72nd OREGON LEGISLATIVE ASSEMBLY--2003 Regular Session
 
 
                            Enrolled
 
                         House Bill 3344
 
Sponsored by COMMITTEE ON JUDICIARY (at the request of
  Representative Greg Macpherson for Craig Chisholm)
 
 
                     CHAPTER ................
 
 
                             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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Enrolled House Bill 3344 (HB 3344-A)                       Page 1
 
 
 
 
 
Passed by House May 8, 2003
 
 
      ...........................................................
                                             Chief Clerk of House
 
      ...........................................................
                                                 Speaker of House
 
Passed by Senate June 27, 2003
 
 
      ...........................................................
                                              President of Senate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 3344 (HB 3344-A)                       Page 2
 
 
 
 
 
Received by Governor:
 
......M.,............., 2003
 
Approved:
 
......M.,............., 2003
 
 
      ...........................................................
                                                         Governor
 
Filed in Office of Secretary of State:
 
......M.,............., 2003
 
 
      ...........................................................
                                               Secretary of State
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Enrolled House Bill 3344 (HB 3344-A)                       Page 3