Oregon Governor Signs Law Concerning Abandoned, Unclaimed Property

The Oregon Governor July 13 signed a law regarding unclaimed property, for corporate income tax purposes. The law includes measures: 1) specifying that securities and distributions are considered abandoned as of the earlier of three years following the last communication from the owner or death of the owner; 2) outlining requirements for holders of abandoned securities and distributions; 3) providing that payment may not be made to beneficiaries in certain circumstances unless the beneficiary is at least 21 years old; 4) codifying the policy of completing a due diligence process at least 60 days before holders report and remit unclaimed ...