Oregon Statutes 112.570 – Definitions for ORS 112.570 to 112.590
As used in ORS § 112.570 to 112.590:
Terms Used In Oregon Statutes 112.570
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Co-owners with right of survivorship‘ means joint tenants, tenants by the entirety and any other co-owners of property or accounts that are held in a manner that entitles one or more of the owners to ownership of the whole of the property or account upon the death of one or more of the other owners.
(2) ‘Governing instrument’ means:
(a) A deed;
(b) A will;
(c) A transfer on death deed under ORS § 93.948 to 93.979;
(d) A trust;
(e) An insurance or annuity policy account with a payable-on-death designation;
(f) A pension, profit-sharing, retirement or similar benefit plan;
(g) An instrument creating or exercising a power of appointment or a power of attorney; or
(h) Any other dispositive, appointive or nominative instrument of a type similar to those instruments specified in this subsection.
(3) ‘Payor’ means a trustee, insurer, employer, governmental agency, political subdivision or any other person authorized or obligated by law or by a governing instrument to make payments. [1999 c.131 § 1; 2011 c.212 § 27]
112.570 to 112.590 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS Chapter 112 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.