Oregon Statutes - Chapter 723 - Credit Unions - Section 723.474 - Definitions for ORS 723.474 to 723.498.

As used in ORS 723.474 to 723.498, unless the context requires otherwise:

(1) “Account” means a contract of deposit of funds between a member and a credit union and includes a checking account, savings account, certificate of deposit and share account.

(2) “Beneficiary” means a person named in a trust account as one for whom a party to the account is named as trustee.

(3) “Joint account” means an account payable on request to one or more of two or more parties whether or not mention is made of any right of survivorship.

(4) “Multiple-party account” means a joint account, a P.O.D. account or a trust account. “Multiple-party account” does not include:

(a) Accounts established for the deposit of funds of a partnership, joint venture or other association for business purposes; or

(b) Accounts controlled by one or more persons as the duly authorized agent or trustee for a corporation, unincorporated association, charitable or civic organization, or a regular fiduciary or trust account where the relationship is established other than by deposit agreement.

(5) “Net contribution” of a party to a joint account means the sum of all deposits made to the account by or for the party, less all withdrawals made by or for the party that have not been paid to or applied to the use of any other party, plus a pro rata share of any interest or dividends included in the current balance. “Net contribution” includes any proceeds of deposit life insurance added to the account by reason of the death of the party whose net contribution is in question.

(6) “Party” means a person who, by the terms of the multiple-party account, has a present right, subject to request, to payment from a multiple-party account. A P.O.D. payee or beneficiary of a trust account is a party only after the account becomes payable to the payee or beneficiary by reason of the payee or beneficiary surviving the original party or trustee. “Party” includes a guardian, conservator, personal representative or assignee, including an attaching creditor, of a party. “Party” also includes a person identified as a trustee of an account, whether or not a beneficiary is named, but does not include any named beneficiary unless the named beneficiary has a present right of withdrawal.

(7) “Payment” of sums on deposit includes withdrawal, payment on check or other directive of a party, any pledge of sums on deposit by a party and any setoff, deduction or other disposition of all or part of an account pursuant to a pledge.

(8) “P.O.D. account” means an account payable on request:

(a) To one person during the lifetime of the person and upon the death of the person to one or more P.O.D. payees; or

(b) To one or more persons during their lifetimes and upon the death of all of them to one or more P.O.D. payees.

(9) “P.O.D. payee” means a person designated on a P.O.D. account as the person to whom the account is payable on request after the death of one or more persons.

(10) “Request” means a proper request for withdrawal, or a check or order for payment, that complies with all conditions of the account, including special requirements concerning necessary signatures and regulations of the credit union. If the credit union conditions withdrawal or payment on advance notice, for purposes of ORS 723.474 to 723.498, the request for withdrawal or payment is treated as immediately effective and a notice of intent to withdraw is treated as a request for withdrawal.

(11) “Sums on deposit” means the balance payable on a multiple-party account including interest, dividends and any deposit life insurance proceeds added to the account by reason of the death of a party.

(12) “Trust account” means an account in the name of one or more parties as trustee for one or more beneficiaries where the relationship is established by the form of the account and the deposit agreement with the credit union, and there is no subject of the trust other than the sums on deposit in the account. It is not essential that payment to the beneficiary be mentioned in the deposit agreement. A trust account does not include a regular trust account under a testamentary trust, a trust agreement that has significance apart from the account, or a fiduciary account arising from a fiduciary relationship such as attorney-client.

(13) “Withdrawal” includes payment to a third person pursuant to check or other directive of a party. [1999 c.185 §25]

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Last modified: August 7, 2008