As used in ORS 112.570 to 112.590:
(1) “Co-owners with right of survivorship” means joint tenants, tenants by the entirety and any other co-owners of property or accounts that are held in a manner that entitles one or more of the owners to ownership of the whole of the property or account upon the death of one or more of the other owners.
(2) “Governing instrument” means:
(a) A deed;
(b) A will;
(c) A trust;
(d) An insurance or annuity policy account with a payable-on-death designation;
(e) A pension, profit-sharing, retirement or similar benefit plan;
(f) An instrument creating or exercising a power of appointment or a power of attorney; or
(g) Any other dispositive, appointive or nominative instrument of a type similar to those instruments specified in this subsection.
(3) “Payor” means a trustee, insurer, employer, governmental agency, political subdivision or any other person authorized or obligated by law or by a governing instrument to make payments. [1999 c.131 §1]
Note: 112.570 to 112.590 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 112 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.Section: Previous 112.495 112.505 112.515 112.525 112.535 112.545 112.555 112.570 112.572 112.575 112.578 112.580 112.582 112.585 112.586 Next
Last modified: August 7, 2008