(1) After October 1, the State Treasurer may refuse payment of the unpresented checks or orders included in the report referred to in ORS 293.450. In accordance with procedures developed by the Department of State Lands and approved by the State Treasurer, the agency shall instruct the State Treasurer to do the following:
(a) Transfer and credit the amounts of the unpresented checks or orders dedicated for general funding to the General Fund.
(b) Transfer all other funds to the Department of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.
(c) Transfer and credit the amounts of the unpresented checks issued under ORS chapters 316 and 317 to the Department of State Lands for deposit in the Unclaimed Property Revolving Fund within the Common School Fund Account.
(2) In each instance, the State Treasurer shall issue an official receipt for the amount so transferred or credited.
(3) If the State Treasurer pays the owner of an unpresented check or order included in the report referred to in ORS 293.450 before the funds are transferred to the Department of State Lands, this information shall be reported to the Department of State Lands. [Formerly 291.512; 1967 c.454 §64; 1981 c.188 §1; 1993 c.694 §31; 1995 c.340 §1; 1997 c.86 §§3,4]
Section: Previous 293.425 293.430 293.435 293.440 293.445 293.447 293.450 293.455 293.460 293.462 293.465 293.470 293.475 293.480 293.485 NextLast modified: August 7, 2008