Title 53, Financial Institutions

(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 S…

(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: (a) Procures a restraining order, injunction or other appropriate process against …

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 co…

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 de…

(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. (2) The amount of any certified check shall be immediately charged to the drawer’s accoun…

As used in ORS 708A.455 to 708A.515, unless the context requires otherwise: (1)(a) “Account” means a contract of deposit of funds between a depositor and an insured institution. (b) “Account” includes a checking account, savings account or certificate of deposit. (2) “Beneficiary…

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 cred…

(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. (2) A P.O.D. account belongs to the original party during th…

(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 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 in…

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]

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 …

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] Note: 708A.488 was…

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…

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 pr…

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 t…

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 betw…

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 part…

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 re…

(1) An institution may only grant security interests in its assets: (a) To secure its indebtedness to a Federal Reserve Bank or Federal Home Loan Bank. (b) To secure its borrowings from others with a maturity of 90 days or less, provided the value of the assets pledged shall not …

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]

(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. (2) Within…

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 ba…

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 …

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…

(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…

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…

(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. (2) An institution shall at all times valu…

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 …

An institution shall charge off all debts: (1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection; (2) That an examiner has classified as a loss; or (3) Upon the instruction of the Director of the Department of Co…

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 s…

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 in…

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 …

(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: (a) Procuring or endeavoring to procure for any person any loan from, or the purchase or discount of a…

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…

(1) As used in this section: (a) “Bank” means any banking institution, out-of-state state bank, out-of-state federal bank, national bank or extranational institution that engages in banking business in this state. (b) “Banking day” means any day that is not an optional bank holid…

(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. (2) Subject to ORS 114.537, upon being furnished with a certified copy of the decedent’s death record or other evidence of death satisfactor…

(1) As used in this section: (a) “Financial institution” has the definition given that term in ORS 706.008. (b) “Savings promotion raffle” means a contest in which a financial institution, or an agent of the financial institution, offers a chance for an individual member or depos…

As used in this section and ORS 708A.675: (1) “Financial exploitation” has the meaning given that term in ORS 124.050. (2) “Financial institution” means a financial institution or a trust company as those terms are defined in ORS 706.008. (3) “Law enforcement agency” has the mean…

(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 ma…

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: (1) R…

(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. (2) An Oregon commercial bank that violates ORS 708A.420 shall forfeit a civil penal…

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