2019 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 098 - Lost, Unclaimed or Abandoned Property; Vehicle Towing
Section 98.386 - Deposit of funds.
(1) Except as provided in subsection (2) of this section, all funds received under ORS 98.302 to 98.436 and 98.992, including the proceeds from the sale of unclaimed property under ORS 98.382, shall be deposited by the Department of State Lands in the Common School Fund Account with the State Treasurer. Before making the deposit the department shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.
(2) Any amounts identified as lawyer trust account funds in the report required by ORS 98.352 shall be paid or delivered by the person holding the amounts to the Oregon State Bar along with a copy of the report. All amounts paid or delivered to the Oregon State Bar under this section are continuously appropriated to the Oregon State Bar, and may be used only for the funding of legal services provided through the Legal Services Program established under ORS 9.572, the payment of claims allowed under ORS 98.392 (2) and the payment of expenses incurred by the Oregon State Bar in the administration of the Legal Services Program.
(3) Before making a deposit to the credit of the Common School Fund Account, the department may deduct:
(a) Any costs in connection with sale of unclaimed property;
(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and
(c) Reasonable service charges. [1957 c.670 §20; 1983 c.716 §16; 1989 c.183 §2; 1993 c.694 §15; 2009 c.462 §2]
Note: The amendments to 98.386 by section 20, chapter 678, Oregon Laws 2019, become operative July 1, 2021. See section 85, chapter 678, Oregon Laws 2019. The text that is operative on and after July 1, 2021, is set forth for the user’s convenience.
(1) Except as provided in subsection (2) of this section, all funds received under ORS 98.302 to 98.436 and 98.992, including the proceeds from the sale of unclaimed property under ORS 98.382, shall be deposited by the State Treasurer in the Common School Fund Account. Before making the deposit, the State Treasurer shall record the name and last-known address of each person appearing from the holders’ reports to be entitled to the unclaimed property and the name and last-known address of each insured person or annuitant, and with respect to each policy or contract listed in the report of a life insurance corporation, its number, the name of the corporation, and the amount due.
(2) Any amounts identified as lawyer trust account funds in the report required by ORS 98.352 shall be paid or delivered by the holder to the Oregon State Bar along with a copy of the report. All amounts paid or delivered to the Oregon State Bar under this section are continuously appropriated to the Oregon State Bar and may be used only for the funding of legal services provided through the Legal Services Program established under ORS 9.572, the payment of claims allowed under ORS 98.392 (2) and the payment of expenses incurred by the Oregon State Bar in the administration of the Legal Services Program.
(3) Before making a deposit to the credit of the Common School Fund Account, the State Treasurer may deduct:
(a) Any costs in connection with sale of unclaimed property;
(b) Any costs of mailing and publication in connection with efforts to locate owners of unclaimed property as prescribed by rule; and
(c) Reasonable service charges.
Note: Sections 22 and 23, chapter 105, Oregon Laws 2018, provide:
Sec. 22. (1) On January 1 of each year, the Department of State Lands shall transfer from the Common School Fund Account to the School Districts Unfunded Liability Fund established in section 24 of this 2018 Act all or part of the interest earned in the previous calendar year from the cumulative unclaimed property deposited in the Common School Fund Account under ORS 98.386 to which the state has not taken title, as described in subsection (2) of this section.
(2) The amount made available under subsection (1) of this section may not exceed an amount equal to the proceeds from unclaimed property received by the department in the previous calendar year, minus:
(a) The amount paid for unclaimed property claims under ORS 98.396 in the previous calendar year;
(b) The department’s investment expenses related to the Common School Fund for the previous calendar year; and
(c) Operating expenses that the department is entitled to recover for the previous calendar year. [2018 c.105 §22]
Note 1: The amendments to section 22, chapter 105, Oregon Laws 2018, by section 81, chapter 678, Oregon Laws 2019, become operative January 1, 2022. See section 85, chapter 678, Oregon Laws 2019. The text that is operative from January 1, 2022, until January 1, 2023, is set forth for the user’s convenience.
Sec. 22. (1) On January 1 of each year, the State Treasurer shall transfer from the Common School Fund Account to the School Districts Unfunded Liability Fund established in section 24, chapter 105, Oregon Laws 2018, all or part of the interest earned in the previous calendar year from the cumulative unclaimed property deposited in the Common School Fund Account under ORS 98.386 to which the state has not taken title, as described in subsection (2) of this section.
(2) The amount made available under subsection (1) of this section may not exceed an amount equal to the proceeds from unclaimed property received by the Department of State Lands or State Treasurer in the previous calendar year, minus:
(a) The amount paid for unclaimed property claims under ORS 98.396 in the previous calendar year;
(b) The investment expenses of the department or State Treasurer related to the Common School Fund for the previous calendar year; and
(c) Operating expenses that the department or State Treasurer is entitled to recover for the previous calendar year.
Note 2: The amendments to section 22, chapter 105, Oregon Laws 2018, by section 82, chapter 678, Oregon Laws 2019, become operative January 1, 2023. See section 85, chapter 678, Oregon Laws 2019. The text that is operative on and after January 1, 2023, is set forth for the user’s convenience.
Sec. 22. (1) On January 1 of each year, the State Treasurer shall transfer from the Common School Fund Account to the School Districts Unfunded Liability Fund established in section 24, chapter 105, Oregon Laws 2018, all or part of the interest earned in the previous calendar year from the cumulative unclaimed property deposited in the Common School Fund Account under ORS 98.386 to which the state has not taken title, as described in subsection (2) of this section.
(2) The amount made available under subsection (1) of this section may not exceed an amount equal to the proceeds from unclaimed property received by the State Treasurer in the previous calendar year, minus:
(a) The amount paid for unclaimed property claims under ORS 98.396 in the previous calendar year;
(b) The investment expenses of the State Treasurer related to the Common School Fund for the previous calendar year; and
(c) Operating expenses that the State Treasurer is entitled to recover for the previous calendar year.
Sec. 23. Section 22, chapter 105, Oregon Laws 2018, as amended by sections 81 and 82 of this 2019 Act, is repealed on January 2, 2027.
[2018 c.105 §23; 2019 c.678 §83]
