ORS 723.466
Disposition of deposit on death of depositor


(1)

On the death of a member of a credit union, if the deposit to the credit of the deceased member is $25,000 or less, the credit union may, upon receipt of an affidavit from a person claiming the deposit as provided in subsection (3) of this section, or a declaration from the Department of Human Services or the Oregon Health Authority as provided in subsection (4) of this section, pay the moneys on deposit:

(a)

To the surviving spouse on demand of the surviving spouse at any time after the death of the member;

(b)

If there is no surviving spouse, to the Oregon Health Authority or the Department of Human Services, on demand of the authority or the department no less than 46 days and no more than 75 days after the death of the member when there is a preferred claim arising under ORS 411.708 (Recovery of supplemental income program assistance from certain estates), 411.795 (Claim against estate of deceased recipient of general assistance) or 416.350 (Recovery of medical assistance);

(c)

If there is no surviving spouse and no authority or department claim, to the member’s surviving children 18 years of age or older;

(d)

If there is no surviving spouse, authority claim, department claim or surviving child 18 years of age or older, to the member’s surviving parents;

(e)

If there is no surviving spouse, authority claim, department claim, surviving child 18 years of age or older or surviving parent, to the member’s surviving brothers and sisters 18 years of age or older; or

(f)

If there is no surviving spouse, authority claim, department claim, surviving child 18 years of age or older, surviving parent or surviving brothers or sisters 18 years of age or older, to any other surviving heir of the member.

(2)

Intentionally left blank —Ed.

(a)

A credit union may not pay moneys on deposit under subsection (1)(c) to (f) of this section earlier than 46 days after the death of the member.

(b)

A credit union may not pay moneys on deposit under subsection (1)(c) to (f) of this section earlier than 76 days after the death of the member unless the financial institution obtains prior verbal or written authorization from the Oregon Health Authority or its designated representative and the Department of Human Services or its designated representative.

(3)

An affidavit or declaration submitted under this section must:

(a)

State where and when the member died;

(b)

State that the total deposits of the deceased member in all financial institutions in this state do not exceed $25,000;

(c)

Show the relationship of the affiant or declarant to the deceased member; and

(d)

Embody a promise to pay the expenses of last sickness, funeral expenses and just debts of the deceased member out of the deposit, to the full extent of the deposit if necessary, in the order of priority prescribed by ORS 115.125 (Order of payment of expenses and claims), and to distribute any remaining moneys to the persons who are entitled to those moneys by law.

(4)

A credit union shall accept from the Department of Human Services or the Oregon Health Authority, without additional requirements, a declaration under penalty of perjury meeting the requirements of subsection (3) of this section. A declaration submitted under this section must be signed by the declarant and must include the following sentence immediately above the signature line of the declarant: “I hereby declare under penalty of perjury that I am authorized by the Department of Human Services or the Oregon Health Authority to make this declaration, that the above statement is true to the best of my knowledge and belief, and that I understand that it is subject to penalty for perjury.”

(5)

In the event the member died intestate without known heirs, an estate administrator of the State Treasurer appointed under ORS 113.235 (Appointment of estate administrators by State Treasurer) shall be the affiant and shall receive the moneys for deposit into the Unclaimed Property and Estates Fund as escheated property and subject to claims under ORS 116.253 (Recovery of escheated property).

(6)

The credit union shall determine the relationship of the affiant or declarant to the deceased member. However, payment of the moneys in good faith to the affiant or declarant discharges and releases the transferor from any liability or responsibility for the transfer in the same manner and with the same effect as if the property had been transferred, delivered or paid to a personal representative of the estate of the deceased member.

(7)

A probate proceeding is not necessary to establish the right of the surviving spouse, Oregon Health Authority, Department of Human Services, surviving children, surviving parents, surviving brothers and sisters or an estate administrator of the State Treasurer to withdraw the deposits upon the filing of the affidavit or declaration. If a personal representative is appointed in an estate where a withdrawal of deposits was made under this section, the person withdrawing the deposits shall account for them to the personal representative.

(8)

When a credit union transfers moneys under subsection (1) of this section, the transferor may require the transferee to furnish the transferor with a written indemnity agreement, indemnifying the transferor against loss for moneys paid to the extent of the amount of the deposit.

(9)

Intentionally left blank —Ed.

(a)

Moneys disbursed to the Department of Human Services under subsection (1) of this section may be made payable only to the department.

(b)

Moneys disbursed to the Oregon Health Authority under subsection (1) of this section may be made payable only to the authority.

(10)

This section is subject to the rights of other parties to the account under ORS 723.474 (Definitions for ORS 723.474 to 723.498) to 723.498 (Designation of agent for account). [1999 c.185 §21; 2003 c.395 §24; 2005 c.381 §28; 2007 c.369 §3; 2009 c.11 §93; 2009 c.595 §1115; 2011 c.720 §218; 2017 c.51 §2; 2019 c.678 §77; 2021 c.424 §25]

Source: Section 723.466 — Disposition of deposit on death of depositor, https://www.­oregonlegislature.­gov/bills_laws/ors/ors723.­html.

723.001
Definitions
723.002
Short title
723.006
“Credit union” defined
723.008
“Credit union” defined for ORS 723.136 and 723.464 to 723.498
723.012
Organization procedure
723.014
Denial of certificate of approval
723.016
Form of articles and bylaws
723.022
Amendment of articles and bylaws
723.026
Use of name exclusive
723.032
Places of business
723.036
Fiscal year
723.042
Interstate credit unions
723.102
Rulemaking authority
723.106
Reports
723.112
Examinations
723.114
Annual fees paid by credit unions
723.116
Records
723.118
Disclosure of records of department
723.122
Bond or letter of credit
723.126
Enforcement actions
723.132
Order to remove officer, director or committee member
723.134
Receipt of deposits from person not a member of credit union
723.136
Agreements with other credit union supervisory agencies and Financial Crimes Enforcement Network
723.152
General powers
723.156
Exercise of powers of federal credit union
723.172
Credit union membership
723.176
Business and nonbusiness organizations as members
723.182
Other credit unions as members
723.184
State deemed member with respect to deferred compensation deposits
723.186
Members who leave field of membership
723.192
Individual liability
723.196
Meeting of members
723.202
Withdrawal and expulsion of members
723.252
Election of directors and appointment of credit committee and credit manager
723.256
Record of board and committee members
723.262
Vacancies
723.266
Compensation of officials
723.272
Conflicts of interest
723.276
Executive officers
723.282
Authority of directors
723.286
Executive committee
723.292
Meetings of directors
723.296
Duties of directors
723.302
Duties of credit committee
723.306
Meetings of credit committee
723.312
Loan officers
723.316
Chief credit officer
723.322
Duties of supervisory committee
723.326
Suspension and removal of officials
723.338
Duty to notify law enforcement officers of violations of Oregon Credit Union Act
723.402
Shares
723.406
Dividends
723.412
Deposit and deposit certificate accounts
723.426
Joint accounts
723.432
Trust accounts
723.434
Share draft accounts
723.447
Certified share drafts
723.450
Payment on shares and deposits
723.454
Liens
723.460
Reduction in shares
723.464
Deposits made in name of minor
723.466
Disposition of deposit on death of depositor
723.468
Adverse claim to deposit
723.470
Checks drawn by agents presumed to be in authorized manner
723.472
Checks of intoxicated or drugged persons
723.474
Definitions for ORS 723.474 to 723.498
723.476
Application of ORS 723.478, 723.480 and 723.482
723.478
Ownership of multiple-party accounts
723.480
Multiple-party accounts
723.482
Rights of survivorship based on form of account
723.484
Transfers of moneys upon death of depositor or trustee is not testamentary disposition
723.486
Multiple party account
723.488
Joint account
723.490
P.O.D. account
723.492
Trust account
723.494
Discharge of credit union for payments made
723.496
Right of credit union to setoff
723.498
Designation of agent for account
723.502
Purposes
723.506
Application
723.512
Loan limit
723.516
Installments
723.522
Line of credit
723.526
Other loan programs
723.532
Loans to credit union officials
723.536
Loans to nonmembers
723.572
Insurance for members
723.576
Liability insurance for director, officer, employee or agent
723.582
Share and deposit insurance
723.586
Group purchasing
723.602
Investment of funds
723.631
Regular reserve
723.636
Charges to regular reserve
723.646
Special reserves
723.672
Suspension
723.676
Liquidation
723.682
Merger
723.686
Conversion of charter
723.702
Organization
723.706
Membership
723.712
Voting representative
723.716
Additional rights and powers
723.730
Corporate central credit union
723.752
Application of tax statutes to credit unions
723.756
Stock transfer taxes
723.762
Participation in government programs
723.806
Notice to law enforcement officers of violation of Oregon Credit Union Act
723.812
Actions
723.816
Prohibited acts
723.818
Giving false document, statement or report prohibited
723.822
Cease and desist orders
723.830
Regulation of services performed for credit union
723.832
Application to credit unions existing on September 13, 1975
723.836
Effect of amendment or repeal of Oregon Credit Union Act
723.840
Limitation on personal liability for good faith act or omission or exercise of judgment or discretion
723.844
Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box
723.992
Criminal penalties
723.995
Civil penalties
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