§ 273.107 — Legacy Unclaimed Property School Fund

Oregon § 273.107

• Jurisdiction: Oregon
• Vol.: 7
• Title 25: Public Lands
• Ch. 273: State Lands Generally

Text

(1) There is established the Legacy Unclaimed Property School Fund within the Common School Fund.
(2) The Legacy Unclaimed Property School Fund consists of moneys transferred to the fund under section 7, chapter 424, Oregon Laws 2021.
(3) Interest earned by the fund is credited to the Common School Fund.
(4) Moneys in the Legacy Unclaimed Property School Fund are continuously appropriated to the Department of State Lands for the department’s costs of administering the fund.
(5) The department shall transfer moneys from the Legacy Unclaimed Property School Fund to the Common School Fund as required under ORS 116.253 (1) and Article VIII, section 2 (1)(b), of the Oregon Constitution.
(6) The department may transfer moneys from the fund to the Unclaimed Property and Estates Fund to cover valid claims against the Unclaimed Property and Estates Fund only if:
(a) After transferring all available moneys to the Unclaimed Property and Estates Fund from the Unclaimed Property School Fund under ORS 273.108 (5), there are insufficient moneys available to cover the claim; and
(b) The claim is against moneys that were transferred to the Legacy Unclaimed Property School Fund under section 7, chapter 424, Oregon Laws 2021.

Legislative History

2021 c.424 §4