ORS 62.720
Presumption of abandonment

  • procedure for agriculture cooperatives and others

(1)

All intangible property distributable in the course of a voluntary or involuntary dissolution of a cooperative that is unclaimed by the owner within two years after the date for final distribution is presumed abandoned. Such property is subject to the provisions of ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436), except that with respect to agricultural cooperatives, a copy of the report of unclaimed property filed with the State Treasurer under ORS 98.352 (Report of abandoned property) shall also be filed with Oregon State University.

(2)

All unclaimed property specified in the report required by ORS 98.352 (Report of abandoned property) shall be paid or delivered to the State Treasurer. Any person that pays or delivers unclaimed property to the State Treasurer under this section is relieved of all liability to the extent of the value of the property paid or delivered for any claim made in respect to the property.

(3)

The State Treasurer shall reconcile the report to the delivered funds, deduct the costs as provided for in subsection (4) of this section and forward the balance of the funds to Oregon State University within 14 working days of receipt of the funds.

(4)

All funds received by Oregon State University under subsection (3) of this section shall be used in such programs related to agricultural research as the university may determine except for:

(a)

The payment of claims that may be made pursuant to this section;

(b)

The payment of expenses of mailing and publication in connection with any unclaimed property;

(c)

Reasonable service charges; and

(d)

Expenses of the State Treasurer in connection with claims made pursuant to ORS 98.392 (Claiming unclaimed property) to 98.402 (Hearing on claim).

(5)

The provisions of ORS 98.392 (Claiming unclaimed property), 98.396 (Determination of claim) and 98.402 (Hearing on claim) are applicable to claims against unclaimed property delivered to Oregon State University pursuant to this section. Oregon State University shall pay such claims from funds delivered to it pursuant to this section within 30 days of receipt of a verified copy of a finding and decision of the State Treasurer made pursuant to ORS 98.396 (Determination of claim) or a certified copy of a judgment made pursuant to ORS 98.402 (Hearing on claim).

(6)

As used in this section, “agricultural cooperative” means any cooperative in which farmers act together in producing, processing, preparing for market, handling or marketing the agricultural products of such farmers, and any cooperative in which farmers act together in purchasing, testing, grading, processing, distributing and furnishing farm supplies or farm business services.

(7)

The provisions of this section are applicable with respect to the voluntary or involuntary dissolution of any cooperative, if the dissolution was commenced on or after January 1, 1970. [1974 c.2 §§1,2,3; 1985 c.565 §7; 1987 c.94 §127; 1993 c.694 §35; 1995 c.79 §16; 2015 c.767 §47; 2019 c.678 §48]
Note: 62.720 (Presumption of abandonment) was enacted into law by the Legislative Assembly, but was not added to or made a part of ORS chapter 62 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

Source: Section 62.720 — Presumption of abandonment; procedure for agriculture cooperatives and others, https://www.­oregonlegislature.­gov/bills_laws/ors/ors062.­html.

62.005
Short title 62.015
Definitions 62.025
Filing requirements 62.030
Filing, service, copying and certification fees 62.035
Effective time and date of document 62.040
Correcting filed document 62.045
Forms 62.050
Filing duty of Secretary of State 62.055
Appeal from Secretary of State’s refusal to file document 62.060
Evidentiary effect of copy of filed document 62.065
Certificate of existence 62.115
Purposes for which cooperatives may be organized 62.125
General powers 62.128
Reserved name 62.131
Cooperative name 62.135
Bylaws 62.145
Membership 62.155
Registered office and registered agent 62.165
Actions in excess of authority 62.175
Capital stock 62.185
Certificates of stock 62.195
Voting by shareholders 62.205
Subscription agreement for shares or agreement to pay a membership fee 62.215
Limitation of liability of members and shareholders 62.225
Dividends on capital stock 62.235
Recall, exchange or redemption of stock or other evidence of equity by cooperative 62.245
Missing certificates or evidence of interest in cooperative 62.251
Notice to directors, members and shareholders 62.255
Meetings of members 62.265
Voting by members 62.275
Quorum of members 62.280
Board of directors 62.283
Standard of conduct for directors 62.284
Director conflict of interest 62.285
Meetings of board of directors 62.286
Loans to or guarantees for directors 62.287
Directors’ meeting by conference telephone or similar communications equipment 62.290
Executive committee 62.295
Officers 62.300
Compensation and benefits to directors, officers and employees 62.305
Taking action without meeting 62.315
Waiver of notice 62.325
Voting requirements of articles 62.335
Action brought in right of cooperative by member or shareholder 62.355
Cooperative contracts 62.360
Recording cooperative contracts 62.365
Relief against breach or threatened breach of contract 62.370
Civil action for inducing breach of contract with cooperative or spreading false reports about cooperative 62.415
Apportionment and distribution of net proceeds or savings or net losses 62.425
Unclaimed distribution, redemptions or payments 62.430
Payments in name of deceased owner of capital credits or retains in cooperative 62.435
Sale or other disposition of entire assets 62.440
Books and records 62.455
Annual report 62.462
Definitions for ORS 62.462 to 62.482 62.464
Authority to indemnify director 62.466
Mandatory indemnification of director 62.468
Advance for expenses 62.472
Court-ordered indemnification 62.474
Determination and authorization of indemnification 62.476
Indemnification of officers, employees and agents 62.478
Insurance 62.482
Application of ORS 62.462 to 62.482 62.511
Incorporators 62.513
Contents of articles of incorporation 62.515
Organization meeting of directors 62.555
Right to amend articles of incorporation 62.560
Shareholder voting on amendments to articles 62.565
Articles of amendment 62.570
Restated articles 62.605
Definitions for ORS 62.605 to 62.623 62.607
Conversion 62.609
Action on plan of conversion 62.611
Articles and plan of conversion 62.613
Effect of conversion 62.617
Merger 62.619
Action on plan of merger 62.621
Articles and plan of merger 62.623
Effect of merger 62.655
Voluntary dissolution by act of cooperative 62.665
Procedure for dissolution 62.670
Revocation of voluntary dissolution 62.675
Effect of revocation of voluntary dissolution proceedings 62.680
Articles of dissolution 62.685
Effect of filing articles of dissolution 62.690
Administrative dissolution 62.695
Jurisdiction of court to dissolve cooperative and liquidate assets and business of cooperative 62.702
Procedure for dissolution of cooperative by court 62.704
Judgment of dissolution issued by court 62.708
Effect of dissolution 62.712
Disposition of known claims against dissolved cooperative 62.714
Notice of dissolution 62.720
Presumption of abandonment 62.755
Admission of foreign cooperatives 62.760
Registration of name of foreign cooperative 62.765
Definitions for ORS 62.765 to 62.792 62.768
Election to be governed as employee cooperative 62.771
Revocation of election to be governed as employee cooperative 62.774
Qualifications of members 62.777
Membership powers 62.780
Apportionment of net earnings or losses 62.783
Internal capital accounts 62.786
Internal capital account cooperative 62.789
Procedure for revocation of election 62.792
Short title 62.800
Short title 62.803
Definitions for ORS 62.800 to 62.815 62.806
Election as nonprofit cooperative 62.809
Requirements for membership in cooperative 62.811
Recordation of cooperative documents 62.812
Distribution of cooperative assets upon dissolution 62.813
Lienholder’s rights 62.815
Prohibited actions 62.825
Powers of Secretary of State 62.850
Use of term “cooperative.” 62.855
Application of chapter 62.860
Effect of amendment or repeal of Oregon Cooperative Corporation Act 62.865
Effect of repeal of prior statutes 62.870
Notice to members of agricultural cooperative 62.992
Penalty for signing false document
Green check means up to date. Up to date

Current through early 2024

§ 62.720’s source at oregon​.gov