§ 708A.505 — Discharge of institution from liability for payments made; conditions

Oregon § 708A.505

• Jurisdiction: Oregon
• Vol.: 18
• Title 53: Financial Institutions
• Ch. 708A: Regulation of Institutions Generally

Text

A payment that an insured institution makes under ORS 708A.485, 708A.490, 708A.495 or 708A.500 discharges the insured institution from all claims for amounts the insured institution paid whether or not the payment is consistent with the beneficial ownership of the account as between parties, P.O.D. payees or beneficiaries, or successors of the parties, P.O.D. payees or beneficiaries. The protection given by this section does not extend to payments an insured institution makes after receiving a written notice from any party able to request present payment to the effect that withdrawals in accordance with the terms of the account should not be permitted. Unless the person that gives the notice withdraws the notice, the successor of any deceased party must concur in any demand for withdrawal in order for the protections that this section provides to extend to the insured institution. Any other notice or information shown to have been available to an insured institution does not affect the insured institution’s right to protection under this section. The protection that this section provides does not affect the rights of parties in disputes between the parties or the parties’ successors concerning the beneficial ownership of funds in, or withdrawn from, multiple-party accounts.

Legislative History

1997 c.631 §182; 2015 c.244 §63