Oregon § 118.300 Deferred payment election; bond or letter of credit

Oregon Statutes

§ 118.300 — Deferred payment election; bond or letter of credit

Oregon § 118.300

Vol.3

Title 12Probate Law

Ch. 118Estate Tax

This text of Oregon § 118.300 (Deferred payment election; bond or letter of credit) is published on Counsel Stack Legal Research, covering Oregon primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Or. Rev. Stat. § 118.300 (2026).

Text

Any beneficiary of any property chargeable with a tax under this chapter and personal representatives and trustees, may elect, on or before the date on which the estate tax is due and payable under ORS 118.100, not to pay the tax until the person or persons beneficially interested therein shall come into actual possession or enjoyment thereof. If it is personal property, the person or persons so electing shall give a bond or irrevocable letter of credit to the state in double the amount of the tax, with such sureties or issued by such insured institution as defined in ORS 706.008 as the Director of the Department of Revenue may approve, conditioned for the payment of the tax and interest thereon, at such time and period as the person or persons beneficially interested therein may come into

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Any beneficiary of any property chargeable with a tax under this chapter and personal representatives and trustees, may elect, on or before the date on which the estate tax is due and payable under ORS 118.100, not to pay the tax until the person or persons beneficially interested therein shall come into actual possession or enjoyment thereof. If it is personal property, the person or persons so electing shall give a bond or irrevocable letter of credit to the state in double the amount of the tax, with such sureties or issued by such insured institution as defined in ORS 706.008 as the Director of the Department of Revenue may approve, conditioned for the payment of the tax and interest thereon, at such time and period as the person or persons beneficially interested therein may come into actual possession or enjoyment of the property, which bond shall be executed and filed, and a full return of the property made to the Director of the Department of Revenue within six months from the date of transfer thereof, as in this section provided. The bond or letter of credit must be renewed every five years.