Oregon Statutes 93.969 – URPTDA 13. Effect of transfer on death deed at transferors death
(1) Except as provided otherwise in the transfer on death deed and subject to ORS § 107.115, 112.455 to 112.555 or 112.570 to 112.590 and ORS § 93.981, 93.983 and 93.985, when a transferor dies, the following rules apply to property that is subject to a transfer on death deed and owned by the transferor at death:
Terms Used In Oregon Statutes 93.969
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Probate: Proving a will
- Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners.
(a) A designated beneficiary‘s interest in the property:
(A) Is transferred to the designated beneficiary in accordance with the deed if the designated beneficiary survives the transferor; or
(B) Lapses if the designated beneficiary does not survive the transferor.
(b) If the transferor has identified multiple designated beneficiaries to receive concurrent interests in the property:
(A) Concurrent interests are transferred to the designated beneficiaries in equal and undivided shares with no right of survivorship; and
(B) The share of a designated beneficiary that lapses or fails for any reason is transferred to the remaining designated beneficiaries in proportion to the interest of each designated beneficiary in the remaining part of the property held concurrently.
(2) A beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens and other interests to which the property is subject at the transferor’s death, including a claim or lien by a state authorized to seek reimbursement for public assistance or medical assistance, as defined in ORS § 414.025, if assets of the transferor’s probate estate are insufficient to pay the amount of the claim or lien.
(3) If a transferor is a joint owner and is:
(a) Survived by one or more joint owners, the property subject to a transfer on death deed belongs to the surviving joint owners with a right of survivorship.
(b) The last surviving joint owner, the transfer on death deed is effective.
(4) A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision. [2011 c.212 § 13; 2013 c.688 § 10]
See note under 93.948.