(1) A person is not liable for having made a payment to a beneficiary designated in a governing instrument, or for having taken any other action in good-faith reliance on the governing instrument, unless the person has received written notice of the revocation of designation of beneficiary under ORS § 107.121.

Terms Used In Oregon Statutes 107.127

  • 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
  • Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
  • Probate: Proving a will
  • United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100

(2) Written notice of the revocation under this section shall be mailed to the home or office of the person by regular United States mail or be given by a means designed to provide the person with notice of the revocation.

(3) Upon receipt of written notice of the revocation under this section, a person may pay the amount owed under a governing instrument to any court in which probate proceedings for the estate of the principal are pending. If probate proceedings for the estate of the principal have not been commenced, the person may pay the amount to the circuit court for the county in which the principal resided at the time of death. The court shall hold the funds and shall order disbursement in accordance with the court’s determination of the effect on the judgment of dissolution, separation or annulment. Payments made to the court under this section discharge the person making the payment from all claims for the amount paid to the court. [2005 c.285 § 5]

 

See note under 107.118.

 

[Amended by 1961 c.429 § 1; repealed by 1971 c.280 § 28]

 

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