Section 723.492 – Trust account; payment to trustee; payment to others.
Any trust account may be paid, on request, to any trustee. Unless the credit union has received written notice that the beneficiary has a vested interest not dependent upon the beneficiary surviving the trustee, payment may be made to the personal representative or heirs of a deceased trustee if proof of death is presented to […]
Section 723.494 – Discharge of credit union for payments made; conditions.
Payment made pursuant to ORS 723.486, 723.488, 723.490 or 723.492 discharges the credit union from all claims for amounts paid, whether or not the payment is consistent with the beneficial ownership of the account between parties, P.O.D. payees or beneficiaries, or their successors. The protection given by this section does not extend to payments made […]
Section 723.464 – Deposits made in name of minor.
Any deposit to a credit union made to an account in the name of a minor shall be held for the exclusive right and benefit of the minor and free from the control or lien of all other persons, except other parties to the account and creditors, and shall be paid, in accordance with the […]
Section 723.496 – Right of credit union 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 a credit union, the credit union has a right to setoff against the account in which the party has or had immediately before the death of […]
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 a person claiming the deposit as provided in subsection (3) of this section, or a declaration from the Department of […]
Section 723.498 – Designation of agent for account; powers of agent.
Nothing in ORS 723.426, 723.432, 723.474, 723.476 or 723.478 shall preclude a party to an account from adding the name of another person to the account with the designation of “agent.” The agent shall have no present or future interest in the sums on deposit in the account, but the credit union may honor requests […]
Section 723.468 – Adverse claim to deposit; notice; restraining order or other process; indemnity bond or letter of credit.
(1) A credit union shall be obligated to recognize an adverse claim to a deposit it holds only if the adverse claimant gives notice to the credit union of its claim and: (a) Procures a restraining order, injunction or other appropriate process against the credit union in an action wherein the person to whose credit […]
Section 723.470 – Checks drawn by agents presumed to be in authorized manner.
If a person who owns a share or deposit account subject to check authorizes another person as agent to draw checks against the account, the credit union, in the absence of written notice to the contrary, may presume that any check drawn by the agent in the manner authorized by the terms and conditions of […]
Section 723.472 – Checks of intoxicated or drugged persons.
A credit union may refuse to pay any check, draft or order drawn upon it when the officers or employees of the credit union have reason to believe that the person signing or indorsing the instrument was so under the influence of alcohol, drugs or controlled substances or that the person was otherwise so incapacitated […]
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 […]