(1) A judgment of dissolution, separation or annulment may revoke a designation of beneficiary made by a principal in favor of a spouse or a relative of the spouse if the designation of beneficiary is revocable as described in subsection (2) of this section.

Terms Used In Oregon Statutes 107.121

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC

(2) A designation of beneficiary is revocable for the purposes of this section if the principal at the time of the judgment may, by law or under the terms of the instrument, cancel or change the designation of beneficiary.

(3) A designation of beneficiary is revocable for the purposes of this section without regard to whether the principal is:

(a) Competent at the time of the entry of judgment; or

(b) Able to designate the principal in place of the spouse or in place of the relative of the spouse.

(4) The revocation of a designation of beneficiary under this section becomes effective upon entry of the judgment. [2005 c.285 § 3]

 

See note under 107.118.

 

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