Effective July 1, 2021, per Senate Bill 454, Oregon’s Unclaimed Property and Estate Administration are now under the authority of the Oregon State Treasury. The funds held in lawyer trust accounts must be reported to the Oregon State Treasury (“OST”) but paid over to the Oregon State Bar (“OSB”). By submitting your reporting to the OSB, you have fulfilled your obligation of reporting to the OST.
The OSB and the OST are currently working together to provide a more streamlined reporting system that will benefit lawyers and claimants alike. In the meantime, OSB asks that you please use the fillable form Lawyer Trust Account.
OSB cannot accept funds from other states. If you have a last known address that is for another state, you must report it and send it to that state's unclaimed property program. Reference https://unclaimed.org to locate and directly link to the state's property you are holding.
Remit Form and Payment to:
Oregon State Bar
PO Box 231935
Tigard, OR 97281
Pursuant to ORS 98.332, funds held by a fiduciary (including a lawyer) are deemed abandoned if the owner has not accepted payment of the funds, corresponded in writing about the funds, or otherwise indicated interest in the funds within two years after the funds are payable or distributed to the owner. Funds deemed abandoned as of June 30 of each year are to be reported to the OSB during the month of October of that same year. Keep in mind, if the owner's last known address is in a different state, those funds must be reported and sent to that state. The OSB cannot accept money from other states and will send it back.
After funds are deemed abandoned, before reporting or paying over funds to the OSB, lawyers must exercise due diligence to ascertain the whereabouts of the owner of the funds and to communicate with the owner. Lawyers must retain records of the name and last-known address of the owner of the funds as well as any other evidence which would assist in the identification of the owner for three years after the funds have been remitted.
The money paid to the bar under the act will be appropriated to the Legal Services program, which funds legal aid organizations that provide civil legal services to the poor statewide. Questions about forwarding abandoned funds can be directed to J’Nell Adams at (503) 620-0222 x315 or email@example.com; or Cassandra Dyke at x386 or firstname.lastname@example.org.