Oregon Statutes - Chapter 723 - Credit Unions - Section 723.466 - Disposition of deposit on death of depositor.

(1) On the death of a member of a credit union, if the deposit to the credit of the deceased member is $25,000 or less, the credit union may, upon receipt of an affidavit from the person claiming the deposit as provided in subsection (2) of this section, pay the moneys on deposit:

(a) To the surviving spouse on demand of the surviving spouse at any time after the death of the member;

(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 member when there is a preferred claim arising under ORS 411.708, 411.795 or 414.105;

(c) If there is no surviving spouse and no department claim, to the memberís 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 memberís surviving parents; or

(e) If there is no surviving spouse, department claim, surviving child 18 years of age or older or surviving parent, to the memberís surviving brothers and sisters 18 years of age or older.

(2) The affidavit shall:

(a) State where and when the member died;

(b) State that the total deposits of the deceased member in all financial institutions in this state do not exceed $25,000;

(c) Show the relationship of the affiant to the deceased member; and

(d) Embody a promise to pay the expenses of last sickness, funeral expenses and just debts of the deceased member out of the deposit, to the full extent of the deposit 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 member 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 moneys as escheat property.

(4) The credit union shall determine the relationship of the affiant to the deceased member. However, payment of the moneys in good faith to the affiant discharges and releases the transferor from any liability or responsibility for the transfer in the same manner and with the same effect as if the property had been transferred, delivered or paid to a personal representative of the estate of the deceased member.

(5) A probate proceeding is not necessary to establish the right of the surviving spouse, department, surviving children, surviving parents, surviving brothers and sisters or an estate administrator of the Department of State Lands to withdraw the deposits upon the filing of the affidavit. If a personal representative is appointed in an estate where a withdrawal of deposits was made under this section, the person withdrawing the deposits shall account for them to the personal representative.

(6) When a credit union transfers moneys under subsection (1) of this section, the transferor may require the transferee to furnish the transferor with a written indemnity agreement, indemnifying the transferor against loss for moneys paid to the extent of the amount of the deposit.

(7) This section is subject to the rights of other parties to the account under ORS 723.474 to 723.498. [1999 c.185 §21; 2003 c.395 §24; 2005 c.381 §28; 2007 c.369 §3]

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Last modified: August 7, 2008