Regulation of Institutions Generally

ORS 708A.515
Designation of agent for account

  • powers of agent


ORS 708A.455 (Definitions for ORS 708A.455 to 708A.515) to 708A.465 (Ownership of multiple-party accounts) do not preclude a party to an account from adding the name of another person to the account with the designation “agent.” The agent does not have a present or future interest in the sums on deposit in such account, but the insured institution may honor requests from the agent for payment from the account, unless the principal is deceased at the time the agent requests the payment and the insured institution has actual knowledge of the principal’s death. An insured institution’s payment from the account at the agent’s request discharges the insured institution from all claims for amounts the insured institution paid. [1997 c.631 §184; 2015 c.244 §65]

Source

Last accessed
Jun. 26, 2021