Oregon Statutes 93.949 – URPTDA 2. Definitions
As used in ORS § 93.948 to 93.979:
Terms Used In Oregon Statutes 93.949
- 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
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Beneficiary’ means a person that receives property under a transfer on death deed.
(2) ‘Designated beneficiary‘ means a person designated to receive property in a transfer on death deed.
(3) ‘Joint owner’ means a joint tenant, a tenant by the entirety and any other co-owner of property that is held in a manner that entitles one or more of the owners to ownership of the whole of the property upon the death of one or more of the other owners.
(4) ‘Person’ means an individual, corporation, business trust, personal representative, trustee, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency or instrumentality or any other legal or commercial entity.
(5) ‘Property’ means an interest in real property located in this state.
(6) ‘Transfer on death deed’ means a deed that conveys property to a designated beneficiary at the transferor’s death.
(7) ‘Transferor’ means an individual who makes a transfer on death deed. [2011 c.212 § 2]
See note under 93.948.