ORS 114.545 Affiant as fiduciary; duties, functions and powers of affiant; limitation of liability of financial institution

The affiant:

Is a fiduciary who is under a general duty to administer, preserve, settle and distribute the estate in accordance with the terms of the will, the law of intestate succession and ORS 114.505 to 114.560 as expeditiously and with as little sacrifice of value as is reasonable under the circumstances.

May not commingle property of the estate of which the affiant has taken possession with property of the affiant or any other person.

Shall take control of the property of the estate coming into the possession of the affiant and collect the income from property of the estate in the possession of the affiant.

Within 30 days after filing the simple estate affidavit, shall mail or deliver each

instrument that the affidavit states will be mailed or delivered.

May open one or more deposit accounts in a financial institution as defined in ORS 706.008 with funds of the decedent, upon which the affiant may withdraw funds by means of checks, drafts or negotiable orders of withdrawal or otherwise for the payment of claims and expenses described in paragraph

of this subsection.

From and to the extent of the property of the estate, shall pay or reimburse any person who has paid:

Expenses described in ORS 115.125

and (c) and listed in the simple estate affidavit;

Claims listed in the simple estate affidavit as undisputed;

Allowed claims presented to the affiant within the time permitted by ORS 114.540; and

Claims that the probate court allowed upon summary determination under ORS 114.542.

Shall pay claims and expenses under paragraph (f) of this subsection in the order of priority prescribed by ORS 115.125.

May transfer and sell property that is part of the estate as provided in ORS 114.547.

Shall retain records of the administration of the estate at least until the later of:

The expiration of the two-year period established in ORS 114.550; or

The conclusion of any summary review proceeding under ORS 114.550.

Notwithstanding any other provision of this section or ORS 114.547, when an heir or devisee entitled to succeed to a conveyance fails or refuses to join in the conveyance as required by ORS 114.547, an affiant approved under ORS 114.517 may convey any real or personal property that is part of the estate at any time to a third party for a valuable consideration.

Property conveyed by an affiant under ORS 114.547 or this section is subject to liens and encumbrances against the decedent or the estate of the decedent. Property conveyed by an affiant under ORS 114.547 is not subject to rights of creditors of the decedent or liens or encumbrances against the heirs or devisees of the decedent. The presentation and allowance of a claim in a proceeding under ORS 114.505 to 114.560 does not make the claimant a secured creditor.

Any claiming successor to whom property of the estate is delivered or transferred under ORS 114.505 to 114.560 is personally answerable and accountable:

To the extent of the value of the property received, to creditors of the estate to the extent such creditors are entitled to payment under subsection (1) of this section; and

To any personal representative of the estate of the decedent appointed after the payment, delivery or transfer is made.

A financial institution as defined in ORS 706.008 that opens one or more deposit accounts for an affiant pursuant to subsection

of this section is not liable to any other person for opening the account or accounts or for permitting the affiant to withdraw funds from the account or accounts by means of checks, drafts, negotiable orders of withdrawal or otherwise. The financial institution is not required to ensure that the funds of the decedent that are paid out by the affiant are properly applied.