Chapter 708A — Chapter 708A

ORS 708A.425 Deposit made in name of minor. Any deposit in an Oregon commercial bank made to an account in the name of a minor must be held for the exclusive right and benefit of the minor free from the control or lien of all other persons, except other parties to the account and creditors, and must be paid, in accordance with the terms of the account, together with any interest on the deposit, to or upon the order of the minor. [1997 c.631 §166; 2015 c.244 §48]

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ORS 708A.430 Disposition of deposit on death of depositor. (1) On the death of a depositor of an insured institution, if the deposit is $25,000 or less, the insured institution, after receiving an affidavit as provided in subsection (3) of this section from a person that claims the deposit, or a declaration from the Department of Human Services or the Oregon Health Authority as provided in subsection (4) of this section, may pay the moneys on deposit to the credit of the deceased depositor, in the following order of priority, to

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ORS 708A.435 Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit. (1) An insured institution shall recognize an adverse claim to a deposit the insured institution holds only if the adverse claimant gives notice to the insured institution of the adverse claim and

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ORS 708A.440 Checks drawn by agents presumed to be in authorized manner. If a person who owns a deposit account subject to check authorizes another person as agent to draw checks against the account, the insured institution, in the absence of written notice to the contrary, may presume that any check the agent draws in the manner that the terms and conditions of the account authorize, including a check the agent draws to the agent’s personal order, is for a purpose that the principal authorizes and is within the scope of the authority conferred upon the agent. [1997 c.631 §169; 2015 c.244 §51]

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ORS 708A.445 Checks of intoxicated, drugged or financially exploited persons. An insured institution may refuse to pay any check, draft or order drawn upon the insured institution if the officers or employees of the insured institution have reason to believe that the person signing or indorsing the instrument was the victim of financial exploitation, as defined in ORS 124.050, or was so under the influence of liquor, drugs or controlled substances or otherwise so incapacitated as to make it reasonably doubtful whether the person was capable of transacting business at the time of signing or indorsing the check, draft or order. [1997 c.631 §170; 2015 c.244 §52]

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ORS 708A.450 Certified checks. (1) An Oregon commercial bank shall certify a check only if the amount of the check actually stands to the credit of the drawer in collected funds on the books of the Oregon commercial bank

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ORS 708A.455 Definitions for ORS 708A.455 to 708A.515. As used in ORS 708A.455 to 708A.515, unless the context requires otherwise

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ORS 708A.460 Application of ORS 708A.465 to 708A.475; liability and setoff rights of financial institutions. The provisions of ORS 708A.465 to 708A.475 concerning beneficial ownership as between parties, or as between parties and P.O.D. payees or beneficiaries of multiple-party accounts, apply only to controversies between the parties, the P.O.D. payees or the beneficiaries and the creditors and other successors of the parties, P.O.D. payees or beneficiaries, and do not apply to the power of withdrawal that a party, P.O.D. payee or beneficiary has under the terms of account contracts. The provisions of ORS 708A.485 to 708A.510 govern the liability of insured institutions that make payments under ORS 708A.485 to 708A.510, and an insured institution’s setoff rights. [1997 c.631 §173; 2015 c.244 §56]

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ORS 708A.465 Ownership of multiple-party accounts. (1) A joint account belongs, during the lifetime of all parties, to the parties in proportion to the net contributions by each to the sums on deposit, unless there is clear and convincing evidence of a different intent

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ORS 708A.470 Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will. (1) Sums that remain on deposit in an insured institution at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties as against the estate of the decedent. If two or more parties survive, each party’s respective ownership during the party’s lifetime must be in proportion to the party’s previous ownership interest under ORS 708A.465, augmented by an equal share for each surviving party of any interest the decedent may have owned in the account immediately before death. The right of survivorship continues between the surviving parties

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ORS 708A.475 Rights of survivorship based on form of account; alteration of form of account. The provisions of ORS 708A.470 as to rights of survivorship are determined by the form of the account at the death of a party. Subject to satisfaction of the requirements of the insured institution, the form of an account may be altered by written order given by a party to the insured institution if the party signs the order and the insured institution receives the order during the party’s lifetime, and if the party does not countermand the order with another written order during the party’s lifetime. [1997 c.631 §176; 2015 c.244 §58]

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ORS 708A.480 Transfer of moneys upon death of depositor or trustee is not testamentary disposition. Any transfers resulting from the application of ORS 708A.470 are effective by reason of the account contracts involved and ORS 708A.470, and are not to be considered as testamentary or subject to administration in the estate of a deceased party. [1997 c.631 §177]

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ORS 708A.485 Payment of deposit in multiple-party account to one or more parties; institution not required to determine source or use of funds in account. An insured institution may enter into a multiple-party account to the same extent that the insured institution may enter into a single-party account. The insured institution may pay any multiple-party account, on request, to any one or more of the parties. An insured institution need not inquire as to the source of funds the insured institution receives for deposit to a multiple-party account, or as to the proposed application of any sum withdrawn from an account, for purposes of establishing net contributions. [1997 c.631 §178; 2015 c.244 §59]

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ORS 708A.488 Withdrawal or payment conditioned on advance notice. If an insured institution conditions withdrawal or payment on advance notice, for purposes of ORS 708A.455 to 708A.515, a request for withdrawal or payment is immediately effective and a notice of intent to withdraw is a request for withdrawal. [2015 c.244 §55]

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ORS 708A.490 Joint account; payment to any party to account; payment to others. An insured institution may pay any sums in a joint account, on request, to any party without regard to whether any other party is incapacitated or deceased at the time the party demands payment. An insured institution may not pay the personal representative or heirs of a deceased party unless proofs of death are presented to the insured institution showing that the decedent was the last surviving party or unless no right of survivorship exists under ORS 708A.470. [1997 c.631 §179; 2015 c.244 §60]

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ORS 708A.495 P.O.D. account; payment to any original party; payment to others. An insured institution may pay any P.O.D. account, on request, to any original party to the account. The insured institution may pay, on request, the P.O.D. payee or the personal representative or heirs of a deceased P.O.D. payee upon presentation to the insured institution of proof of death showing that the P.O.D. payee survived all persons named as original parties. The insured institution may pay the personal representative or heirs of a deceased original party if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as an original party or as P.O.D. payee. [1997 c.631 §180; 2015 c.244 §61]

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ORS 708A.500 Trust account; payment to any trustee; payment to others. An insured institution may pay any trust account, on request, to any trustee. Unless the insured institution has received written notice that the beneficiary has a vested interest that does not depend upon the beneficiary’s surviving the trustee, the insured institution may pay the personal representative or heirs of a deceased trustee if proof of death is presented to the insured institution showing that the decedent survived all other persons named on the account either as trustee or beneficiary. The insured institution may pay, on request, the beneficiary upon presentation to the insured institution of proof of death showing that the beneficiary or beneficiaries survived all persons named as trustees. [1997 c.631 §181; 2015 c.244 §62]

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ORS 708A.505 Discharge of institution from liability for payments made; conditions. A payment that an insured institution makes under ORS 708A.485, 708A.490, 708A.495 or 708A.500 discharges the insured institution from all claims for amounts the insured institution paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees or beneficiaries, or successors of the parties, P.O.D. payees or beneficiaries. The protection given by this section does not extend to payments an insured institution makes after receiving a written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the person that gives the notice withdraws the notice, the successor of any deceased party must concur in any demand for withdrawal in order for the protections that this section provides to extend to the insured institution. Any other notice or information shown to have been available to an insured institution does not affect the insured institution’s right to protection under this section. The protection that this section provides does not affect the rights of parties in disputes between the parties or the parties’ successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts. [1997 c.631 §182; 2015 c.244 §63]

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ORS 708A.510 Right of institution to setoff; amount. Without qualifying any other statutory or common law right to setoff or lien and subject to any contractual provision, if a party to a multiple-party account is indebted to an insured institution, the insured institution has a right to setoff against the account in which the party has or had a present right of withdrawal immediately before the party’s death. The amount of the account that is subject to setoff is the proportion to which the debtor is, or was immediately before the death of the debtor, beneficially entitled and, in the absence of proof of net contributions, to an equal share with all parties that have present rights of withdrawal. [1997 c.631 §183; 2015 c.244 §64]

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ORS 708A.515 Designation of agent for account; powers of agent. ORS 708A.455 to 708A.465 do not preclude a party to an account from adding the name of another person to the account with the designation “agent.” The agent does not have a present or future interest in the sums on deposit in such account, but the insured institution may honor requests from the agent for payment from the account, unless the principal is deceased at the time the agent requests the payment and the insured institution has actual knowledge of the principal’s death. An insured institution’s payment from the account at the agent’s request discharges the insured institution from all claims for amounts the insured institution paid. [1997 c.631 §184; 2015 c.244 §65]

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ORS 708A.535 Granting security interests in institution assets. (1) An institution may only grant security interests in its assets

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ORS 708A.555 Generally accepted accounting principles. Except as otherwise provided in the Bank Act or other applicable law, institutions shall keep books and records in accordance with accounting principles generally accepted in the United States (GAAP), consistently applied. [1997 c.631 §186; 2015 c.244 §66]

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ORS 708A.560 Real and personal property used in institution’s business. (1) Real estate, furniture, fixtures, vaults and safe deposit boxes necessary or convenient for the operation of an institution’s business shall be carried on the books of the institution in an amount not to exceed 50 percent of its capital, as defined in ORS 708A.290

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ORS 708A.565 Certain stock. An institution shall carry on the institution’s books, at a value that does not exceed 15 percent of the stockholders’ equity in the institution, any investments in stock of or membership interests in a company that engages in activities in which a financial holding company, a bank holding company or a nonbanking subsidiary of a financial holding company or bank holding company could engage under ORS 708A.120 (4). [1997 c.631 §188; 1999 c.59 §217; 2001 c.377 §49; 2015 c.244 §67]

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ORS 708A.570 Community development corporations. Investments in community development corporations under ORS 708A.150 must be accounted for on an institution’s books as “other assets.” If the community development corporation is organized under the Oregon Nonprofit Corporation Law, the stock of the corporation purchased by the institution, or the institution’s membership in the corporation if it does not issue stock, shall be carried on the books of the institution at a value not exceeding $1. [1997 c.631 §189]

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ORS 708A.575 Market-making corporations. An institution shall carry on the institution’s books, at a value that does not exceed $1, any investments in a corporation or limited liability company that is engaged in the business of purchasing the institution’s stock for purposes of holding and making a market for the stock. [1997 c.631 §190; 2015 c.244 §68]

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ORS 708A.580 Capital-strengthening corporations. (1) An institution may not carry on the institution’s books, at a value in excess of 20 percent of the institution’s capital, the aggregate amount of stock of or membership interests in a corporation or limited liability company the institution acquired under ORS 708A.125 for the purpose of strengthening the institution’s capital or eliminating undesirable assets

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ORS 708A.585 Claims and judgments as assets. An institution may not carry claims against the estates of insolvent persons or deceased or incompetent persons and judgments against any person as an asset on the institution’s books for more than two years, unless the Director of the Department of Consumer and Business Services grants a written extension of time. This section does not apply to loans an institution makes to the personal representative, guardian, conservator or trustee of any estate. [1997 c.631 §192; 2015 c.244 §70]

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ORS 708A.590 Charging off real estate assets; use of generally accepted accounting principles. (1) An institution that owns or holds any real estate other than as permitted in the Bank Act shall immediately charge the book value of the real estate to profit and loss or otherwise remove the real estate from the institution’s books

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ORS 708A.595 Charging off personal property assets. An institution may not carry goods, as defined in ORS 79A.1020, and chattels, as defined in ORS 87.142, that the institution owns on account of collecting the institution’s debts on the institution’s books for more than two years after acquiring the goods or chattels, unless the Director of the Department of Consumer and Business Services extends the two-year period. [1997 c.631 §194; 2015 c.244 §71]

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ORS 708A.600 Charging off losses. An institution shall charge off all debts

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ORS 708A.605 Separate accounts for foreign branches. An institution shall maintain the accounts of each foreign branch independently of the accounts of other foreign branches established by it and of its home office. At the end of each year, the profit or loss accrued at each branch shall be transferred to the general ledger as a separate item. [1997 c.631 §196]

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ORS 708A.630 Negligent, excessive, dishonest or unlawful loans; civil liability of officer, director or employee. Any officer, director or employee of an institution who knowingly or negligently loans the funds of the institution in a dishonest or unlawful manner or permits the funds of the institution to be so loaned, is liable for the full amount of the loan and for all damages that the institution, its stockholders or any other person has sustained in consequence thereof. The liability for the loan continues until the loan, with interest, is paid in full without loss to the institution. The amount of the liability may be collected by suit or action without first attempting to collect from the debtor. [1997 c.631 §197a]

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ORS 708A.635 Written policies regarding reporting to and obtaining approval of board; duty to report. Institutions shall develop written policies regarding the types of matters that shall be reported to and approved by the institution’s board of directors. An officer, director or employee of an institution shall not conceal from or fail to report to the board of directors of the institution any such matter. [1997 c.631 §198]

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ORS 708A.640 Receiving illegal compensation; misapplication of property and credit. (1) An officer, director, agent or employee of an institution shall not ask for, receive or agree to receive any money, property or thing of value or of personal advantage, for

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ORS 708A.645 Illegal guaranty or indorsement. An officer, director or employee of an institution shall not make or deliver any guaranty or indorsement on behalf of the institution whereby the institution becomes liable upon any of its discounted notes, bills or obligations, in any sum beyond the amount of loans and discounts that the institution may legally make. [1997 c.631 §200]

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ORS 708A.650 Banking days; holidays. (1) As used in this section

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ORS 708A.655 Procedures for opening safe deposit box after death of person who was sole lessee or last surviving lessee of box. (1) This section applies to the safe deposit box of any person who is the sole lessee or last surviving lessee of the box and who has died

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ORS 708A.660 Savings promotion raffles; rules. (1) As used in this section

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ORS 708A.670 Definitions for ORS 708A.670 and 708A.675. As used in this section and ORS 708A.675

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ORS 708A.675 Authority of financial institutions in cases of suspected financial exploitation; notifications; limitation on liability. (1) When a financial institution reasonably believes, or has received information from the Department of Human Services, a law enforcement agency, or a district attorney’s office demonstrating that it is reasonable to believe, that financial exploitation of a vulnerable person may have occurred, may have been attempted or is being attempted, and pending an investigation by the financial institution, the department, the law enforcement agency or the district attorney’s office, the financial institution may but is not required to

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ORS 708A.680 Contractual rights not restricted. The authority granted to financial institutions under ORS 708A.675 is in addition to and not in lieu of any right a financial institution may have under the financial institution’s deposit or other contract with the financial institution’s customer. Nothing in ORS 708A.675

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ORS 708A.990 Civil penalties. (1) An institution that violates ORS 708A.560 shall forfeit a civil penalty in an amount the Director of the Department of Consumer and Business Services determines that is not more than $50,000

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ORS 708A.995 Criminal penalties. Violation knowingly of any of the provisions of ORS 708A.635 is a Class C felony. [1997 c.631 §202]

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