74th OREGON LEGISLATIVE ASSEMBLY--2007 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 1959
 
                         Senate Bill 692
 
Sponsored by COMMITTEE ON JUDICIARY (at the request of Oregon
  Bankers Association)
 
 
                             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 as
introduced.
 
  Adds investment management accounts, safekeeping accounts and
custody accounts to definition of security account for purposes
of Uniform TOD Security Registration Act.
 
                        A BILL FOR AN ACT
Relating to the Uniform TOD Security Registration Act; creating
  new provisions; and amending ORS 59.535.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 59.535 is amended to read:
  59.535. For the purposes of ORS 59.535 to 59.585, unless the
context otherwise requires:
  (1) 'Beneficiary form' means a registration of a security which
indicates the present owner of the security and the intention of
the owner regarding the person who will become the owner of the
security upon the death of the owner.
  (2) 'Devisee' means any person designated in a will to receive
a disposition of real or personal property.
  (3) 'Heirs' means those persons, including the surviving
spouse, who are entitled under the statutes of intestate
succession to the property of a decedent.
  (4) 'Person' means an individual, a corporation, an
organization or other legal entity.
  (5) 'Personal representative' includes executor, administrator,
successor personal representative, special administrator and
persons who perform substantially the same function under the law
governing their status.
  (6) 'Property' includes both real and personal property or any
interest therein and means anything that may be the subject of
ownership.
  (7) 'Register,' including its derivatives, means to issue a
certificate showing the ownership of a certificated security or,
in the case of an uncertificated security, to initiate or
transfer an account showing ownership of securities.
  (8) 'Registering entity' means a person who originates or
transfers a security title by registration, and includes a broker
maintaining security accounts for customers and a transfer agent
or other person acting for or as an issuer of securities.
  (9) 'Security' means a share, participation or other interest
in property, in a business, or in an obligation of an enterprise
 
or other issuer, and includes a certificated security, an
uncertificated security and a security account.
  (10) 'Security account' means:
  (a) A reinvestment account associated with a security, a
securities account with a broker,   { - a cash balance in a
brokerage account, - }  cash, { +  cash equivalents, + }
interest, earnings or dividends earned or declared on a security
in an account, a reinvestment account or a brokerage account,
whether or not credited to the account before the owner's death;
 { - or - }
  (b) A cash balance or other property held for or due to the
owner of a security as a replacement for or product of an account
security, whether or not credited to the account before the
owner's death  { - . - }  { + ; or
  (c) An investment management account, a safekeeping account or
a custody account with a financial institution or trust company,
as those terms are defined in ORS 706.008, including the
securities in the account and cash, cash equivalents, interest,
earnings or dividends earned or declared on a security in the
account, whether or not credited to the account before the
owner's death. + }
  (11) 'State' includes any state of the United States, the
District of Columbia, the Commonwealth of Puerto Rico and any
territory or possession subject to the legislative authority of
the United States.
  SECTION 2.  { + The amendments to ORS 59.535 by section 1 of
this 2007 Act apply to security accounts maintained by a
registration entity on or after the effective date of this 2007
Act. + }
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