Report of abandoned property
(1) Every person holding funds or other property, tangible or intangible, presumed abandoned under ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436) shall report and pay or deliver to the Department of State Lands all property presumed abandoned as provided in this section, except that:
(a) Funds transferred to the General Fund under ORS 293.455 (Refusal of payment of unpresented checks) (1)(a) shall only be reported to the department.
(b) Funds in the possession of the Child Support Program described in ORS 180.345 (Child Support Program) shall only be reported to the department.
(c) Funds in lawyer trust accounts shall only be reported to the department.
(2) The report shall be verified as to the accuracy of the information contained and shall include:
(a) Except with respect to travelers checks and money orders, the name, if known, and address, if known, of each person appearing from the records of the holder to be the owner of any property of value of $50 or more presumed abandoned under ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436);
(b) In case of unclaimed funds of life insurance corporations, the full name of the insured or annuitant and last-known address according to the life insurance corporations records;
(c) The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under $50 each may be reported in aggregate;
(d) The date when the property became payable, demandable, or returnable, and the date of the last transaction with the owner with respect to the property; and
(e) Other information that the department prescribes by rule as necessary for the administration of ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436).
(3) If the person holding property presumed abandoned is a successor to other persons who previously held the property for the owner, or if the holder has had a name change while holding the property, the holder shall file with the report all prior known names and addresses and effective dates of changes if known of each holder of the property.
(4) The report shall be filed after October 1, but no later than November 1 of each year for accounts dormant as of June 30. The department may postpone the reporting date upon written request by any person required to file a report. All records are exempt from public review for 12 months from the time the property is reportable and for 24 months after the property has been remitted to the department. All lists of records or property held by a government or public authority under ORS 98.336 (Property held by government and public authorities) shall be exempt from public review until 24 months after the property is remitted to the department.
(5) If the holder of property presumed abandoned under ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436) knows the whereabouts of the owner and if the owners claim has not been barred by the statute of limitations, the holder shall, before filing the annual report, communicate with the owner and take necessary steps to prevent abandonment from being presumed. The holder shall exercise due diligence to ascertain the whereabouts of the owner.
(6) If the property presumed abandoned is a lawyer trust account established by an attorney or law firm, the report required by this section must indicate that the account is a lawyer trust account in addition to providing the information required by subsection (2) of this section.
(7) Verification, if made by a partnership, shall be executed by a partner; if made by an unincorporated association or private corporation, by an officer; and if made by a public corporation, by its chief fiscal officer. [1957 c.670 §13; 1967 c.357 §2; 1981 c.475 §4; 1983 c.716 §9; 1993 c.694 §6; 1997 c.86 §1; 1999 c.798 §2; 2003 c.73 §48; 2009 c.462 §1]
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