Intestate Succession and Wills

ORS 112.588
Protection of payors and other third parties


(1)

Unless a payor or other third party has received written notice of a claim under subsection (2) of this section, the payor or other third party is not liable for making a payment to, transferring property to, or conferring any other benefit on a person who appears to be entitled to the payment, property or benefit under a good faith reading of a governing instrument but who is not entitled to the payment, property or benefit by reason of the survivorship rules established under ORS 112.570 (Definitions for ORS 112.570 to 112.590) to 112.590 (Protection of bona fide purchasers). A payor or other third party is liable for a payment, property or other benefit conveyed after the payor or other third party receives written notice of a claim under subsection (2) of this section.

(2)

Written notice of a claim that a person is not entitled to payment, property or other benefit by reason of the survivorship rules established under ORS 112.570 (Definitions for ORS 112.570 to 112.590) to 112.590 (Protection of bona fide purchasers) must be:

(a)

Mailed to the main office or home of a payor or other third party by registered or certified mail, return receipt requested; or

(b)

Served upon the payor or other third party in the manner provided by ORCP 7 for service of summons in a civil action.

(3)

Upon receipt of written notice of a claim under subsection (2) of this section, a payor or other third party may deposit any money or property that is subject to the claim with any court conducting probate proceedings for one of the decedents’ estates. If probate proceedings have not been commenced, the money or property may be deposited with the court with probate jurisdiction in the county in which one of the decedents resided. The court shall hold the funds or property and shall determine the rights of all parties under the governing instrument. Deposits made with the court under this subsection discharge the payor or other third party from all claims for the value of amounts paid to or items of property deposited with the court. [1999 c.131 §7]
Note: See note under 112.570 (Definitions for ORS 112.570 to 112.590).

Source

Last accessed
Jun. 26, 2021