Oregon Statutes 708A.455 – Definitions for ORS 708A.455 to 708A.515
As used in ORS § 708A.455 to 708A.515, unless the context requires otherwise:
Terms Used In Oregon Statutes 708A.455
- 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.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1)(a) ‘Account’ means a contract of deposit of funds between a depositor and an insured institution.
(b) ‘Account’ includes a checking account, savings account or certificate of deposit.
(2) ‘Beneficiary’ means a person named in a trust account as one for whom a party to the account is named as trustee.
(3) ‘Joint account’ means an account payable on request to one or more of two or more parties, with or without a right of survivorship.
(4)(a) ‘Multiple-party account’ means a joint account, a P.O.D. account or a trust account.
(b) ‘Multiple-party account’ does not include:
(A) Accounts established to deposit funds of a partnership, joint venture or other association for business purposes;
(B) Accounts that a person controls as the duly authorized agent or trustee for a corporation, limited liability company, unincorporated association, charitable or civic organization; or
(C) A regular fiduciary or trust account in which the relationship is established other than by deposit agreement.
(5) ‘Net contribution’ of a party to a joint account as of any given time means:
(a) The sum of all deposits to the joint account made by or for the party, less all withdrawals made by or for the party that have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance; and
(b) Any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.
(6) ‘Party’ means:
(a) A person that, by the terms of a multiple-party account, has a present right, subject to request, to payment from the account;
(b) A P.O.D. payee or beneficiary of a trust account if the account becomes payable to the payee or beneficiary by reason of the payee’s or beneficiary’s surviving the original party or trustee;
(c) A guardian, conservator, personal representative or assignee, including an attaching creditor, of a party; or
(d) A person identified as a trustee of an account for another whether or not a beneficiary is named, other than a named beneficiary, unless the named beneficiary has a present right of withdrawal.
(7) ‘Payment’ means withdrawing, paying on check or otherwise paying sums on deposit at a party’s directive, a party’s pledging sums on deposit and any setoff, reduction or other disposition of all or part of an account in accordance with a pledge.
(8) ‘P.O.D. account’ means an account payable on request to one person during the person’s lifetime and, on the person’s death, to one or more P.O.D. payees, or to one or more persons during the persons’ lifetimes and on the death of all of the persons to one or more P.O.D. payees.
(9) ‘P.O.D. payee’ means a person designated on a P.O.D. account as a person to whom the account is payable on request after the death of another person.
(10) ‘Request’ means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of an account, including special requirements concerning necessary signatures and regulations of the insured institution.
(11) ‘Sums on deposit’ means the balance payable on a multiple-party account, including interest, dividends and any deposit life insurance proceeds added to the account by reason of a party’s death.
(12)(a) ‘Trust account’ means an account in the name of one or more parties as trustee for one or more beneficiaries in which the relationship is established by the form of the account and the deposit agreement with the insured institution, and the trust has no subject other than the sums on deposit in the account whether or not the deposit agreement provides for payment to the beneficiary.
(b) ‘Trust account’ does not include a regular trust account under a testamentary trust or a trust agreement that has significance apart from the account, or a fiduciary account arising from a fiduciary relationship such as attorney-client.
(13) ‘Withdrawal’ means payment to a party or to a third person by check or otherwise at a party’s directive. [1997 c.631 § 172; 2015 c.244 § 53]