ORS 98.352
Report of abandoned property
(1)
A holder of property presumed abandoned under 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) shall deliver to the State Treasurer the report described in subsection (2) of this section and shall pay or deliver to the State Treasurer, for deposit in the Unclaimed Property and Estates Fund, all property presumed abandoned, except that for the following funds the holder is not required to deliver the funds presumed abandoned to the State Treasurer:(a)
Funds transferred to the General Fund under ORS 293.455 (Refusal of payment of unpresented checks) (1)(a).(b)
Funds in the possession of the Child Support Program described in ORS 180.345 (Child Support Program).(c)
Funds described in ORS 9.725 (Appointment of bar or other attorney as custodian of law practice) (3) or 98.386 (Deposit of funds) (2) that are held in lawyer trust accounts or in the possession of the Oregon State Bar.(2)
A report must include:(a)
Except with respect to traveler’s checks and money orders, the name, if known, and address, if known, of each person appearing from the records of the holder to be the owner of any property of value of $50 or more presumed abandoned under 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);(b)
In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant and last-known address according to the life insurance corporation’s records;(c)
The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in aggregate;(d)
The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and(e)
Other information that the State Treasurer prescribes by rule as necessary for the administration 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).(3)
If the holder of property presumed abandoned is a successor to other holders or has had a name change while holding the property, the holder shall file with the report all prior known names and addresses and effective dates of changes.(4)
The holder shall file the report after October 1, but no later than November 1, of each year for accounts dormant as of June 30. Upon written request from any person required to file a report, the State Treasurer may postpone the reporting date. All records are exempt from public review for 12 months from the time the property is reportable and for 24 months after the property has been remitted to the State Treasurer. All lists of records or property held by a government or public authority under ORS 98.336 (Property held by government and public authorities) are exempt from public review until 24 months after the property is remitted to the State Treasurer.(5)
If the holder of property presumed abandoned under 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) knows the whereabouts of the owner and if the owner’s claim is not barred by the statute of limitations, the holder shall, before filing the report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner.(6)
If the property presumed abandoned is a lawyer trust account established by an attorney or law firm, the report required by this section must indicate that the account is a lawyer trust account.(7)
The holder shall verify the accuracy of the information contained in the report. Verification must be executed by a partner if made by a partnership, by an officer if made by an unincorporated association or private corporation and by the chief fiscal officer if made by a public corporation. [1957 c.670 §13; 1967 c.357 §2; 1981 c.475 §4; 1983 c.716 §9; 1993 c.694 §6; 1997 c.86 §1; 1999 c.798 §2; 2003 c.73 §48; 2009 c.462 §1; 2019 c.678 §10; 2021 c.424 §10]
Source:
Section 98.352 — Report of abandoned property, https://www.oregonlegislature.gov/bills_laws/ors/ors098.html.
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