ORS 114.545
Affiant as fiduciary

  • duties, functions and powers of affiant
  • limitation of liability of financial institution

(1)

The affiant:

(a)

Is a fiduciary who is under a general duty to administer, preserve, settle and distribute the estate in accordance with the terms of the will, the law of intestate succession and ORS 114.505 (Definitions for ORS 114.505 to 114.560) to 114.560 (Exclusive remedy) as expeditiously and with as little sacrifice of value as is reasonable under the circumstances.

(b)

May not commingle property of the estate of which the affiant has taken possession with property of the affiant or any other person.

(c)

Shall take control of the property of the estate coming into the possession of the affiant and collect the income from property of the estate in the possession of the affiant.

(d)

Within 30 days after filing the small estate affidavit, shall mail or deliver each instrument that the affidavit states will be mailed or delivered.

(e)

May open one or more deposit accounts in a financial institution as defined in ORS 706.008 (Additional definitions for Bank Act) with funds of the decedent, upon which the affiant may withdraw funds by means of checks, drafts or negotiable orders of withdrawal or otherwise for the payment of claims and expenses described in paragraph (f) of this subsection.

(f)

From and to the extent of the property of the estate, shall pay or reimburse any person who has paid:

(A)

Expenses described in ORS 115.125 (Order of payment of expenses and claims) (1)(b) and (c) and listed in the small estate affidavit;

(B)

Claims listed in the small estate affidavit as undisputed;

(C)

Allowed claims presented to the affiant within the time permitted by ORS 114.540 (Procedure for claims); and

(D)

Claims that the probate court allowed upon summary determination under ORS 114.542 (Summary determination).

(g)

Shall pay claims and expenses under paragraph (f) of this subsection in the order of priority prescribed by ORS 115.125 (Order of payment of expenses and claims).

(h)

May transfer and sell property that is part of the estate as provided in ORS 114.547 (Sales and transfers to third parties).

(i)

Shall retain records of the administration of the estate at least until the later of:

(A)

The expiration of the two-year period established in ORS 114.550 (Summary review of administration of estate); or

(B)

The conclusion of any summary review proceeding under ORS 114.550 (Summary review of administration of estate).

(2)

Notwithstanding any other provision of this section or ORS 114.547 (Sales and transfers to third parties), when an heir or devisee entitled to succeed to a conveyance fails or refuses to join in the conveyance as required by ORS 114.547 (Sales and transfers to third parties), an affiant approved under ORS 114.517 (Approval of attorneys filing affidavits for recipients of Medicaid or other public assistance) may convey any real or personal property that is part of the estate at any time to a third party for a valuable consideration.

(3)

Property conveyed by an affiant under ORS 114.547 (Sales and transfers to third parties) or this section is subject to liens and encumbrances against the decedent or the estate of the decedent. Property conveyed by an affiant under ORS 114.547 (Sales and transfers to third parties) is not subject to rights of creditors of the decedent or liens or encumbrances against the heirs or devisees of the decedent. The presentation and allowance of a claim in a proceeding under ORS 114.505 (Definitions for ORS 114.505 to 114.560) to 114.560 (Exclusive remedy) does not make the claimant a secured creditor.

(4)

Any claiming successor to whom property of the estate is delivered or transferred under ORS 114.505 (Definitions for ORS 114.505 to 114.560) to 114.560 (Exclusive remedy) is personally answerable and accountable:

(a)

To the extent of the value of the property received, to creditors of the estate to the extent such creditors are entitled to payment under subsection (1) of this section; and

(b)

To any personal representative of the estate of the decedent appointed after the payment, delivery or transfer is made.

(5)

A financial institution as defined in ORS 706.008 (Additional definitions for Bank Act) that opens one or more deposit accounts for an affiant pursuant to subsection (1)(e) of this section is not liable to any other person for opening the account or accounts or for permitting the affiant to withdraw funds from the account or accounts by means of checks, drafts, negotiable orders of withdrawal or otherwise. The financial institution is not required to ensure that the funds of the decedent that are paid out by the affiant are properly applied. [1973 c.710 §7; 1979 c.340 §4; 1985 c.300 §5; 1989 c.148 §6; 1989 c.228 §5; 1991 c.191 §4; 2003 c.655 §61; 2015 c.146 §1; 2019 c.165 §13; 2021 c.97 §14]

Source: Section 114.545 — Affiant as fiduciary; duties, functions and powers of affiant; limitation of liability of financial institution, https://www.­oregonlegislature.­gov/bills_laws/ors/ors114.­html.

114.005
Occupancy of principal dwelling of decedent by spouse and children
114.015
Support of spouse and children
114.025
Petition for support and answer
114.035
Temporary support
114.045
Modification or termination of support
114.055
Nature of support
114.065
Limitations on support
114.075
Priority of support
114.085
Setting apart whole estate for support
114.205
No distinction between real and personal property
114.215
Devolution of and title to property
114.225
Possession and control of decedent’s estate
114.255
Commencement of duties and powers of personal representative
114.265
General duties of personal representative
114.275
Personal representative to proceed without court order
114.285
Naming or appointment of personal representative does not discharge claim
114.295
Discharge or devise in will of claim of testator
114.305
Transactions authorized for personal representative
114.315
Right to perfect lien or security interest
114.325
Power to sell, mortgage, lease and deal with property
114.333
Transfer of title and interest to real property by foreign personal representative
114.335
Court order for sale, mortgage or lease
114.345
Title conveyed free of claims of creditors
114.355
Sale or encumbrance to personal representative voidable
114.365
Validation of certain sales
114.375
Nonliability of transfer agents
114.385
Persons dealing with personal representative
114.395
Improper exercise of power
114.405
Personal liability of personal representative
114.415
Copersonal representatives
114.425
Discovery of property, writings and information
114.435
Power to avoid transfers
114.441
Definitions for ORS 114.441 to 114.462
114.444
Application
114.447
Court approval of settlement of personal injury claim or wrongful death claim
114.450
Deferral of requirements
114.453
Petition for appointment of personal representative
114.456
Information to beneficiaries and Department of Human Services and Oregon Health Authority
114.459
Waiver of requirements
114.462
Motion to close estate
114.505
Definitions for ORS 114.505 to 114.560
114.510
Value limitations for small estate
114.515
Small estate affidavit
114.517
Approval of attorneys filing affidavits for recipients of Medicaid or other public assistance
114.520
Authorization from State Treasurer required for filing of affidavit by creditor if decedent dies intestate and without heirs
114.525
Content of affidavit
114.535
Transfer of decedent’s property to affiant
114.537
Safe deposit boxes
114.540
Procedure for claims
114.542
Summary determination
114.545
Affiant as fiduciary
114.547
Sales and transfers to third parties
114.549
Liability of affiant
114.550
Summary review of administration of estate
114.552
Filing fees
114.555
Transfer of interest of decedent in property described in affidavit
114.560
Exclusive remedy
114.600
Elective share generally
114.605
Amount of elective share
114.610
Manner of making election
114.615
Payment of elective share
114.620
Waiver of right to elect and other rights
114.625
Who may exercise right of election
114.630
Augmented estate
114.635
Exclusions from augmented estate
114.650
Decedent’s probate estate
114.660
Decedent’s nonprobate estate
114.665
Decedent’s nonprobate estate
114.675
Surviving spouse’s estate
114.685
Decedent’s probate transfers to surviving spouse
114.690
Decedent’s nonprobate transfers to surviving spouse
114.700
Priority of sources from which elective share payable
114.705
Liability of recipients of decedent’s nonprobate estate
114.710
Protective order
114.720
Proceedings to claim elective share
114.725
Effect of separation
Green check means up to date. Up to date