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 […]
Section 723.476 – Application of ORS 723.478, 723.480 and 723.482; liability and setoff rights of credit unions.
The provisions of ORS 723.478, 723.480 and 723.482 concerning beneficial ownership between parties or between parties and P.O.D. payees or beneficiaries of multiple-party accounts are relevant only to controversies between those persons and their creditors and other successors, and have no bearing on the power of withdrawal of those persons as determined by the terms […]
Section 723.478 – 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 party 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 the lifetime of the party and […]
Section 723.480 – Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will.
(1) Sums remaining on deposit at a credit union at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties against the estate of the decedent. If there are two or more surviving parties, their respective ownerships during their lifetimes shall be in proportion to […]
Section 723.482 – Rights of survivorship based on form of account; alteration of form of account.
The provisions of ORS 723.480 that apply to rights of survivorship are determined by the form of the account at the time of death of a party. Subject to satisfaction of the requirements of the credit union, the form of an account may be altered by a written order given by a party to the […]
Section 723.484 – Transfers of moneys upon death of depositor or trustee is not testamentary disposition.
Any transfers resulting from the application of ORS 723.480 are effective by reason of the account contracts involved and application of ORS 723.480. The transfers are not to be considered as testamentary or subject to administration in the estate of a deceased party. [1999 c.185 §30]
Section 723.447 – Certified share drafts.
A credit union may certify a share draft issued by the credit union. A credit union that certifies a share draft may immediately charge the amount of the share draft to the drawer’s share draft account. [1985 c.206 §5; 1987 c.286 §7; 1999 c.185 §41]
Section 723.450 – Payment on shares and deposits; restriction on class of shares.
Shares, share certificates, deposits and deposit certificates may be withdrawn for payment to the account holder or to third parties in accordance with the manner and procedures established by the board of directors. The board of directors may restrict one class of shares so that a share in the class may not be redeemed, withdrawn […]