Or. Admin. Code § 177-200-0012

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

Section 177-200-0012 - Ownership of Cash Slips

(1) General: Except for a cash slip claimed jointly in accordance with the provisions of OAR 177-046-0110(5), until such time as a name of an individual or individuals is imprinted or placed upon a cash slip, a cash slip is a bearer instrument and is owned by the holder of the cash slip.

(2) Joint Owners: Multiple individuals at least 21 years of age may jointly own and claim payment as owners of a cash slip using the methods described in OAR 177-046-0110(5) for claiming jointly. Multiple individuals hold the cash slip as tenants in common. Multiple individuals may specify the percentage of ownership each person holds. Each individual must hold $1.00 of the cash slip value at a minimum.

(3) Owner: When a name is placed upon a cash slip in the designated area, the cash slip ceases to be a bearer instrument. The individual(s) whose name(s) appears in that area on the cash slip is the owner(s) of the cash slip. More than one name may be placed on a cash slip.

(4) Natural Person: Only a natural person who is at least 21 years of age may own a cash slip and claim payment for it.

Or. Admin. Code § 177-200-0012

LOTT 7-2003(Temp), f. & cert. ef. 6-5-03 thru 11-28-03; LOTT 15-2003, f. & cert. ef. 9-29-03; LOTT 9-2010, f. 8-30-10, cert. ef. 9-5-10; LOTT 5-2017, temporary amend filed 10/09/2017, effective 10/09/2017 through 04/03/2018; LOTT 2-2018, amend filed 03/29/2018, effective 4/2/2018; LOTT 1-2021, amend filed 02/26/2021, effective 3/1/2021

Statutory/Other Authority: OR Const. Art. XV, § 4(4)(a), ORS 461.120, 461.217, 461.230 & 461.250

Statutes/Other Implemented: OR Const. Art. XV, § 4(4), ORS 461.120, 461.210, 461.215, 461.217, 461.220, 461.230, 461.240 & 461.250