72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .
 
LC 2845
 
                           A-Engrossed
 
                         House Bill 3344
                  Ordered by the House April 30
            Including House Amendments dated April 30
 
Sponsored by COMMITTEE ON JUDICIARY (at the request of
  Representative Greg Macpherson for Craig Chisholm)
 
 
                             SUMMARY
 
The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure.
 
  Changes number of years that intangible personal property must
be held in fiduciary capacity before being presumed abandoned
from five to two. Specifies that retirement plans are not payable
or distributable until distribution of all or part of funds is
mandatory for purposes of abandonment period.
   { +  Applies to property held in fiduciary capacity before, on
or after effective date. + }
 
                        A BILL FOR AN ACT
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. + }
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