Oregon Statutes 98.304 – Intangible property subject to custody of state
Unless otherwise provided in ORS § 98.302 to 98.436 and 98.992 or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under ORS § 98.342 are satisfied, and one or more of the following is true:
Terms Used In Oregon Statutes 98.304
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Statute: A law passed by a legislature.
(1) The last-known address, as shown on the records of the holder, of the apparent owner is in this state.
(2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state.
(3) The records of the holder do not reflect the address of the apparent owner, and one or more of the following is established:
(a) The last-known address of the person entitled to the property is in this state.
(b) The holder is a domiciliary or a government or political subdivision or agency of this state and has not previously paid or delivered the property to the state of the last-known address of the apparent owner or other person entitled to the property.
(c) The last-known address, as shown on the records of the holder, or the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or political subdivision or agency of this state.
(4) The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or political subdivision or agency of this state.
(5) The transaction out of which the property arose occurred in this state, and:
(a) There is no known address of the apparent owner or other person entitled to the property;
(b) The last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheats or custodial taking of the property or its escheats or unclaimed property law is not applicable to the property; or
(c) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property. [1983 c.716 § 28; 1993 c.694 § 1]
[1957 c.670 § 4; 1967 c.357 § 1; 1973 c.797 § 424; repealed by 1983 c.716 § 26]