US Laws, Codes, Statutes & Cases

Chapter 98 — Lost, Unordered and Unclaimed Property;

Unlawfully Parked Vehicles

 

2007 EDITION

 

LOST, UNCLAIMED PROPERTY; PARKED VEHICLES

 

PROPERTY RIGHTS AND TRANSACTIONS

 

RIGHTS AND DUTIES OF FINDERS AND OWNERS

 

98.005       Rights and duties of finder of money or goods

 

98.015       Liability of noncomplying finder; forfeiture to county of unreclaimed money or goods

 

98.025       Rights of owner

 

FINDER’S REPORTS

 

98.050       Finder’s reports; rules; fee

 

DISPOSAL OF CONSIGNED OR BAILED PROPERTY THAT IS UNCLAIMED

 

98.110       Record to be kept by consignee or bailee of property

 

98.120       Notice to owner of receipt of property by consignee or bailee

 

98.130       Right of custodian to sell property

 

98.140       Notice of sale

 

98.150       Affidavit by custodian when no response to notice

 

98.160       Inventory and order to sell

 

98.170       Sale

 

98.180       Delivery of proceeds to justice

 

98.190       Disposal of proceeds by justice

 

98.200       Procedure by county treasurer

 

98.210       Payment to person proving ownership

 

98.230       Sale of perishable property

 

98.240       Fees allowed to justice of peace and constable or sheriff

 

UNCLAIMED PROPERTY IN POSSESSION OF LAW ENFORCEMENT AGENCY

 

98.245       Disposition of unclaimed property; notice of pending disposition; procedure

 

UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT

 

98.302       Definitions for ORS 98.302 to 98.436

 

98.304       When intangible property subject to custody of state

 

98.308       Intangible property held by financial institution

 

98.309       When traveler’s check or money order presumed abandoned

 

98.311       Service charge on unclaimed property

 

98.314       Unclaimed funds held by insurance companies

 

98.316       Deposits and refunds held by utilities

 

98.322       Intangible equity ownership interests in business associations

 

98.326       Property of business associations or financial institutions held in the course of dissolution

 

98.328       Property held in safe deposit box

 

98.329       Delivery of property before presumed abandoned; rules

 

98.332       Property held by fiduciaries

 

98.334       Unpaid wages unclaimed by owner

 

98.336       Property held by government and public authorities

 

98.338       Credit memo unclaimed by owner

 

98.342       Miscellaneous personal property held for another person

 

98.346       Reciprocity for property presumed abandoned or escheated under the laws of another state

 

98.348       Recovery of abandoned property by another state; form of claim; indemnification of this state

 

98.352       Report of abandoned property

 

98.353       Information on filing report provided by Department of State Lands

 

98.354       Records of ownership or issuance of instruments to be maintained

 

98.356       Notice and publication of lists of unclaimed property; rules

 

98.362       Delivery of certificate of ownership of intangible equity ownership interest

 

98.366       Relief from liability by payment or delivery

 

98.372       Income accruing after payment or delivery

 

98.376       Periods of limitation not a bar

 

98.382       Sale of abandoned and unclaimed property; methods; rules

 

98.384       Destruction or disposition of unclaimed property

 

98.386       Deposit of funds

 

98.388       Unclaimed Property Revolving Fund

 

98.392       Claim for unclaimed property delivered to Department of State Lands; time for claim; claims for securities

 

98.396       Determination of claim; payment; reimbursement

 

98.402       Hearing on claim; judicial action if administrator fails to act

 

98.412       Records and reports; examination; hearing

 

98.416       Proceeding to compel delivery of unclaimed property; interest

 

98.422       Rules

 

98.424       Agreements with other states; exchange of information; rules; Attorney General action in name of other state

 

98.432       Uniformity of interpretation

 

98.436       Short title

 

UNORDERED GOODS

 

98.450       Unordered goods presumed gifts

 

MOLDS AND FORMS

 

98.470       Definitions for ORS 98.470 to 98.490

 

98.475       Molder may take title to unclaimed mold

 

98.480       Notice to customer; contents

 

98.485       Duty to make mold unusable when title not taken

 

98.490       Effect of written agreement between molder and customer

 

REMOVAL OF TREES OR LOGS FROM COUNTY ROADS OR STATE HIGHWAYS

 

98.640       Owner’s duty to remove trees, logs, poles or piling deposited on state highways

 

98.642       Effect of failure to remove trees, logs, poles or piling

 

98.644       ORS 98.640 and 98.642 inapplicable to certain trees, logs, poles or piling

 

98.650       Owner’s duty to remove trees, logs, poles or piling deposited on county roads

 

98.652       Effect of failure to remove trees, logs, poles or piling

 

98.654       ORS 98.650 and 98.652 inapplicable to certain trees, logs, poles or piling and to certain county roads

 

DISPOSITION OF UNLAWFULLY PARKED VEHICLES AND ABANDONED VEHICLES

 

98.805       Definitions for ORS 98.810 to 98.818, 98.830, 98.835 and 98.840

 

98.810       Unauthorized parking of vehicle on proscribed property prohibited

 

98.812       Towing and storage of unlawfully parked vehicle; lien for towage, care and storage charges; notice requirements

 

98.818       Preference of lien

 

98.830       Towing abandoned vehicle from private property; conditions

 

98.835       Immunity from civil liability for towing abandoned vehicle; lien for towage, care and storage charges; notice requirements

 

98.840       Towing vehicle alternative to procedure in ORS 98.810 to 98.818

 

INVOLUNTARY LOSS OF USE OF VEHICLES

 

98.850       Legislative findings and declaration

 

98.852       Definitions for ORS 98.854 to 98.862

 

98.854       Prohibitions placed on tower of vehicles

 

98.856       Tower responsibility of disclosure to owner or operator of vehicle

 

98.858       Right of owner or person in lawful possession of vehicle to redeem vehicle, contact tower and obtain property of emergency nature

 

98.860       Conditions for release of vehicle to insurance company undertaking to adjust claim; tower’s good-faith release of vehicle

 

98.862       Exceptions to requirements of ORS 98.856

 

98.864       Rules

 

PENALTIES

 

98.991       Penalties relating to unclaimed property

 

98.992       Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436

 

RIGHTS AND DUTIES OF FINDERS AND OWNERS

 

      98.005 Rights and duties of finder of money or goods. (1) If any person finds money or goods valued at $100 or more, and if the owner of the money or goods is unknown, such person, within 10 days after the date of the finding, shall give notice of the finding in writing to the county clerk of the county in which the money or goods was found. Within 20 days after the date of the finding, the finder of the money or goods shall cause to be published in a newspaper of general circulation in the county a notice of the finding once each week for two consecutive weeks. Each such notice shall state the general description of the money or goods found, the name and address of the finder and final date before which such goods may be claimed.

      (2) If no person appears and establishes ownership of the money or goods prior to the expiration of three months after the date of the notice to the county clerk under subsection (1) of this section, the finder shall be the owner of the money or goods. [1973 c.642 §1; 1989 c.522 §1]

 

      98.010 [Repealed by 1973 c.642 §13]

 

      98.015 Liability of noncomplying finder; forfeiture to county of unreclaimed money or goods. If any person who finds money or goods valued at $100 or more fails to comply with ORS 98.005, the person shall be liable, upon conviction for violation of ORS 164.065, to the county for the money or goods or the full value of the money or goods. The county treasurer shall hold the money or goods or their value for owner thereof and shall publish notice of the finding of the money or goods in the manner provided in ORS 98.005. If the owner has not reclaimed such money or goods within three months after the date of the first publication of notice by the county treasurer, the owner shall forfeit the rights of the owner to the value of such money or goods and the value of such money or goods shall be placed in the general fund of the county to be used for the payment of the general operating expenses of the county. [1973 c.642 §2; 1989 c.522 §2]

 

      98.020 [Repealed by 1973 c.642 §13]

 

      98.025 Rights of owner. If an owner of money or goods found by another person appears and establishes a claim to such money or goods within the time period prescribed by ORS 98.005 or 98.015, whichever applies, the owner shall have restitution of such money or goods or their value upon payment of all costs and charges incurred in the finding, giving of notice, care and custody of such money or goods. [1973 c.642 §3]

 

      98.030 [Repealed by 1973 c.642 §13]

 

      98.040 [Repealed by 1973 c.642 §13]

 

FINDER’S REPORTS

 

      98.050 Finder’s reports; rules; fee. (1) The administrator may compile information or data in the possession of the Department of State Lands into finder’s reports at the request of any person to assist in finding the owners of abandoned or unclaimed property.

      (2) The administrator shall adopt by rule a fee for copies of finder’s reports. The fee charged shall be commensurate with preparation costs including production, duplication and staff time involved.

      (3) Any person requesting a copy of a finder’s report shall be charged the fee.

      (4) As used in subsections (1) to (3) of this section:

      (a) “Administrator” has the same meaning as given by ORS 98.302.

      (b) “Person” includes any natural person, corporation, partnership, firm or association.

      (c) “Finder’s report” means any report prepared by the administrator for the benefit of any person to assist in finding the owners of abandoned or unclaimed property. [1987 c.708 §§1,2; 2001 c.237 §2]

 

DISPOSAL OF CONSIGNED OR BAILED PROPERTY THAT IS UNCLAIMED

 

      98.110 Record to be kept by consignee or bailee of property. When personal property is consigned to or deposited with any forwarding merchant, wharf, warehouse, tavern keeper or the keeper of any depot for the reception and storage of trucks, baggage, merchandise or other personal property, the consignee or bailee shall immediately cause to be entered in a book kept by the consignee or bailee a description of such property, with the date of its reception.

 

      98.120 Notice to owner of receipt of property by consignee or bailee. If personal property left with a consignee or bailee referred to in ORS 98.110 was not left for the purpose of being forwarded or disposed of according to directions received by the consignee or bailee at or before the time of its reception, and if the name and residence of the owner of the property is known to the person having the property in the possession of the person, the person shall immediately notify the owner, by letter directed to the owner and deposited in the post office, of the reception of such property.

 

      98.130 Right of custodian to sell property. If personal property deposited with a consignee or bailee as mentioned in ORS 98.110 or 98.120 is not claimed and taken away within one year after the time it was received, the person having possession thereof may at any time thereafter proceed to sell the property in the manner provided in ORS 98.140 to 98.240.

 

      98.140 Notice of sale. Before property shall be sold pursuant to ORS 98.130, at least 60 days’ notice of sale shall be given the owner of the property, if the name and residence of the owner are known, either personally or by mail, or by leaving a notice at the residence or place of doing business of the owner, or, if the name and residence of the owner is not known, a notice shall be published containing a description of the property for six weeks successively in a newspaper published in the county where the property was deposited. If there is no newspaper published in that county, then the notice shall be published in a newspaper nearest thereto in the state. The last publication of the notice shall be at least 18 days prior to the time of sale.

 

      98.150 Affidavit by custodian when no response to notice. If the owner or person entitled to the property to be sold pursuant to ORS 98.130 shall not take it away and pay the charges thereon after 60 days’ notice is given, the person having possession thereof, the agent or attorney of the person shall deliver to a justice of the peace of the county where the property was received an affidavit setting forth a description of the property remaining unclaimed, the time of its reception, the publication of the notice, and whether the owner of the property is known or unknown.

 

      98.160 Inventory and order to sell. Upon the delivery to the justice of the peace of the affidavit as provided in ORS 98.150, the justice shall cause the property to be examined in the presence of the justice, and a true inventory thereof to be made. The justice shall annex to such inventory an order under the hand of the justice that the property therein described be sold at public auction by any constable of the constable district where the property is located, or if there is no constable, then by the county sheriff. [Amended by 1963 c.228 §1]

 

      98.170 Sale. The constable or sheriff receiving the inventory and order provided for in ORS 98.160 shall give 10 days’ notice of the sale by posting written notices thereof in three or more places in such constable district, or in the county, and sell the property at public auction to the highest bidder in the same manner as provided by law for sales under execution from justice courts. [Amended by 1963 c.228 §2]

 

      98.180 Delivery of proceeds to justice. Upon completing the sale provided for in ORS 98.170, the constable or sheriff making the sale shall indorse upon the order provided for in ORS 98.160 a return of the proceedings. The constable or sheriff shall deliver the order to the justice, together with the inventory and the proceeds of sale, after deducting fees. [Amended by 1963 c.228 §3]

 

      98.190 Disposal of proceeds by justice. From the proceeds of the sale provided for in ORS 98.170, the justice shall pay all legal charges that have been incurred in relation to the property, or a ratable proportion of each charge if the proceeds of the sale are not sufficient to pay all the charges; and the balance, if there is any, the justice shall immediately pay over to the treasurer of the county in which the property was sold, and deliver a statement therewith containing a description of the property sold, the gross amount of the sale, and the costs, charges and expenses paid to each person.

 

      98.200 Procedure by county treasurer. The county treasurer shall make an entry of the amount received by the county treasurer and the time when received, and shall file in the office of the county treasurer the statement delivered to the county treasurer by the justice pursuant to ORS 98.190.

 

      98.210 Payment to person proving ownership. If the owner of the property sold, or the legal representative of the owner, furnishes satisfactory evidence to the treasurer of ownership of the property deposited in the county treasury pursuant to ORS 98.190, the owner shall be entitled to receive from the treasurer the amount deposited with the treasurer. [Amended by 1957 c.670 §30]

 

      98.220 [Repealed by 1957 c.670 §37]

 

      98.230 Sale of perishable property. Perishable property consigned or left as mentioned in ORS 98.110, if not reclaimed within 30 days after it was left, may be sold by giving 10 days’ notice thereof. The sale shall be conducted and the proceeds of the sale shall be applied as provided in ORS 98.170 to 98.210. Any property in a state of decay or manifestly liable to immediately become decayed, may, after inspection, be summarily sold by order of a justice of the peace, as provided in ORS 98.160.

 

      98.240 Fees allowed to justice of peace and constable or sheriff. A justice of the peace shall receive $9 for each day’s service rendered pursuant to ORS 98.160 to 98.230; and a constable or sheriff shall receive the same fees as are allowed by law for sales upon an execution, and 50 cents a folio for making an inventory of property. [Amended by 1963 c.228 §4; 1965 c.619 §33]

 

UNCLAIMED PROPERTY IN POSSESSION OF LAW ENFORCEMENT AGENCY

 

      98.245 Disposition of unclaimed property; notice of pending disposition; procedure. (1) As used in this section:

      (a) “Removing authority” means a sheriff’s office, a municipal police department, a state police office, a law enforcement agency created by intergovernmental agreement or a port as defined in ORS 777.005 or 778.005.

      (b) “Unclaimed property” means personal property that was seized by a removing authority as evidence, abandoned property, found property or stolen property, and that has remained in the physical possession of that removing authority for a period of more than 60 days following conclusion of all criminal actions related to the seizure of the evidence, abandoned property, found property or stolen property, or conclusion of the investigation if no criminal action is filed.

      (2) Notwithstanding ORS 98.302 to 98.436, and in addition to any other method provided by law, a removing authority may dispose of unclaimed property as follows:

      (a) An inventory describing the unclaimed property shall be prepared by the removing authority.

      (b) The removing authority shall publish a notice of intent to dispose of the unclaimed property described in the inventory prepared pursuant to paragraph (a) of this subsection. The notice shall be posted in three public places in the jurisdiction of the removing authority, and shall also be published in a newspaper of general circulation in the jurisdiction of the removing authority. The notice shall include a description of the unclaimed property as provided in the inventory, the address and telephone number of the removing authority and a statement in substantially the following form:

______________________________________________________________________________

 

NOTICE

      The (removing authority) has in its physical possession the unclaimed personal property described below. If you have any ownership interest in any of that unclaimed property, you must file a claim with the (removing authority) within 30 days from the date of publication of this notice, or you will lose your interest in that property.

______________________________________________________________________________

 

      (c) A copy of the notice described in paragraph (b) of this subsection shall also be sent to any person that the removing authority has reason to believe has an ownership or security interest in any of the unclaimed property described in the notice. A notice sent pursuant to this paragraph shall be sent by regular mail to the last known address of the person.

      (d) Prior to the expiration of the time period stated in a notice issued pursuant to this section, a person may file a claim that presents proof satisfactory to the removing authority issuing the notice that the person is the lawful owner or security interest holder of any property described in that notice. The removing authority shall then return the property to that person.

      (e) If a removing authority fails to return property to a person that has timely filed a claim pursuant to paragraph (d) of this subsection, the person may file, within 30 days of the date of the failure to return the property, a petition seeking return of the property to the person. The petition shall be filed in the circuit court for the county in which the removing authority is located. If one or more petitions are filed, the removing authority shall hold the property pending receipt of an order of the court directing disposition of the property or dismissing the petition or petitions with prejudice. If the court grants the petition, the removing authority shall turn the unclaimed property over to the petitioner in accordance with the order.

      (f) Unless the removing authority or court upholds the claim or petition under paragraph (d) or (e) of this subsection, title to all unclaimed property described in a notice issued pursuant to this section shall pass to the removing authority free of any interest or encumbrance thereon in favor of any person who has:

      (A) A security interest in the property and to whom the removing authority mailed a copy of the notice described in paragraph (b) of this subsection in accordance with paragraph (c) of this subsection; or

      (B) Any ownership interest in the property.

      (g) The removing authority may transfer good and sufficient title to any subsequent purchaser or transferee, and the title shall be recognized by all courts and governmental agencies. Any department, agency or officer of the state or any political subdivision whose official functions include the issuance of certificates or other evidence of title shall be immune from civil or criminal liability when such issuance is pursuant to a bill of sale issued by the removing authority. [1997 c.480 §2; 2003 c.693 §13]

 

      98.260 [1967 c.181 §3; repealed by 1985 c.336 §1]

 

      98.270 [1967 c.181 §1; repealed by 1985 c.336 §1]

 

      98.280 [1967 c.181 §2; repealed by 1985 c.336 §1]

 

UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT

 

      98.302 Definitions for ORS 98.302 to 98.436. As used in ORS 98.302 to 98.436 and 98.992, unless the context otherwise requires:

      (1) “Administrator” means the Director of the Department of State Lands.

      (2) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder.

      (3) “Business association” means a nonpublic corporation, joint stock company, business trust, partnership, investment company or an association for business purposes of two or more individuals, whether or not for profit, including a financial institution, insurance company or utility.

      (4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.

      (5) “Financial institution” means a financial institution or a trust company, as those terms are defined in ORS 706.008, a safe deposit company, a private banker, a savings and loan association, a building and loan association or an investment company.

      (6) “Holder” means a person, wherever organized or domiciled, who is in possession of property belonging to another, a trustee or indebted to another on an obligation.

      (7) “Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, workers’ compensation, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection insurance.

      (8) “Intangible property” includes:

      (a) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances;

      (b) Stocks and other intangible ownership interests in business associations;

      (c) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

      (d) Amounts due and payable under the terms of insurance policies;

      (e) Amounts distributed from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance or similar benefits; and

      (f) Moneys, checks, drafts, deposits, interest, dividends and income.

      (9) “Last-known address” means a description of the location of the apparent owner sufficient for the purpose of delivery of mail.

      (10) “Lawful deduction” means a deduction related to the purpose of an account or deposit, for example, to satisfy unpaid utility bills.

      (11) “Owner” means a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in case of other intangible property, or a person, or the person’s legal representative, having a legal or equitable interest in property.

      (12) “Person” means an individual, business association, state or other government or political subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

      (13) “Service charge” means fees or charges that are limited to a specific situation and that meet basic contractual and notice requirements.

      (14) “State” means any state, district, commonwealth, territory, insular possession or any other area subject to the legislative authority of the United States.

      (15) “Utility” means a person who owns or operates for public use, any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas. [1957 c.670 §3; 1983 c.716 §1; 1993 c.694 §40; 1997 c.416 §1; 1997 c.631 §396; 2003 c.272 §1]

 

      98.304 When intangible property subject to custody of state. Unless otherwise provided in ORS 98.302 to 98.436 and 98.992 or by other statute of this state, intangible property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under ORS 98.342 are satisfied, and one or more of the following is true:

      (1) The last-known address, as shown on the records of the holder, of the apparent owner is in this state.

      (2) The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state.

      (3) The records of the holder do not reflect the address of the apparent owner, and one or more of the following is established:

      (a) The last-known address of the person entitled to the property is in this state.

      (b) The holder is a domiciliary or a government or political subdivision or agency of this state and has not previously paid or delivered the property to the state of the last-known address of the apparent owner or other person entitled to the property.

      (c) The last-known address, as shown on the records of the holder, or the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property and the holder is a domiciliary or a government or political subdivision or agency of this state.

      (4) The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or political subdivision or agency of this state.

      (5) The transaction out of which the property arose occurred in this state, and:

      (a) There is no known address of the apparent owner or other person entitled to the property;

      (b) The last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheats or custodial taking of the property or its escheats or unclaimed property law is not applicable to the property; or

      (c) The holder is a domiciliary of a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property. [1983 c.716 §28; 1993 c.694 §1]

 

      98.306 [1957 c.670 §4; 1967 c.357 §1; 1973 c.797 §424; repealed by 1983 c.716 §26]

 

      98.308 Intangible property held by financial institution. (1) Any demand, savings or matured time deposit with a financial institution, including a deposit that is automatically renewable, and any funds paid toward the purchase of a share, mutual investment certificate or any other interest in a financial institution is presumed abandoned unless the owner, within three years, has done one or more of the following:

      (a) In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest.

      (b) Communicated in writing with the financial institution concerning the property.

      (c) Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the financial institution.

      (d) Owned other property to which paragraph (a), (b) or (c) of this subsection applies, and the financial institution has communicated in writing with the owner with regard to the property that would otherwise be presumed abandoned under this subsection at the address to which communications regarding the other property regularly are sent.

      (e) Had another relationship with the financial institution concerning which the owner has:

      (A) Communicated in writing with the financial institution; or

      (B) Otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the financial institution, and the financial institution has communicated in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent.

      (2) With respect to property described in subsection (1) of this section, a holder may not impose any charge or cease payment of interest due to dormancy or inactivity unless:

      (a) There is a written contractual agreement between the holder and the owner of the account clearly and prominently setting forth the conditions under which a service charge may be imposed or the payment of interest terminated;

      (b) The establishment of a service charge, the change of an existing service charge or the change of a policy pertaining to the payment of interest is uniformly applied to all dormant or inactive accounts;

      (c) The holder gives written notice to the owner at the owner’s last-known address whenever an account becomes dormant or inactive; and

      (d) Three months’ written notice is given by first class mail to the last-known address of the owner of a dormant or inactive account before the holder applies a service charge to that account or stops paying interest on that account.

      (3) A signature card is not a written contractual agreement for the purposes of subsection (2)(a) of this section. However, a signature card and a written contractual agreement may be contained in one instrument.

      (4) Property described in subsection (1) of this section that is automatically renewable is matured for purposes of subsection (1) of this section upon the expiration of its initial time period. However, if the owner consents to a renewal at or about the time of renewal, the property is matured upon the expiration of the last time period for which consent was given. The owner shall be deemed to have consented to a renewal if:

      (a) The owner communicates in writing with the financial institution or otherwise indicates consent as evidenced by a memorandum or other record on file prepared by an employee of the institution; or

      (b) The financial institution has sent an account statement or other written or electronic statement pertaining to the account by first class mail or by electronic mail and the statement has not been returned to the financial institution and the financial institution has not been notified that the statement was undeliverable as addressed.

      (5) If the delivery of funds or property required by ORS 98.352 would result in a penalty or forfeiture in the payment of interest from the delivery of the funds or property, the delivery may be delayed until the time when no penalty or forfeiture would result.

      (6) Except for those instruments subject to ORS 98.309, any sum payable on a check, draft or similar instrument, on which a financial institution is directly liable, including a cashier’s check and a certified check, which has been outstanding for more than three years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three years, has communicated in writing with the financial institution concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.

      (7) A holder may not deduct from the amount of any instrument subject to subsection (6) of this section any charge imposed by reason of the failure to present the instrument for payment unless:

      (a) There is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge;

      (b) The holder regularly imposes such charges; and

      (c) The holder does not regularly reverse or otherwise cancel the charges.

      (8) For purposes of subsection (1) of this section, “property” includes interest and dividends. [1983 c.716 §§30, 31; 1993 c.694 §2; 1997 c.631 §397; 2003 c.272 §2; 2007 c.539 §1]

 

      98.309 When traveler’s check or money order presumed abandoned. (1) Subject to subsection (4) of this section, any sum payable on a traveler’s check that has been outstanding for more than 15 years after its issuance is presumed abandoned unless the owner, within 15 years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.

      (2) Subject to subsection (4) of this section, any sum payable on a money order or similar written instrument, other than a third party bank check, that has been outstanding for more than seven years after its issuance is presumed abandoned unless the owner, within that seven years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer.

      (3) A holder may not deduct from the amount of a traveler’s check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them.

      (4) Other than a third party bank check, no sum payable on a traveler’s check, money order or similar written instrument described in subsections (1) and (2) of this section may be subjected to the custody of this state as unclaimed property unless:

      (a) The records of the issuer show that the traveler’s check, money order or similar written instrument was purchased in this state;

      (b) The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the traveler’s check, money order or similar written instrument was purchased; or

      (c) The issuer has its principal place of business in this state, the records of the issuer show the state in which the traveler’s check, money order or similar written instrument was purchased and the laws of the state of purchase do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property.

      (5) Notwithstanding any other provision of ORS 98.302 to 98.436 and 98.992, subsection (4) of this section applies to sums payable on traveler’s checks, money orders and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974. [1983 c.716 §29]

 

      98.310 [Repealed by 1957 c.670 §37]

 

      98.311 Service charge on unclaimed property. Notwithstanding the provisions in ORS 98.308, a holder may not deduct a service charge or fee or otherwise reduce an owner’s unclaimed account unless:

      (1) There is a valid written contract between the holder and the owner that allows the holder to impose a charge;

      (2) The service charge or fee is imposed uniformly on all accounts; and