2023 Oregon Revised Statutes › Volume : 18 - Financial Institutions, Insurance › Chapter 708A - Regulation of Institutions Generally › Section 708A.470 - Multiple-party accounts; disposition of deposit upon death of party or trustee; effect of will.

(1) Sums that remain on deposit in an insured institution at the death of a party to a joint account are rebuttably presumed to belong to the surviving party or parties as against the estate of the decedent. If two or more parties survive, each party’s respective ownership during the party’s lifetime must be in proportion to the party’s previous ownership interest under ORS 708A.465, augmented by an equal share for each surviving party of any interest the decedent may have owned in the account immediately before death. The right of survivorship continues between the surviving parties.
(2) If the account is a P.O.D. account:
(a) On the death of one of two or more original parties, subsection (1) of this section governs the rights to any sums that remain on deposit.
(b) On the death of the sole original party or the survivor of two or more original parties, any sums that remain on deposit belong to the P.O.D. payee or payees, if a P.O.D. payee or payees survive, or to the remaining P.O.D. payee or payees if one or more P.O.D. payees die before the original party. If two or more P.O.D. payees survive, a remaining P.O.D. payee does not have a right of survivorship after one of the P.O.D. payees dies unless the terms of the account or deposit agreement expressly provide for survivorship among remaining P.O.D. payees.
(3) If an account is a trust account:
(a) On the death of one of two or more trustees, subsection (1) of this section governs the rights to any sums that remain on deposit.
(b) On the death of the sole trustee or the survivor of two or more trustees, any sums that remain on deposit belong to the person or persons named as beneficiaries, if a beneficiary or beneficiaries survive, or to the remaining beneficiary if one or more beneficiaries die before the trustee, unless clear and convincing evidence exists of a contrary intent. If two or more beneficiaries survive, a remaining beneficiary does not have a right of survivorship after one of the beneficiaries dies unless the terms of the account or deposit agreement expressly provide for survivorship among remaining beneficiaries.
(4) Except as otherwise provided in this section, the death of any party to a multiple-party account does not affect the beneficial ownership of the account, other than to transfer the rights of the decedent as part of the decedent’s estate.
(5) A will may not change a right of survivorship that arises from the express terms of the account or under this section, a beneficiary designation in a trust account, or a P.O.D. payee designation.
(6) The rebuttable presumption under subsection (1) of this section may be overcome by evidence establishing that:
(a) The deceased party intended a different result; or
(b) The deceased party lacked capacity when the joint account was established.
(7) An insured institution is not liable, with respect to sums that remain on deposit at the death of a party to a joint account, for distributing the sums to a surviving party or parties in accordance with the account agreement unless, before distributing the sums to a surviving party or parties:
(a) The insured institution has received notice in writing of an adverse claim under ORS 708A.435; and
(b) The adverse claimant proceeds as required under ORS 708A.435. [1997 c.631 §175; 2003 c.256 §1; 2015 c.244 §57]