Oregon Revised Statutes

Or. Rev. Stat. § 743.049 (2026)

Exemption of proceeds of annuity policies; assignability of rights

✓ current as of May 2026

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743.049 Exemption of proceeds of annuity policies; assignability of rights. (1) The benefits, rights, privileges and options which are due or prospectively due an annuitant under any annuity policy issued before, on or after June 8, 1967, shall not be subject to execution, nor shall the annuitant be compelled to exercise any such rights, powers or options, nor shall creditors be allowed to interfere with or terminate the policy, except:

(a) As to amounts paid for or as premium on any such annuity with intent to defraud creditors, with interest thereon, and of which the creditor has given the insurer written notice at its home office prior to the making of the payments to the annuitant out of which the creditor seeks to recover. Any such notice shall specify the amount claimed or such facts as will enable the insurer to ascertain such amount, and shall set forth such facts as will enable the insurer to ascertain the annuity policy, the annuitant and the payments sought to be avoided on the ground of fraud.

(b) The total exemption of benefits presently due and payable to any annuitant periodically or at stated times under all annuity policies under which the person is an annuitant shall not at any time exceed $500 per month for the length of time represented by such installments. Such periodic payments in excess of $500 per month shall be subject to garnishee execution to the same extent as are wages and salaries.

(c) If the total benefits presently due and payable to any annuitant under all annuity policies under which the person is an annuitant shall at any time exceed payment at the rate of $500 per month, the court may order such annuitant to pay to a judgment creditor or apply on the judgment, in installments, the portion of such excess benefits as to the court may appear just and proper, after due regard for the reasonable requirements of the judgment debtor and family, if dependent upon the judgment debtor, as well as any payments required to be made by the annuitant to other creditors under prior court orders.

(2) If the policy so provides, the benefits, rights, privileges or options accruing under the policy to a beneficiary or assignee shall not be transferable nor subject to commutation, and if the benefits are payable periodically or at stated times, the same exemptions and exceptions contained in this section for the annuitant shall apply with respect to such beneficiary or assignee. [Formerly 743.105; 1991 c.182 §3]

Notes of Decisions

Cited in 2 cases, 1996–2017 · leading case: Norwood v. Premo, 403 P.3d 502 (Or. Ct. App. 2017).

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Norwood v. Premo, 403 P.3d 502 (Or. Ct. App. 2017). “, ORS 743.049(1) (exempting from execution certain annuity benefits “presently due and payable”); see also ORS 25.”

In re Thompson, 197 B.R. 326 (Bankr. D. Or. 1996). · cites it 8× “Debtor claims that payments he is scheduled to receive from First Colony in the future constitute an annuity that is exempt under ORS 743.049. The trustee argues that the payments are not an annuity or that, if they are, debtor does not own the annuity.”

— Or. Rev. Stat. § 743.049(1) — 1 case

Norwood v. Premo, 403 P.3d 502 (Or. Ct. App. 2017). “, ORS 743.049(1) (exempting from execution certain annuity benefits “presently due and payable”); see also ORS 25.”

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