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 […]
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 723.436
[1975 c.652 §49; renumbered 723.454]
Section 723.442
[1975 c.652 §50; 1981 c.257 §1; renumbered 723.457]