(1) On the death of an account holder or a holder of a demand deposit account, if the savings liability of an association or federal association on all savings accounts of the deceased, and the amounts held in all demand deposit accounts of the deceased, is $25,000 or less, the association or federal association may, upon receipt of an affidavit from the person claiming the account as provided in subsection (2) of this section, pay the withdrawal value of the accounts of the deceased holder:
(a) To the surviving spouse on demand of the surviving spouse at any time after the death of the holder;
(b) If there is no surviving spouse, to the Department of Human Services, on demand of the department no less than 46 days and no more than 75 days from the death of the holder if the holder received public assistance under ORS 411.708, 411.795 or 414.105;
(c) If there is no surviving spouse and no department claim, to the holder’s surviving children 18 years of age or older;
(d) If there is no surviving spouse, department claim or surviving child 18 years of age or older, to the holder’s surviving parent; or
(e) If there is no surviving spouse, department claim, surviving child 18 years of age or older or surviving parent, to the holder’s surviving brothers and sisters 18 years of age or older.
(2) The affidavit shall:
(a) State where and when the account holder or holder of a demand deposit account died;
(b) State that the total withdrawal value of all savings and demand deposit accounts of the deceased holder in all associations in Oregon, including federal associations, does not exceed $25,000;
(c) Show the relationship of the affiant to the deceased holder; and
(d) Embody a promise to pay the expenses of last sickness, funeral expenses and just debts of the deceased holder out of the account to the full extent of the account if necessary, in the order of priority prescribed by ORS 115.125, and to distribute any remaining moneys to the persons who are entitled to those moneys by law.
(3) In the event the holder died intestate without known heirs, an estate administrator of the Department of State Lands appointed under ORS 113.235 shall be the affiant and shall receive the withdrawal value of the accounts as escheat property.
(4) A savings association or federal association is under no obligation to determine the relationship of the affiant to the deceased holder. Payment made in good faith to the person or the Department of Human Services or an estate administrator of the Department of State Lands making the affidavit is a full acquittance and release of the association or federal association for the amount so paid.
(5) A probate proceeding is not necessary to establish the right of the surviving spouse, department, surviving children, surviving parent or surviving brothers and sisters to withdraw an account as provided by this section. However, if a personal representative is appointed in an estate of a deceased holder whose account has been withdrawn under this section, the person withdrawing the account shall account for it to the personal representative. [1975 c.582 §87; 1981 c.298 §4; 1981 c.472 §16; 1987 c.658 §3; 1999 c.594 §1; 2003 c.395 §22; 2005 c.381 §27; 2007 c.369 §2]
Section: Previous 722.250 722.252 722.254 722.256 722.257 722.258 722.260 722.262 722.264 722.266 722.268 722.302 722.303 722.304 722.305 NextLast modified: August 7, 2008