Oregon Statutes - Chapter 65 - Nonprofit Corporations - Section 65.674 - Deposit with Department of State Lands.

Assets of a dissolved corporation which should be transferred to a creditor, claimant or member of the corporation who cannot be found or who is not competent to receive them shall be reduced to cash unless they are subject to known trust restrictions and deposited with the Department of State Lands for safekeeping. However, in the discretion of the Director of the Department of State Lands, property of unusual historic or aesthetic interest may be received and held in kind. The receiver or other liquidating agent shall prepare in duplicate and under oath a statement containing the names and last-known addresses of the persons entitled to such funds. One of the statements shall be filed with the Department of State Lands and another shall be delivered to the Secretary of State for filing. The funds shall then escheat to and become the property of the State of Oregon and shall become part of the Common School Fund of the state. The owner, heirs or personal representatives of the owner, may reclaim any funds so deposited in the manner provided for estates which have escheated to the state. [1989 c.1010 §146]


(Authority to Transact Business)

Section:  Previous  65.651  65.654  65.657  65.661  65.664  65.667  65.671  65.674  65.701  65.704  65.707  65.711  65.714  65.717  65.721  Next

Last modified: August 7, 2008