Oregon Statutes 244.215 – Fund account
(1) A trustee of a legal expense trust fund shall establish a single exclusive account in a financial institution, as defined in ORS § 706.008. The financial institution must be located in this state and must ordinarily conduct business with the general public in this state.
Terms Used In Oregon Statutes 244.215
- Business: means any corporation, partnership, proprietorship, firm, enterprise, franchise, association, organization, self-employed individual and any other legal entity operated for economic gain but excluding any income-producing not-for-profit corporation that is tax exempt under section 501(c) of the Internal Revenue Code with which a public official or a relative of the public official is associated only as a member or board director or in a nonremunerative capacity. See Oregon Statutes 244.020
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trustee: A person or institution holding and administering property in trust.
(2) The trustee shall maintain the account in the name of the trust fund.
(3) All expenditures made by the trustee shall be drawn from the account and:
(a) Issued on a check signed by the trustee; or
(b) Paid using a debit card or other form of electronic transaction.
(4) A contribution received by a trustee shall be deposited into the account not later than seven calendar days after the date the contribution is received. This subsection does not apply to in-kind contributions received.
(5) This section does not prohibit the transfer of any amount deposited in the account into a certificate of deposit, stock fund or other investment instrument.
(6) The account may not include any public or private moneys or any moneys of any other person, other than contributions received by the trustee.
(7) A trustee shall retain a copy of each financial institution account statement from the account described in this section for not less than two years after the date the statement is issued by the financial institution. [2007 c.877 § 34]