Oregon Statutes 18.348 – Certain funds exempt when deposited in account; limitation
(1) Funds that are exempt from execution under ORS § 18.358, 18.385, 178.345, 238.445, 344.580, 407.595, 411.760, 414.095, 655.530, 656.234, 657.855 and 748.207 remain exempt when deposited in an account in a financial institution as long as the exempt funds are reasonably identifiable.
Terms Used In Oregon Statutes 18.348
- Execution: means enforcement of the money award portion of a judgment or enforcement of a judgment requiring delivery of the possession or sale of specific real or personal property, by means of writs of execution, writs of garnishment and other statutory or common law writs or remedies that may be available under the law. See Oregon Statutes 18.005
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
(2) Subsection (1) of this section does not apply to any accumulation of funds greater than $7,500.
(3) All funds that are exempt under federal law remain exempt when deposited in an account in a financial institution as long as the exempt funds are reasonably identifiable.
(4) The application of subsections (1) and (3) of this section is not affected by the commingling of exempt and nonexempt funds in an account. For the purpose of identifying exempt funds in an account, first in, first out accounting principles shall be used.
(5) The provisions of this section do not affect the duties of a garnishee with respect to amounts in accounts that are not subject to garnishment under ORS § 18.784. [Formerly 23.166; 2005 c.381 § 19; 2009 c.430 § 4; 2009 c.718 § 37]
[Amended by 1961 c.151 § 2; 1983 c.405 § 3; 1983 c.696 § 3a; 1985 c.343 § 2; 1987 c.586 § 4; 1993 c.523 § 1; 1997 c.71 § 13; 1997 c.801 § 66; 1999 c.195 § 1; 1999 c.788 § 21a; repealed by 2003 c.576 § 580]