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2019 Oregon Revised Statutes
Volume : 18 - Financial Institutions, Insurance
Chapter 708A - Regulation of Institutions Generally
Section 708A.515 - Designation of agent for account; powers of agent.
Universal Citation: OR Rev Stat § 708A.515 (2019)
ORS 708A.455 to 708A.465 do not preclude a party to an account from adding the name of another person to the account with the designation "agent." The agent does not have a present or future interest in the sums on deposit in such account, but the insured institution may honor requests from the agent for payment from the account, unless the principal is deceased at the time the agent requests the payment and the insured institution has actual knowledge of the principal’s death. An insured institution’s payment from the account at the agent’s request discharges the insured institution from all claims for amounts the insured institution paid. [1997 c.631 §184; 2015 c.244 §65]
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