Oregon Statutes 59.575 – Nontestamentary transfer on death
Current as of: 2023 | Check for updates
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(1) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and ORS § 59.535 to 59.585, and is not testamentary.
Terms Used In Oregon Statutes 59.575
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
(2) ORS § 59.535 to 59.585 do not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state. [1991 c.306 § 9]