Intestate Succession and Wills

ORS 112.570
Definitions for ORS 112.570 to 112.590


As used in ORS 112.570 (Definitions for ORS 112.570 to 112.590) to 112.590 (Protection of bona fide purchasers):

(1)

“Co-owners with right of survivorship” means joint tenants, tenants by the entirety and any other co-owners of property or accounts that are held in a manner that entitles one or more of the owners to ownership of the whole of the property or account upon the death of one or more of the other owners.

(2)

“Governing instrument” means:

(a)

A deed;

(b)

A will;

(c)

A transfer on death deed under ORS 93.948 (URPTDA 1. Short title) to 93.979 (Relation to Electronic Signatures in Global and National Commerce Act);

(d)

A trust;

(e)

An insurance or annuity policy account with a payable-on-death designation;

(f)

A pension, profit-sharing, retirement or similar benefit plan;

(g)

An instrument creating or exercising a power of appointment or a power of attorney; or

(h)

Any other dispositive, appointive or nominative instrument of a type similar to those instruments specified in this subsection.

(3)

“Payor” means a trustee, insurer, employer, governmental agency, political subdivision or any other person authorized or obligated by law or by a governing instrument to make payments. [1999 c.131 §1; 2011 c.212 §27]
Note: 112.570 (Definitions for ORS 112.570 to 112.590) to 112.590 (Protection of bona fide purchasers) were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 112 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source

Last accessed
Jun. 26, 2021