Oregon Statutes 118.290 – Duty of recipient when legacy payable out of property; legacy for limited period
(1) If any bequest or legacy is charged upon or payable out of any property, the heir or devisee shall deduct from the property the tax imposed by ORS § 118.005 to 118.540 and pay the tax to the administrator, executor or trustee, and the tax shall remain a lien or charge on the property until paid. The payment thereof shall be enforced by the executor, administrator or trustee in the same manner that payment of the bequest or legacy is enforced, or by the Department of Revenue in the same manner as income taxes are collected under ORS Chapter 314.
Terms Used In Oregon Statutes 118.290
- 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
- Bequest: Property gifted by will.
- Executor: A male person named in a will to carry out the decedent
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Legacy: A gift of property made by will.
- Legatee: A beneficiary of a decedent
- Lien: A claim against real or personal property in satisfaction of a debt.
- Trustee: A person or institution holding and administering property in trust.
(2) If any bequest or legacy is given in money for a limited period, the administrator, executor or trustee shall retain the tax upon the whole amount. If any bequest or legacy is not given in money, the administrator, executor or trustee shall make application to the court having jurisdiction of an accounting by the administrator, executor or trustee to make an apportionment, if the case requires, of the sum to be paid by such legatee or beneficiary, and for such further order relative thereto as the case may require. [Amended by 1961 c.455 § 5; 1985 c.85 § 5; 2009 c.33 § 2]