2011 ORS § 723.498¹
Designation of agent for account
  • powers of agent

Nothing in ORS 723.426 (Joint accounts), 723.432 (Trust accounts), 723.474 (Definitions for ORS 723.474 to 723.498), 723.476 (Application of ORS 723.478, 723.480 and 723.482) or 723.478 (Ownership of multiple-party accounts) shall preclude a party to an account from adding the name of another person to the account with the designation of agent. The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests for payment from the accounts by the agent, unless the principal is deceased at the time the payment is requested and the credit union has actual knowledge of the death. Payments from the account by the credit union at the request of the agent shall discharge the credit union from all claims for amounts so paid. [1999 c.185 §37]