Oregon Statutes - Chapter 708A - Regulation of Institutions Generally - Section 708A.515 - Designation of agent for account; powers of agent.

Nothing in ORS 708A.455 to 708A.465, 716.024, 723.426 or 723.432 shall preclude a party to an account from adding the name of another person to such an account with the designation “agent.” Such agent shall have no present or future interest in the sums on deposit in such account, but the financial institution may honor requests for payment from such account by such agent, unless the principal is deceased at the time the payment is requested and the financial institution has actual knowledge of such death. Payments from such account by such financial institution at the request of such agent shall discharge such financial institution from all claims for amounts so paid. [1997 c.631 §184]

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Last modified: August 7, 2008