Or. Admin. Code § 863-050-0060

Current through Register Vol. 63, No. 12, December 1, 2024

Section 863-050-0060 - Interest-Bearing Accounts

(1) If an escrow agent deposits and maintains the trust funds in an interest-bearing escrow trust account pursuant to ORS 696.578(2) and (3), the written escrow instructions from all principals having an interest in the funds must include:

(a) The names of all principals;

(b) Written approval of all principals to the escrow transaction;

(c) The escrow number;

(d) To whose account the interest earnings will accrue;

(e) How and when the interest will be disbursed; and

(f) Any limitations that may be imposed on withdrawing trust funds deposited in the interest-bearing escrow trust account.

(2) The escrow agent may deposit funds to the interest-bearing escrow trust account before receiving the written instructions required by this rule, but the escrow agent may not disburse any funds from the escrow account until the escrow agent has received the written instructions.

(3) An escrow agent must account separately for the funds deposited and the disposition of interest earned, if any, in each escrow transaction and treat disposition of interest earned as a disbursement in the closing of the escrow transaction.

(4) An escrow agent may maintain one or more separate federally insured interest-bearing accounts for each escrow transaction subject to this rule.

Or. Admin. Code § 863-050-0060

REC 29, f. 12-9-70, ef. 1-10-71; REC 5-1978, f. 11-15-78, ef. 1-1-79; REC 2-1981, f. 10-30-81, ef. 11-1-81; REC 7-1984, f. 9-4-84, ef. 10-1-84; REA 5-1992, f. 8-4-92, cert. ef. 9-1-92; REA 5-2003, f. 12-24-03, cert. ef. 1-1-04; REA 10-2008, f. 12-15-08, cert. ef. 1-1-09

Stat. Auth.: ORS 696.541

Stats. Implemented: ORS 696.578