(1) All funds received under ORS 98.302 to 98.436 and 98.992, including the proceeds from the sale of unclaimed property under ORS 98.382, shall be deposited by the Department of State Lands in the Common School Fund Account with the State Treasurer. Before making the deposit the department shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.
(2) Before making a deposit to the credit of the Common School Fund Account, the department may deduct:
(a) Any costs in connection with sale of unclaimed property;
(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and
(c) Reasonable service charges. [1957 c.670 §20; 1983 c.716 §16; 1989 c.183 §2; 1993 c.694 §15]Section: Previous 98.366 98.370 98.372 98.376 98.380 98.382 98.384 98.386 98.388 98.390 98.392 98.396 98.400 98.402 98.406 Next
Last modified: August 7, 2008