U.S. savings bonds presumed abandoned
- escheat proceedings
(1)As used in this section, “U.S. savings bonds” or “bonds” means:
(a)U.S. savings bonds, series A, B, C, D, E, F, G, H, J and K, and U.S. savings notes, governed by 31 C.F.R. 315;
(b)Definitive United States savings bonds, series EE and HH, governed by 31 C.F.R. 353; and
(c)Definitive United States savings bonds, series I, governed by 31 C.F.R. 360.
(2)Notwithstanding any other provision of law, U.S. savings bonds subject to the custody of the State of Oregon as unclaimed property shall escheat to the state in accordance with this section.
(3)The holder of U.S. savings bonds presumed abandoned under ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) shall report, and deliver possession of, the bonds to the State Treasurer.
(4)After obtaining possession of the U.S. savings bonds under subsection (3) of this section, the State Treasurer shall cause:
(a)Each person listed on the face of the bonds, each apparent owner of the bonds and each person otherwise appearing to be an owner of the bonds to be contacted at the last-known address of the person; and
(b)Notice of the bonds to be published of the bonds in such form as in the discretion of the State Treasurer is most likely to attract the attention of all persons having a legal or beneficial interest in the bonds.
(5)The notice required under subsection (4)(b) of this section must contain the following information:
(a)The name of each person described in subsection (4)(a) of this section;
(b)The last-known address or location of each person described in subsection (4)(a) of this section, if known by the State Treasurer;
(c)A statement explaining that the U.S. savings bonds are presumed to be abandoned and have been taken into the protective custody and possession of the State Treasurer;
(d)A statement that information about the U.S. savings bonds can be obtained upon inquiry to the State Treasurer at any time by any person having a legal or beneficial interest in the bonds;
(e)A statement that a claim for the U.S. savings bonds may be made under ORS 98.392 (Claiming unclaimed property) and 98.396 (Determination of claim);
(f)A description of the escheat proceedings under this section; and
(g)Any other information the State Treasurer considers appropriate or necessary to locate all persons having a legal or beneficial interest in the bonds.
(6)The State Treasurer shall create and maintain on the official website of the State Treasurer a webpage on which the public may obtain information about U.S. savings bonds in the custody and possession of the State Treasurer as unclaimed property.
(7)If no person has been identified as the owner of U.S. savings bonds within three years after the first public notice provided under subsection (4)(b) of this section with respect to the bonds:
(a)Title to the bonds shall vest in the State of Oregon; and
(b)The State Treasurer may seek an order from the Marion County Circuit Court escheating the bonds to the State of Oregon.
(8)The Marion County Circuit Court shall issue an order escheating U.S. savings bonds to the State of Oregon if the court determines that:
(a)With respect to the bonds, all provisions of this section have been complied with; and
(A)Have, within the meaning of the applicable federal regulations, reached the final extended maturity date or the final maturity, or have stopped earning interest;
(B)Are in the possession of the state; and
(C)Have been abandoned by all persons entitled to payment for the bonds under the applicable federal regulations.
(9)Intentionally left blank —Ed.
(a)Upon issuance of an order of escheat with respect to U.S. savings bonds, the State Treasurer may apply to the United States Treasury for payment to the state for the bonds.
(b)ORS 98.386 (Deposit of funds) applies to any payments received by the state pursuant to this subsection.
(10)This section does not apply to a claim of title by the state to U.S. savings bonds as heir to a deceased owner. [2018 c.95 §2; 2019 c.678 §80]
Section 98.319 — U.S. savings bonds presumed abandoned; escheat proceedings,