OAR 141-045-0031
Examples of Unclaimed Property
(1)
The following types of Property that are unclaimed for three years without Positive Owner Contact are presumed abandoned and are Reportable to the Department:(a) Any account deposited in a Financial Institution and any accrued interest and Dividends;
(b) Any account including shares, Dividends, deposit accounts, and interest held by credit unions as defined in ORS 723.006 (“Credit union” defined) that are due or standing in the name of a member, beneficiary or other person who cannot be contacted by first class mail at the last address shown on the records of the credit union;
(c) Any sums payable for which a Financial Institution is directly liable, including checks, drafts, cashier’s checks, certified checks, or similar instruments;
(d) Any stock, mutual fund, or other certificate of ownership, Dividend, profit, distribution interest, payment on principal or other sum held or owing by a business association for a shareholder, certificate holder, member, bondholder or the actual instrument or book entry shares which shows ownership or interest in stocks, bonds except U.S. Savings Bonds, or mutual funds;
(e) Any certificate of deposit. If the account is in the form of a Dividend Reinvestment Plan, the dormancy period shall begin at the first maturity date after the Holder determines that the Owner cannot be located;
(f) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated and has become due and payable as established from the records of the Insurance Company.
(g) Credit Memos issued in the ordinary course of the Holder’s business;
(h) Except as provided in OAR 141-045-0031 (Examples of Unclaimed Property)(3)(c), unpaid wages, including commissions and wages represented by uncashed payroll checks owing in the ordinary course of the Holder’s business;
(i) Any other disbursements generated during the ordinary course of the Holder’s business; and
(j) All intangible personal property not otherwise covered by ORS 98.302 (Definitions for ORS 98.302 to 98.436) through 98.436 (Short title) that is held or owing in the ordinary course of the Holder’s business after it becomes due and payable.
(2) The following types of Property that are unclaimed for two years without Positive Owner Contact are presumed abandoned and are payable to the Department:
(a) 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 Insurance Company, pursuant to ORS 98.314 (Unclaimed funds held by insurance companies)(3);
(b) All Tangible and Intangible Property held in a safe deposit box or any other Safekeeping Depository in the ordinary course of the Holder’s business after the lease or rental period has expired. This category of Property does not include:
(A) Personal property that has been willfully abandoned by the Owner, such as automobiles, furniture, household goods, or Property covered by other statutes;
(B) Tangible Property consisting of used personal clothing or household items with little or no commercial value or any hazardous materials.
(c) All Intangible Property held for the Owner by any court, state or other government, governmental subdivision or agency, county fiscal officer, public corporation, public authority, quasi-governmental agency, public officer of this state, political subdivision of this state, or Public Employees’ Retirement System, except those with a court order prohibiting the withdrawal of same, including, but not limited to:
(A) Fines;
(B) Bail;
(C) Restitution;
(D) Child support;
(E) Condemnation payments;
(F) Judgment proceeds;
(G) Unclaimed municipal bonds and the interest thereon.
(d) All intangible personal property and any accrued interest held in a fiduciary capacity, including but not limited to property management security deposits, attorney trust accounts, escrow accounts, trust accounts and funds in an individual retirement account or a retirement plan or a similar account or plan established under the Internal Revenue laws of the United States if under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.
(e) Tangible Property held for the Owner by a court, state or other government, governmental subdivision or agency, public corporation or public authority; law enforcement agency, other than Property seized by a removing authority as defined by ORS 98.245 (Disposition of unclaimed property)(1)(b). This category of Property does not include:
(A) Personal property that has been willfully abandoned by the Owner, such as automobiles, furniture, household goods, or Property covered by other statutes;
(B) Tangible Property consisting of used personal clothing or household items with little or no commercial value except Military Medals or any hazardous materials.
(f) Property held by a dissolved cooperative.
(3) Funds in an individual retirement account or a retirement plan or a similar account or plan established according to the Internal Revenue laws of the United States of America are not payable or distributable within the meaning of OAR 141-045-0021 (Dormancy Periods)(4)(f) unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory or the Holder has determined the account owner is deceased and is unable to distribute to the beneficiaries.
(4) The following types of Property that are unclaimed for one year without Positive Owner Contact are presumed abandoned and are Reportable to the Department:
(a) Deposits made by a subscriber with a utility to secure payment or any sum paid in advance for utility services;
(b) Sums received for utility services which a utility has been ordered to refund;
(c) All unclaimed intangible personal property distributable in the course of a dissolution of a business association, or Financial Institution.
(5) Any sums 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 considered unclaimed and Reportable to the Department.
(6) Any sum payable on a traveler’s check that has been outstanding for more than 15 years is considered unclaimed and Reportable to the Department.
Source:
Rule 141-045-0031 — Examples of Unclaimed Property, https://secure.sos.state.or.us/oard/view.action?ruleNumber=141-045-0031.