2017 ORS 98.386¹
Deposit of funds

(1) Except as provided in subsection (2) of this section, all funds received 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), including the proceeds from the sale of unclaimed property under ORS 98.382 (Sale of abandoned and unclaimed property), shall be deposited by the Department of State Lands in the Common School Fund Account with the State Treasurer. Before making the deposit the department shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.

(2) Any amounts identified as lawyer trust account funds in the report required by ORS 98.352 (Report of abandoned property) shall be paid or delivered by the person holding the amounts to the Oregon State Bar along with a copy of the report. All amounts paid or delivered to the Oregon State Bar under this section are continuously appropriated to the Oregon State Bar, and may be used only for the funding of legal services provided through the Legal Services Program established under ORS 9.572 (Bar to establish Legal Services Program), the payment of claims allowed under ORS 98.392 (Claim for unclaimed property reported to Department of State Lands) (2) and the payment of expenses incurred by the Oregon State Bar in the administration of the Legal Services Program.

(3) Before making a deposit to the credit of the Common School Fund Account, the department may deduct:

(a) Any costs in connection with sale of unclaimed property;

(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and

(c) Reasonable service charges. [1957 c.670 §20; 1983 c.716 §16; 1989 c.183 §2; 1993 c.694 §15; 2009 c.462 §2]

Atty. Gen. Opinions

Implied authority to sell abandoned stock through a broker, (1971) Vol 35, p 993

Law Review Cita­tions

27 WLR 757

Atty. Gen. Opinions

Necessity of probate if abandoned prop­erty is claimed by heirs, (1972) Vol 35, p 1177

1 Legislative Counsel Committee, CHAPTER 98—Lost, Unclaimed or Abandoned Property; Vehicle Towing, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors098.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 98, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano098.­html (2017) (last ac­cessed Mar. 30, 2018).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.