Chapter 580 Oregon Laws 2003

AN ACT

HB 3344

Relating to unclaimed property; creating new provisions; and amending ORS 98.332.

Be It Enacted by the People of the State of Oregon:

SECTION 1. ORS 98.332 is amended to read:

98.332. (1) All intangible personal property and any income or increment thereon, held in a fiduciary capacity is presumed abandoned unless the owner has, within [five] two years after it becomes payable or distributable, increased or decreased the principal, accepted payment of principal or income, corresponded in writing concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary.

(2) Funds in an individual retirement account or a retirement plan [for self-employed individuals] or a similar account or plan established under the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (1) of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory.

SECTION 2. The amendments to ORS 98.332 by section 1 of this 2003 Act apply to property that is first held in a fiduciary capacity before, on or after the effective date of this 2003 Act.

Approved by the Governor July 17, 2003

Filed in the office of Secretary of State July 18, 2003

Effective date January 1, 2004

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