As used in ORS § 97.923 to 97.949 and 97.994 unless the context requires otherwise:

(1) ‘Beneficiary’ means the person who is to receive the funeral and cemetery merchandise, funeral and cemetery services or completed interment spaces.

(2) ‘Certified provider’ means an entity certified under ORS § 97.933 to:

(a) Sell or offer for sale prearrangement sales contracts or preconstruction sales contracts;

(b) Administer prearrangement sales contracts or preconstruction sales contracts; or

(c) Provide merchandise or services to fulfill prearrangement sales contracts or preconstruction sales contracts.

(3) ‘Delivery’ occurs when:

(a) Physical possession of the funeral or cemetery merchandise is transferred to the purchaser; or

(b) If authorized by a purchaser under a purchase agreement:

(A) The title to the funeral or cemetery merchandise has been transferred to the purchaser, has been paid for, and is in the possession of the seller, who has documented the sale in the purchaser’s records through use of a serial or other identifying number and placed the merchandise, until needed, for storage on the seller’s premises; or

(B) The merchandise has been identified for the purchaser or the beneficiary as documented by the manufacturer’s receipt placed by the seller in the purchaser’s records and held by the manufacturer for future delivery.

(4) ‘Depository’ means a financial institution or trust company, as those terms are defined in ORS § 706.008, that is authorized to accept deposits in this state or to transact trust business in this state and is not registered as a master trustee.

(5) ‘Guaranteed contract‘ means a written preconstruction sales contract or prearrangement sales contract that guarantees the beneficiary the specific undeveloped space or spaces or funeral and cemetery merchandise or funeral and cemetery services contained in the contract and under which no charges other than the sales price contained in the contract are required upon delivery or performance of the funeral or cemetery merchandise or services, if:

(a) Required payments have been made as specified in the contract; and

(b) The balance of payment required by the contract is paid before the death of the beneficiary.

(6) ‘Joint trust fund account’ means trust funds received by a certified provider from two or more beneficiaries.

(7)(a) ‘Master trustee’ means an entity that is not a certified provider under ORS § 97.923 to 97.949 and that has fiduciary responsibility for the uniform administration of funds including, but not limited to, acceptance, custodianship, investment and accounting, delivered to it by a certified provider for the benefit of purchasers of preconstruction sales contracts or prearrangement sales contracts.

(b) ‘Master trustee’ does not include a financial institution, as defined in ORS § 706.008, that acts solely as a depository under ORS § 97.923 to 97.949.

(8) ‘Nonguaranteed contract’ means a written preconstruction sales contract or prearrangement sales contract that guarantees the beneficiary the specific undeveloped space or spaces or funeral or cemetery merchandise or services contained in the contract, when the price of the merchandise and services selected has not been fixed and will be determined by existing prices at the time the merchandise and services are delivered or provided.

(9) ‘Prearrangement sales’ or ‘prearrangement sales contract’ means any sale, excluding the sale and contemporaneous or subsequent assignment of a life insurance policy or an annuity contract, made to a purchaser, that has as its purpose the furnishing of funeral or cemetery merchandise or services in connection with the final disposition or commemoration of the memory of a dead human body, for use at a time determinable by the death of the person or persons whose body or bodies are to be disposed and where the sale terms require payment or payments to be made at a currently determinable time.

(10) ‘Preconstruction sale’ or ‘preconstruction sales contract’ means a sale made to a purchaser, for the purpose of furnishing undeveloped interment spaces and when the sale terms require payment or payments to be made at a currently determinable time.

(11) ‘Purchaser’ means a beneficiary or a person acting on behalf of a beneficiary who enters into a prearrangement sales contract or a preconstruction sales contract with a certified provider under which any payment or payments made under the contract are required to be deposited in trust under ORS § 97.941.

(12) ‘Salesperson’ means an individual registered under ORS § 97.931 and employed by a certified provider to engage in the sale of prearrangement or preconstruction sales contracts on behalf of the certified provider.

(13) ‘Sales price’ means the gross amount paid by a purchaser for a prearrangement sales contract or preconstruction sales contract, excluding sales taxes, credit life insurance premiums and finance charges.

(14) ‘Trust’ means an express trust created under ORS § 97.941 whereby a trustee has the duty to administer the amounts specified under ORS § 97.941 received under a prearrangement sales contract or a preconstruction sales contract for the benefit of the purchaser of a prearrangement sales contract or preconstruction sales contract.

(15) ‘Undeveloped interment spaces’ or ‘undeveloped spaces’ means any space to be used for the reception of human remains that is not completely constructed or developed at the time of initial payment. [Formerly 128.400; 2003 c.362 § 1; 2007 c.661 § 12; 2012 c.7 § 1]

97.923 to 97.949 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS Chapter 97 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.