(1) All intangible personal property, not otherwise covered by ORS § 98.302 to 98.436 and 98.992, including any income or increment thereon and deducting any lawful charges, that is held or owing in the ordinary course of the holder’s business and has remained unclaimed by the owner for more than three years after it became payable or distributable is presumed abandoned.

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(2) Property is payable or distributable for the purpose of ORS § 98.302 to 98.436 and 98.992 notwithstanding the owner’s failure to make demand or to present any instrument or document required to receive payment. [1957 c.670 § 11; 1983 c.716 § 7; 2001 c.302 § 7]