Oregon Statutes 98.386 – Deposit of funds
(1) Except as provided in subsection (2) of this section, all funds received under ORS § 98.302 to 98.436 and 98.992, including the proceeds from the sale of unclaimed property under ORS § 98.382, shall be deposited by the State Treasurer in the Unclaimed Property and Estates Fund. Before making the deposit, the State Treasurer shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.
Terms Used In Oregon Statutes 98.386
- 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.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2) Any amounts identified as lawyer trust account funds in the report required by ORS § 98.352 shall be paid or delivered by the holder to the Oregon State Bar along with a copy of the report. All amounts paid or delivered to the Oregon State Bar under this section are continuously appropriated to the Oregon State Bar and may be used only for the funding of legal services provided through the Legal Services Program established under ORS § 9.572, the payment of claims allowed under ORS § 98.392 (2) and the payment of expenses incurred by the Oregon State Bar in the administration of the Legal Services Program.
(3) Before making a deposit to the credit of the Unclaimed Property and Estates Fund, the State Treasurer may deduct:
(a) Any costs in connection with sale of unclaimed property;
(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and
(c) Reasonable service charges. [1957 c.670 § 20; 1983 c.716 § 16; 1989 c.183 § 2; 1993 c.694 § 15; 2009 c.462 § 2; 2019 c.678 § 20; 2021 c.424 § 11]
[1969 c.594 § 66; 1983 c.716 § 17; 1993 c.694 § 16; 2019 c.678 § 21; repealed by 2021 c.424 § 9]