Lost, Unclaimed or Abandoned Property

ORS 98.362
Delivery of certificate of ownership of intangible equity ownership interest


(1)

The holder of an intangible equity ownership interest presumed abandoned under ORS 98.322 (Intangible equity ownership interests in business associations) shall deliver a certificate of ownership or other evidence of ownership to the Department of State Lands as follows:

(a)

The original certificate shall be delivered to the department when it is held by the business association, transfer agent, registrar or other person acting on behalf of the business association.

(b)

A duplicate certificate shall be issued to the department when the business association, transfer agent, registrar or other person acting on behalf of the holder does not hold the original.

(2)

After issuance of a duplicate certificate under subsection (1) of this section, the rights of a protected purchaser of the original certificate shall be governed by ORS 78.4050 (Replacement of lost, destroyed or wrongfully taken security certificate). In such event, recovery by the protected purchaser shall be against the department to the extent allowed under the Oregon Constitution. [1957 c.670 §15; 1967 c.357 §4; 1983 c.716 §11; 1985 c.403 §2; 1993 c.694 §9; 1995 c.328 §70]
Note: The amendments to 98.362 (Delivery of certificate of ownership of intangible equity ownership interest) by section 14, chapter 678, Oregon Laws 2019, become operative July 1, 2021. See section 85, chapter 678, Oregon Laws 2019. The text that is operative on and after July 1, 2021, is set forth for the user’s convenience.
98.362 (Delivery of certificate of ownership of intangible equity ownership interest). (1) The holder of an intangible equity ownership interest presumed abandoned under ORS 98.322 (Intangible equity ownership interests in business associations) shall deliver a certificate of ownership or other evidence of ownership to the State Treasurer as follows:

(a)

The original certificate shall be delivered to the State Treasurer when it is held by the business association, transfer agent, registrar or other person acting on behalf of the business association.

(b)

A duplicate certificate shall be issued to the State Treasurer when the business association, transfer agent, registrar or other person acting on behalf of the holder does not hold the original.

(2)

After issuance of a duplicate certificate under subsection (1) of this section, the rights of a protected purchaser of the original certificate are governed by ORS 78.4050 (Replacement of lost, destroyed or wrongfully taken security certificate). In such event, the protected purchaser may seek recovery against the State Treasurer to the extent allowed under the Oregon Constitution.
§§ 98.302 to 98.436

Atty. Gen. Opinions

Necessity of probate if abandoned property is claimed by heirs, (1972) Vol 35, p 1177


Source

Last accessed
Jun. 26, 2021