Oregon Statutes 98.389 – Unclaimed Property and Estates Fund; transfers from fund
(1) There is established the Unclaimed Property and Estates Fund, separate and distinct from the General Fund.
Terms Used In Oregon Statutes 98.389
- 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
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(2) The Unclaimed Property and Estates Fund consists of:
(a) Unclaimed property, including the proceeds of unclaimed property, under ORS § 98.302 to 98.436;
(b) Penalties related to unclaimed property assessed under ORS § 98.992;
(c) Estates escheated to the state under ORS § 112.055 and subject to claims under ORS § 116.253;
(d) Moneys in accounts that escheat to the state under ORS § 708A.430 (5) or 723.466 (5);
(e) Moneys transferred to the fund by the Department of State Lands from the Unclaimed Property School Fund under ORS § 273.108;
(f) Other moneys appropriated or transferred to the Unclaimed Property and Estates Fund by the Legislative Assembly or by operation of law; and
(g) Interest earned by the fund.
(3) Moneys in the fund are continuously appropriated to the State Treasurer for:
(a) The costs of administering unclaimed property under ORS § 98.302 to 98.436;
(b) The costs of administering estates under ORS § 113.235;
(c) The payment of valid claims to abandoned property made under ORS § 98.392;
(d) The payment of valid claims for escheated property under ORS § 116.253; and
(e) The costs of administering the fund.
(4) Before July 1 of each year, the State Treasurer shall transfer from the Unclaimed Property and Estates Fund:
(a) To the Common School Fund, all moneys and properties of escheated estates for which any claim has elapsed under ORS § 116.253; and
(b) To the Unclaimed Property School Fund, all remaining moneys and properties in the Unclaimed Property and Estates Fund, except for the amount that the State Treasurer anticipates requiring to meet the expenses and liabilities of the Unclaimed Property and Estates Fund until the end of the following fiscal year, including transfers under paragraph (a) of this subsection. [2021 c.424 § 6]
[Repealed by 1957 c.670 § 37]