Oregon Statutes 696.579 – Funds exempt from execution or attachment; designation of funds
Current as of: 2023 | Check for updates
|
Other versions
(1) Escrow or trust funds are not subject to execution or attachment on any claim against the escrow agent.
Terms Used In Oregon Statutes 696.579
- Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) No person shall knowingly keep or cause to be kept any funds or money in any bank under the heading of ‘trust funds’ or ‘escrow accounts’ or any other name designating such funds or money as belonging to the clients of any escrow agency, except actual escrow or trust funds deposited with such agency. [Formerly 696.565]
[1963 c.440 § 15; repealed by 1973 c.794 § 34]