third party bank check, that has been outstanding for more than seven years after its issuance is presumed abandoned unless the owner, within that seven years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.

(3) A holder may not deduct from the amount of a traveler’s check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them.

(4) Other than a third party bank check, no sum payable on a traveler’s check, money order or similar written instrument described in subsections (1) and (2) of this section may be subjected to the custody of this state as unclaimed property unless:

(a) The records of the issuer show that the traveler’s check, money order or similar written instrument was purchased in this state;

(b) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the traveler’s check, money order or similar written instrument was purchased; or

(c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the traveler’s check, money order or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.

(5) Notwithstanding any other provision of ORS 98.302 to 98.436 and 98.992, subsection (4) of this section applies to sums payable on traveler’s checks, money orders and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974. [1983 c.716 s.29]

Chap. 98, §98.309

Chap. 98, §98.310 [Repealed by 1957 c.670 s.37]

Service charge on unclaimed property.
Notwithstanding the provisions in ORS 98.308, a holder may not deduct a service charge or fee or otherwise reduce an owner’s unclaimed account unless:

(1) There is a valid written contract between the holder and the owner that allows the holder to impose a charge;

(2) The service charge or fee is imposed uniformly on all accounts; and

(3) Three months’ written notice is given by certified mail to the last-known address of all owners before the charge or fee is levied.

Note: 98.311 was added to and made a part of 98.302 to 98.436 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Chap. 98, §98.311

Chap. 98, §98.312 [1957 c.670 s.5; repealed by 1983 c.716 s.26]

Unclaimed funds held by insurance companies.

(1) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five years after the funds become due and payable as established from the records of the insurance company holding or owing the funds, but property described in subsection (3)(b)(A) of this section is presumed abandoned if unclaimed for more than two years.

(2) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records of the company who is entitled to the funds, it is presumed that the address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company.

(3) For purposes of ORS 98.302 to 98.436 and 98.992, a life or endowment insurance policy or annuity contract not matured by actual proof of the death of the insured or annuitant according to the records of the company is matured and the proceeds due and payable if:

(a) The company knows that the insured or annuitant has died; or

(b) All of the following are true:

(A) The insured has attained, or would have attained if living, the limiting age under the mortality table on which the reserve is based.

(B) The policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (A) of this paragraph.

(C) Neither the insured nor any other person appearing to have an interest in the policy within the preceding two years, according to the records of the company, has assigned, readjusted or paid premiums on the policy, subjected the policy to a loan, corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company.

(4) For purposes of ORS 98.302 to 98.436 and 98.992, the application of an automatic premium loan provision or other nonforfeiture provision contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (1) of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds of the policy before the depletion of the cash surrender value of a policy by the application of those provisions.

(5) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholder’s correct address to which the notice must be mailed.

(6) Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary.

(7) Commencing two years after August 3, 1983, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of this state must request the following information:

(a) The name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class;

(b) The address of each beneficiary; and

(c) The relationship of each beneficiary to the insured.

Chap. 98, §98.314

Deposits and refunds held by utilities.
The following funds held or owing by any utility are presumed abandoned if unclaimed by the apparent owner for more than one year after the date of termination of services or when the funds otherwise become payable or distributable:

(1) A deposit made by a subscriber with a utility to secure payment, or a sum paid in advance for utility services, less any lawful deductions.

(2) A sum received for utility services which a utility has been ordered to refund, together with any interest thereon and less any lawful deductions.

Chap. 98, §98.316

Chap. 98, §98.320 [Repealed by 1957 c.670 s.37]

Intangible equity ownership interests in business associations.

(1) Stock, certificates of ownership or other intangible equity ownership interests in a business association are presumed abandoned when all of the following occur:

(a) The interest is evidenced by records of the business association.

(b) A dividend, distribution or other sum payable as a result of the interest has remained unclaimed for five years.

(c) The owner has not otherwise communicated with the business association for five years from the date the sum was payable.

(d) The business association has sent written notice of the payment and underlying interest to the owner at the last-known address of the owner as shown in the records of the business association.

(2) With respect to any interest presumed abandoned under subsection (1) of this section, the business association is the holder.

(3) At the time an interest is presumed abandoned under subsection (1) of this section, any payment then held for or owing to the owner as a result of the interest is also presumed abandoned.

(4) Subsection (1) of this section shall not apply to any stock, certificate of ownership or other intangible equity ownership interests in a business association that provides for the automatic reinvestment of dividends, distributions or other sums payable as a result of the interests, unless:

(a) The records of the business association show that the person also owns any stock, certificate of ownership or other intangible equity ownership interest in the business association that is not enrolled in the reinvestment plan; and

(b) The interest referred to in paragraph (a) of this subsection has been presumed abandoned under subsection (1) of this section.

(5) Any dividend, profit distribution, interest, payment on principal or other sum held or owing by a business association is presumed abandoned if, within five years after the date prescribed for payment, all of the following have occurred:

(a) The owner has not claimed the payment or corresponded in writing with the business association concerning the payment.

(b) The business association has sent written notice of the payment to the owner at the last-known address of the owner as shown in the records of the business association.

Chap. 98, §98.322

Property of business associations and banking or financial institutions held in the
course of dissolution.
All intangible personal property distributable in the course of a dissolution of a business association, banking institution or financial institution that is unclaimed by the owner for more than two years after the date for final distribution is presumed abandoned.

Chap. 98, §98.326

Property held in safe deposit box.
Except property subject to ORS 711.582 and 711.590, all tangible and intangible property held in a safe deposit box or any other safekeeping repository in this state in the ordinary course of the holder’s business, which remains unclaimed by the owner for more than two years after the lease or rental period on the box or other repository has expired, is presumed abandoned.

Chap. 98, §98.328

Delivery of property before presumed abandoned.
A holder, with the written consent of the Division of State Lands, and upon conditions and terms prescribed by the division, may report and deliver property before the property is presumed abandoned.

Chap. 98, §98.329

Note: 98.329 was added to and made a part of 98.302 to 98.436 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.

Chap. 98, §98.330 [Repealed by 1957 c.670 s.37]

Property held by fiduciaries.

(1) All intangible personal property and any income or increment thereon, held in a fiduciary capacity is presumed abandoned unless the owner has, within five years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.

(2) Funds in an individual retirement account or a retirement plan for self-employed individuals or a similar account or plan established under the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (1) of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

Chap. 98, §98.332

Unpaid wages unclaimed by owner for more than five years.
Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holder’s business which remain unclaimed by the owner for more than five years after becoming payable are presumed abandoned.

Chap. 98, §98.334

Property held by government and public authorities.

(1) Intangible property, including uncashed warrants, held for the owner by a court, state or other government, governmental subdivision or agency, public corporation, or public authority, that has remained unclaimed by the owner for more than two years is presumed abandoned.

(2) Tangible property held for the owner by a court, state or other government, governmental subdivision or agency, law enforcement agency, public corporation or public authority that has remained unclaimed by the owner for more than two years is presumed abandoned.

Chap. 98, §98.336

Credit memo unclaimed by owner.

(1) A credit memo issued in the ordinary course of an issuer’s business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.

(2) For a credit memo presumed abandoned under subsection (1) of this section, the amount presumed abandoned is the amount credited to the recipient of the memo.

Chap. 98, §98.338

Chap. 98, §98.340 [Repealed by 1957 c.670 s.37]

Miscellaneous personal property held for another person.

(1) All intangible personal property, not otherwise covered by ORS 98.302 to 98.436 and 98.992, including any income or increment thereon and deducting any lawful charges, that is held or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than five years after it became payable or distributable is presumed abandoned.

(2) Property is payable or distributable for the purpose of ORS 98.302 to 98.436 and 98.992 notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment.

Chap. 98, §98.342

Reciprocity for property presumed abandoned or escheated under the laws of another state.
Specific property described in ORS 98.308 to 98.314, 98.322 to 98.334, 98.338 or 98.342 which is held for or owed or distributable to an owner whose last-known address is in another state by a holder who is subject to the jurisdiction of that state is not presumed abandoned in this state and subject to ORS 98.302 to 98.436 and 98.992 if:

(1) It may be claimed as abandoned or escheated under the laws of the other state; and

(2) The laws of the other state make reciprocal provision that similar specific property is not presumed abandoned or escheatable by the other state when held for or owed or distributable to an owner whose last-known address is within this state by a holder who is subject to the jurisdiction of this state.

Chap. 98, §98.346

Recovery of abandoned property by another state; form of claim; indemnification
of this state.

(1) At any time after property has been paid or delivered to the Division of State Lands under ORS 98.352, another state may recover the property if one or more of the following is true:

(a) The property was subjected to custody by this state because the records of the holder did not reflect the last-known address of the apparent owner when the property was presumed abandoned under ORS 98.302 to 98.436 and 98.992; and the other state establishes that the last-known address of the apparent owner or other person entitled to the property was in that state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.

(b) The last-known address of the apparent owner or other person entitled to the property, as reflected by the records of the holder, is in the other state and under the laws of that state the property has escheated to or become subject to a claim of abandonment by that state.

(c) The records of the holder were erroneous in that they did not accurately reflect the owner of the property and the last-known address of the owner is in the other state and under the laws of that state the property escheated to or was subject to a claim of abandonment by that state.

(d) The property was subjected to custody by this state and under the laws of the state of domicile of the holder the property has escheated to or become subject to a claim of abandonment by that state.

(e) The property is the sum payable on a traveler’s check, money order or other similar instrument that was subjected to custody by this state under ORS 98.309, and the instrument was purchased in the other state and under the laws of that state the property escheated to or became subject to a claim of abandonment by that state.

(2) The claim of another state to recover escheated or unclaimed property must be presented in a form prescribed by the Division of State Lands. The division shall decide the claim within 90 days after it is presented.

(3) The division shall require a state, before recovering property under this section, to agree to indemnify this state and its officers and employees against any liability on a claim for the property.

Chap. 98, §98.348

Chap. 98, §98.350 [Repealed by 1957 c.670 s.37]

Report of abandoned property.

(1) Every person holding funds or other property, tangible or intangible, presumed abandoned under ORS 98.302 to 98.436 and 98.992 shall report and pay or deliver to the Division of State Lands all property presumed abandoned as provided in this section, except that:

(a) Funds transferred to the General Fund under ORS 293.455 (1)(a) shall only be reported to the division.

(b) Funds in the possession of the Child Support Program created under ORS 409.021 shall only be reported to the division.

(2) The report shall be verified as to the accuracy of the information contained and shall include:

(a) Except with respect to traveler’s checks and money orders, the name, if known, and address, if known, of each person appearing from the records of the holder to be the owner of any property of value of $50 or more presumed abandoned under ORS 98.302 to 98.436 and 98.992;

(b) In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant and last-known address according to the life insurance corporation’s records;

(c) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in aggregate;

(d) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and

(e) Other information that the division prescribes by rule as necessary for the administration of ORS 98.302 to 98.436 and 98.992.

(3) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has had a name change while holding the property, the holder shall file with the report all prior known names and addresses and effective dates of changes if known of each holder of the property.

(4) The report shall be filed after October 1, but no later than November 1 of each year for accounts dormant as of June 30. The division may postpone the reporting date upon written request by any person required to file a report. All records are exempt from public review for 12 months from the time the property is reportable and for 24 months after the property has been remitted to the division. All lists of records or property held by a government or public authority under ORS 98.336 shall be exempt from public review until 24 months after the property is remitted to the division.

(5) If the holder of property presumed abandoned under ORS 98.302 to 98.436 and 98.992 knows the whereabouts of the owner and if the owner’s claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner.

(6) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer.

Chap. 98, §98.352

Records of ownership or issuance of instruments to be maintained.

(1) Every holder required to file a report under ORS 98.352 as to any property for which the holder has obtained an address of the owner, shall maintain a record of the name and last-known address of the owner and such signature cards and other evidence which would assist in the identification of the owner for five years after the property has been remitted to the Division of State Lands.

(2) Any business association that sells in this state traveler’s checks, money orders or other similar written instruments, other than third party bank checks on which the business association is directly liable, or that provides such instruments to others for sale in this state, shall maintain a record of those instruments while they remain outstanding, indicating the state and date of issue, for five years after the date the property has been remitted to the division.

Chap. 98, §98.354

Notice and publication of lists of unclaimed property.

(1) The Division of State Lands shall publish notice of owners’ unclaimed accounts reported under ORS 98.352. The notice shall be published at least twice in a newspaper or other generally circulated periodical published in this state. The division may publish such notices at intervals to locate owners of accounts received under ORS 98.352 (4) in an expedient manner, but shall complete publication of all such accounts within one year of remittance.

(2) The division is not required to publish in such notice any item of less than $100 unless the division deems such publication to be in the public interest.

(3) This section is not applicable to sums payable on traveler’s checks or money orders presumed abandoned under ORS 98.309.

(4) The division shall undertake reasonable efforts to locate owners of unclaimed property reported to the division under ORS 98.352. The costs of such efforts may be deducted from the proceeds that are paid to the owners when and if an owner is located. The division shall specify, by rule, a maximum percentage of costs that may be deducted from a verified claim for unclaimed property.

(5) The division shall not disclose to the general public any confidential information provided by the Department of Revenue from taxpayer returns.

Chap. 98, §98.356

Chap. 98, §98.360 [Repealed by 1957 c.670 s.37]

Delivery of certificate of ownership of intangible equity ownership interest.

(1) The holder of an intangible equity ownership interest presumed abandoned under ORS 98.322 shall deliver a certificate of ownership or other evidence of ownership to the Division of State Lands as follows:

(a) The original certificate shall be delivered to the division when it is held by the business association, transfer agent, registrar or other person acting on behalf of the business association.

(b) A duplicate certificate shall be issued to the division when the business association, transfer agent, registrar or other person acting on behalf of the holder does not hold the original.

(2) After issuance of a duplicate certificate under subsection (1) of this section, the rights of a protected purchaser of the original certificate shall be governed by ORS 78.4050. In such event, recovery by the protected purchaser shall be against the division to the extent allowed under the Oregon Constitution.

Chap. 98, §98.362

Relief from liability by payment or delivery.

(1) Upon the payment or delivery of unclaimed property to the Division of State Lands, the state shall assume custody and shall be responsible for the safekeeping thereof. Any person who pays or delivers unclaimed property to the division under ORS 98.352 is relieved of all liability to the extent of the value of the property so paid or delivered for any claim which then exists or which thereafter may arise or be made in respect to the property.

(2) A holder who has paid money to the division under ORS 98.352 may make payment to any person appearing to the holder to be entitled to payment. The division shall reimburse the holder within 60 days of receiving proof that payment was made to a person who appeared to the holder to be entitled to payment. The division shall reimburse the holder for the payment without imposing any fee or other charge.

Chap. 98, §98.366

Chap. 98, §98.370 [Repealed by 1957 c.670 s.37]

Income accruing after payment or delivery.
The owner is not entitled to receive income or other increments which have accrued on the property after the property is paid or delivered to the Division of State Lands under ORS 98.352.

Chap. 98, §98.372

Periods of limitation not a bar.
The expiration of any period of time specified by statute or court order, during which an action, suit or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property, shall not prevent the money or property from being presumed abandoned, nor affect any duty to file a report required by ORS 98.352 or to pay or deliver unclaimed property to the Division of State Lands, provided that this section shall not affect any property interests which became vested prior to August 20, 1957.

Chap. 98, §98.376

Chap. 98, §98.380 [Repealed by 1957 c.670 s.37]

Sale of abandoned and unclaimed property.

(1) All unclaimed property other than money and securities delivered to the Division of State Lands under ORS 98.362 shall be sold by the division to the highest bidder at public sale in whatever city in the state affords in the division’s judgment the most favorable market for the property involved. The division may decline the highest bid and reoffer the property for sale if the division considers the price bid insufficient. The division need not offer any property for sale if, in the division’s opinion, the probable cost of sale exceeds the value of the property.

(2) A sale held under subsection (1) of this section shall be preceded by a single publication of notice of the sale at least 10 days in advance of the sale in a newspaper of general circulation in the county where the property is to be sold.

(3) Securities listed on an established stock exchange shall be sold on the exchange at prices prevailing on the exchange at the time of sale. Other securities may be sold over the counter at prices prevailing at the time of sale or by any other method the administrator considers advisable.

(4) All securities and other intangible properties presumed abandoned under ORS 98.362 and delivered to the division shall be sold by the division at such time and place and in such manner as in the division’s judgment will bring the highest return.

(5) The division shall indemnify the holder of securities presumed abandoned under ORS 98.322 to the extent allowed by the Oregon Constitution. The division shall establish procedures by administrative rule to pay the rightful owner proceeds received from securities that were sold before the owner filed a claim to recover such securities.

(6) The purchaser at a sale conducted by the division pursuant to this section shall receive title to the property purchased, free from all claims of the owner or prior holder of the property and of all persons claiming through or under them. The division shall execute all documents necessary to complete the transfer of title.

Chap. 98, §98.382

Destruction or disposition of unclaimed property.
If the Division of State Lands determines after investigation that any property delivered under ORS 98.352 has insubstantial commercial value, the division may destroy or otherwise dispose of the property at any time. No action or proceeding may be maintained against the state or any officer or against the holder for or on account of any action taken by the division pursuant to this section.

Chap. 98, §98.384

Deposit of funds.

(1) All funds received under ORS 98.302 to 98.436 and 98.992, including the proceeds from the sale of unclaimed property under ORS 98.382, shall be deposited by the Division of State Lands in the Common School Fund Account with the State Treasurer. Before making the deposit the division shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.

(2) Before making a deposit to the credit of the Common School Fund Account, the division may deduct:

(a) Any costs in connection with sale of unclaimed property;

(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and

(c) Reasonable service charges.

Chap. 98, §98.386

Unclaimed Property Revolving Fund.
There is created from unclaimed property funds an Unclaimed Property Revolving Fund. The moneys in the fund are appropriated continuously to the Division of State Lands for the purpose of repaying claims as provided under ORS 98.396.
Chap. 98, §98.388

Chap. 98, §98.390 [Repealed by 1957 c.670 s.37]