2015 ORS § 723.476¹
Application of ORS 723.478, 723.480 and 723.482
  • liability and setoff rights of credit unions

The provisions of ORS 723.478 (Ownership of multiple-party accounts), 723.480 (Multiple-party accounts) and 723.482 (Rights of survivorship based on form of account) concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by the terms of account contracts. The provisions of ORS 723.486 (Multiple party account) to 723.496 (Right of credit union to setoff) govern the liability of credit unions that make payments pursuant thereto, and their setoff rights. [1999 c.185 §26]