Oregon Statutes 708A.670 – Definitions for ORS 708A.670 and 708A.675
As used in this section and ORS § 708A.675:
Terms Used In Oregon Statutes 708A.670
- 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
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(1) ‘Financial exploitation’ has the meaning given that term in ORS § 124.050.
(2) ‘Financial institution’ means a financial institution or a trust company as those terms are defined in ORS § 706.008.
(3) ‘Law enforcement agency’ has the meaning given that term in ORS § 124.050.
(4) ‘Vulnerable person‘ has the meaning given that term in ORS § 124.100.
(5) ‘Vulnerable person’s account’ means a contract of deposit of funds between a depositor and a financial institution where:
(a) The account is owned by a vulnerable person, whether individually or with one or more other persons; or
(b) A vulnerable person is a beneficiary of the account, including of a formal or informal trust account, a payable on death account, a conservatorship account or a guardianship account. [2017 c.290 § 1]
708A.670 to 708A.680 were enacted into law by the Legislative Assembly but were not added to or made a part of the Bank Act or any chapter or series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.