Treasury seeks clearer authority to liquidate escheated property, adds cryptocurrency to unclaimed-property rules

Senate Committee on Finance and Revenue Chair Meek opened public testimony March 24 on Senate Bill 146, a bill the Oregon State Treasury says would update escheat and unclaimed-property statutes to account for real property and digital assets such as cryptocurrency.

The bill matters because the Treasury said it has seen rapid growth in unclaimed property since the state moved the trust-property program into Treasury in 2021 and needs clearer authority to manage noncash assets that reach the state. “The trust property program moved to Treasury from the Department of State Lands in 2021,” Jessica Howell, director of government affairs for Oregon State Treasury, told the committee.

Treasury witnesses said the bill addresses two related problems: an authority gap for property that escheats to the state during probate and an outdated unclaimed-property statute that does not address modern account practices or digital assets. “The property has little value as it is contaminated by some past gas station operations,” Claudia Chobano, trust property…