2007 Oregon Code - Chapter 126 :: Chapter 126 - Property Held for the Benefit of Minors - Uniform Transfers to Min ors Act
Chapter 126 —
Property Held for the Benefit of Minors;
Uniform
Transfers to Minors Act
2007 EDITION
PROPERTY FOR THE BENEFIT OF MINORS
PROTECTIVE PROCEEDINGS; POWERS OF ATTORNEY;
TRUSTS
PAYMENT OR DELIVERY FOR BENEFIT OF MINOR
126.700Â Â Â Â Payment
or delivery for benefit of minor
SETTLEMENT AGREEMENT ON BEHALF OF MINOR
126.725Â Â Â Â Settlement
agreement on behalf of minor; effect; liability
GIFTS TO MINORS
126.805Â Â Â Â Definitions
for ORS 126.805 to 126.886
126.809Â Â Â Â Applicability
of ORS 126.805 to 126.886; jurisdiction over custodian
126.812Â Â Â Â Nomination
of custodian; effective date of custodianship and transfer of custodial
property
126.816Â Â Â Â Irrevocable
gifts or exercise of power of appointment
126.819Â Â Â Â Irrevocable
transfer by personal representative or trustee to custodian
126.822Â Â Â Â Transfer
to custodian in absence of authorization
126.826Â Â Â Â Irrevocable
transfer by person holding property of or owing liquidated debt to minor
126.829Â Â Â Â Written
acknowledgment of delivery as receipt
126.832Â Â Â Â Creation
and transfer of custodial property; form of instrument
126.836Â Â Â Â Limitations
on custodianship; age requirement for transfers
126.839Â Â Â Â Validity
of transfer
126.842Â Â Â Â Duties
of custodian; standard of care
126.846Â Â Â Â Rights,
powers and authority of custodian
126.849Â Â Â Â Payments
to and expenditures for beneficiary; effect on duty to support beneficiary
126.852Â Â Â Â Reimbursement
to custodian for reasonable expenses; compensation; bond
126.857Â Â Â Â Third
personÂ’s duties in dealing with custodian
126.859Â Â Â Â Claims
against custodial property; liability of custodian and beneficiary
126.862Â Â Â Â Refusal
to serve as custodian; substitute and successor custodians; resignation;
removal
126.866Â Â Â Â Accounting
by custodian; determination of responsibility
126.869Â Â Â Â Time
of transfer of custodial property to beneficiary or beneficiaryÂ’s estate
126.872Â Â Â Â Delayed
transfer of custodial property to beneficiary
126.875Â Â Â Â Accounting
by custodian
126.877Â Â Â Â Applicability
of ORS 126.805 to 126.886 to transfers made after January 1, 1986
126.879Â Â Â Â Validation
of transfer made before January 1, 1986
126.882Â Â Â Â Application
and construction of ORS 126.805 to 126.886
126.886Â Â Â Â Short
title
     126.003 [1973 c.823 §1; 1983 c.535 §1; 1987 c.690 §1;
1991 c.546 §3; repealed by 1995 c.664 §105]
     126.005 [Repealed by 1961 c.344 §109]
     126.006 [1961 c.344 §1; 1969 c.591 §224; repealed by
1973 c.823 §154]
     126.007 [1973 c.823 §2; 1987 c.690 §2; 1989 c.230 §1;
repealed by 1995 c.664 §105]
     126.010 [Repealed by 1961 c.344 §109]
     126.011 [1961 c.344 §2; repealed by 1969 c.591 §305]
     126.013 [1973 c.823 §3; 1987 c.690 §8; repealed by
1995 c.664 §105]
     126.015 [1961 c.344 §3; repealed by 1973 c.823 §154]
     126.017 [1973 c.823 §4; repealed by 1995 c.664 §105]
     126.020 [1961 c.344 §4; repealed by 1973 c.823 §154]
     126.025 [1973 c.823 §5; 1981 c.175 §1; renumbered
126.700 in 1995]
     126.030 [1973 c.823 §6; 1981 c.872 §1; 1993 c.230 §1;
renumbered 109.056 in 1995]
     126.035 [1973 c.823 §7; 1983 c.535 §2; repealed by
1995 c.664 §105]
     126.040 [1973 c.823 §8; repealed by 1995 c.664 §105]
     126.045 [1977 c.355 §1; repealed by 1995 c.664 §105]
     126.050 [1977 c.355 §2; 1991 c.895 §1; repealed by
1995 c.664 §105]
     126.055 [1977 c.355 §3; repealed by 1995 c.664 §105]
     126.060 [1973 c.823 §9; 1987 c.466 §1; repealed by
1995 c.664 §105]
     126.065 [1973 c.823 §10; repealed by 1995 c.664 §105]
     126.070 [1973 c.823 §11; 1987 c.466 §2; repealed by
1995 c.664 §105]
     126.075 [1973 c.823 §12; repealed by 1995 c.664 §105]
     126.080 [1973 c.823 §13; 1977 c.211 §3; repealed by
1995 c.664 §105]
     126.085 [1973 c.823 §14; repealed by 1995 c.664 §105]
     126.090 [1973 c.823 §15; repealed by 1995 c.664 §105]
     126.095 [1973 c.823 §16; repealed by 1995 c.664 §105]
     126.098 [1987 c.690 §7; 1991 c.895 §2; repealed by
1995 c.664 §105]
     126.100 [1973 c.823 §17; repealed by 1995 c.664 §105]
     126.103 [1973 c.823 §18; 1983 c.535 §3; 1987 c.690 §3;
1991 c.546 §4; 1991 c.895 §3; repealed by 1995 c.664 §105]
     126.105 [Repealed by 1961 c.344 §109]
     126.106 [1961 c.344 §5; 1969 c.591 §225; repealed by
1973 c.823 §154]
     126.107 [1973 c.823 §19; 1983 c.535 §4; 1987 c.690 §4;
repealed by 1995 c.664 §105]
     126.110 [Repealed by 1961 c.344 §109]
     126.111 [1961 c.344 §6; 1969 c.591 §226; repealed by
1973 c.823 §154]
     126.113 [1973 c.823 §20; repealed by 1995 c.664 §105]
     126.114 [1983 c.535 §7; repealed by 1995 c.664 §105]
     126.115 [Repealed by 1961 c.344 §109]
     126.116 [1961 c.344 §7; repealed by 1973 c.823 §154]
     126.117 [1973 c.823 §21; repealed by 1995 c.664 §105]
     126.120 [Repealed by 1961 c.344 §109]
     126.121 [1961 c.344 §8; repealed by 1973 c.823 §154]
     126.123 [1973 c.823 §§22,23; repealed by 1995 c.664 §105]
     126.125 [Repealed by 1961 c.344 §109]
     126.126 [1961 c.344 §9; 1969 c.591 §227; repealed by
1973 c.823 §154]
     126.127 [1973 c.823 §24; 1987 c.690 §5; 1991 c.546 §2;
1991 c.895 §6; repealed by 1995 c.664 §105]
     126.130 [Repealed by 1961 c.344 §109]
     126.131 [1961 c.344 §10; 1969 c.591 §228; repealed
by 1973 c.823 §154]
     126.133 [1973 c.823 §25; 1991 c.546 §1; repealed by
1995 c.664 §105]
     126.135 [Repealed by 1961 c.344 §109]
     126.136 [1961 c.344 §11; repealed by 1973 c.823 §154]
     126.137 [1973 c.823 §26; 1983 c.535 §5; 1991 c.895 §4;
repealed by 1995 c.664 §105]
     126.140 [Repealed by 1961 c.344 §109]
     126.141 [1961 c.344 §12; repealed by 1973 c.823 §154]
     126.143 [1973 c.823 §27; repealed by 1995 c.664 §105]
     126.145 [Repealed by 1961 c.344 §109]
     126.146 [1961 c.344 §13; 1969 c.591 §229; repealed
by 1973 c.823 §154]
     126.150 [Repealed by 1961 c.344 §109]
     126.151 [1961 c.344 §14; 1969 c.591 §230; repealed
by 1973 c.823 §154]
     126.155 [Amended by 1953 c.578 §2; repealed by 1961
c.344 §109]
     126.156 [1961 c.344 §15; repealed by 1973 c.823 §154]
     126.157 [1973 c.823 §28; 1979 c.744 §2; repealed by
1995 c.664 §105]
     126.160 [Repealed by 1961 c.344 §109]
     126.161 [1961 c.344 §16; repealed by 1973 c.823 §154]
     126.163 [1973 c.823 §29; repealed by 1995 c.664 §105]
     126.165 [Repealed by 1961 c.344 §109]
     126.166 [1961 c.344 §17; 1969 c.591 §231; repealed
by 1973 c.823 §154]
     126.167 [1973 c.823 §30; repealed by 1995 c.664 §105]
     126.170 [Repealed by 1961 c.344 §109]
     126.171 [1961 c.344 §18; repealed by 1973 c.823 §154]
     126.173 [1973 c.823 §31; repealed by 1995 c.664 §105]
     126.174 [1969 c.591 §233; repealed by 1973 c.823 §154]
     126.175 [Repealed by 1961 c.344 §109]
     126.176 [1961 c.344 §9; repealed by 1969 c.591 §305]
     126.177 [1973 c.823 §32; repealed by 1995 c.664 §105]
     126.180 [Repealed by 1961 c.344 §109]
     126.181 [1961 c.344 §20; repealed by 1973 c.823 §154]
     126.183 [1973 c.823 §33; 1991 c.895 §5; repealed by
1995 c.664 §105]
     126.185 [Repealed by 1961 c.344 §109]
     126.186 [1961 c.344 §21; 1969 c.591 §234; repealed
by 1973 c.823 §154]
     126.187 [1973 c.823 §34; 1989 c.230 §2; repealed by
1995 c.664 §105]
     126.190 [Repealed by 1961 c.344 §109]
     126.193 [1973 c.823 §35; 1989 c.230 §3; repealed by
1995 c.664 §105]
     126.195 [Repealed by 1961 c.344 §109]
     126.197 [1973 c.823 §36; 1979 c.744 §3; repealed by
1995 c.664 §105]
     126.200 [Repealed by 1961 c.344 §109]
     126.203 [1973 c.823 §37; repealed by 1995 c.664 §105]
     126.205 [1961 c.344 §22; repealed by 1973 c.823 §154]
     126.207 [1973 c.823 §38; repealed by 1995 c.664 §105]
     126.210 [1961 c.344 §23; repealed by 1973 c.823 §154]
     126.213 [1973 c.823 §39; repealed by 1995 c.664 §105]
     126.215 [1961 c.344 §24; repealed by 1973 c.823 §154]
     126.217 [1973 c.823 §40; repealed by 1995 c.664 §105]
     126.220 [1961 c.344 §25; repealed by 1973 c.823 §154]
     126.223 [1973 c.823 §41; repealed by 1995 c.664 §105]
     126.225 [1961 c.344 §26; repealed by 1973 c.823 §154]
     126.227 [1973 c.823 §42; repealed by 1995 c.664 §105]
     126.229 [1989 c.230 §8; repealed by 1995 c.664 §105]
     126.230 [1961 c.344 §27; 1969 c.591 §235; repealed
by 1973 c.823 §154]
     126.233 [1973 c.823 §43; repealed by 1995 c.664 §105]
     126.235 [1961 c.344 §28; repealed by 1973 c.823 §154]
     126.237 [1973 c.823 §44; repealed by 1995 c.664 §105]
     126.240 [1961 c.344 §29; repealed by 1973 c.823 §154]
     126.243 [1973 c.823 §45; repealed by 1995 c.664 §105]
     126.245 [1961 c.344 §30; 1969 c.591 §236; 1971 c.743
§315; repealed by 1973 c.823 §154]
     126.247 [1973 c.823 §46; repealed by 1995 c.664 §105]
     126.250 [1961 c.344 §31; 1963 c.438 §1; 1965 c.402 §1;
repealed by 1973 c.823 §154]
     126.253 [1973 c.823 §47; repealed by 1995 c.664 §105]
     126.255 [1961 c.344 §32; repealed by 1973 c.823 §154]
     126.257 [1973 c.823 §55; repealed by 1995 c.664 §105]
     126.260 [1961 c.344 §33; repealed by 1973 c.823 §154]
     126.263 [1973 c.823 §48; 1989 c.230 §4; repealed by
1995 c.664 §105]
     126.265 [1961 c.344 §34; 1969 c.591 §237; repealed
by 1973 c.823 §154]
     126.267 [1973 c.823 §49; repealed by 1995 c.664 §105]
     126.270 [1961 c.344 §35; repealed by 1973 c.823 §154]
     126.273 [1973 c.823 §50; repealed by 1995 c.664 §105]
     126.275 [1961 c.344 §36; repealed by 1973 c.823 §154]
     126.277 [1973 c.823 §§51,52; 1987 c.586 §29;
repealed by 1995 c.664 §105]
     126.280 [1961 c.344 §37; repealed by 1973 c.823 §154]
     126.283 [1973 c.823 §53; 1987 c.728 §1; 1989 c.230 §5;
repealed by 1995 c.664 §105]
     126.285 [1961 c.344 §38; repealed by 1973 c.823 §154]
     126.287 [1973 c.823 §54; repealed by 1995 c.664 §105]
     126.290 [1961 c.344 §39; repealed by 1973 c.823 §154]
     126.293 [1973 c.823 §56; repealed by 1995 c.664 §105]
     126.295 [1961 c.344 §40; 1969 c.591 §238; repealed
by 1973 c.823 §154]
     126.297 [1973 c.823 §57; repealed by 1995 c.664 §105]
     126.300 [1961 c.344 §41; repealed by 1969 c.591 §305]
     126.303 [1973 c.823 §58; 1981 c.906 §1; repealed by
1995 c.664 §105]
     126.305 [Repealed by 1961 c.344 §109]
     126.306 [1961 c.344 §42; repealed by 1973 c.823 §154]
     126.307 [1973 c.823 §59; repealed by 1995 c.664 §105]
     126.310 [Repealed by 1961 c.344 §109]
     126.311 [1961 c.344 §43; repealed by 1973 c.823 §154]
     126.313 [1973 c.823 §60; 1975 c.226 §1; 1977 c.211 §2;
1989 c.230 §6; repealed by 1995 c.664 §105]
     126.315 [Repealed by 1961 c.344 §109]
     126.316 [1961 c.344 §44; repealed by 1973 c.823 §154]
     126.317 [1973 c.823 §61; repealed by 1995 c.664 §105]
     126.320 [Amended by 1957 c.237 §1; repealed by 1961
c.344 §109]
     126.321 [1961 c.344 §45; repealed by 1973 c.823 §154]
     126.323 [1973 c.823 §62; repealed by 1995 c.664 §105]
     126.325 [Amended by 1953 c.102 §2; 1957 c.662 §2;
repealed by 1961 c.344 §109]
     126.326 [1961 c.344 §46; repealed by 1973 c.823 §154]
     126.327 [1973 c.823 §63; repealed by 1995 c.664 §105]
     126.330 [Repealed by 1961 c.344 §109]
     126.331 [1961 c.344 §47; repealed by 1973 c.823 §154]
     126.333 [1973 c.823 §64; repealed by 1995 c.664 §105]
     126.335 [Repealed by 1961 c.344 §109]
     126.336 [1961 c.344 §48; 1965 c.402 §2; 1969 c.384 §1;
repealed by 1973 c.823 §154]
     126.337 [1973 c.823 §65; 1975 c.245 §2; repealed by
1995 c.664 §105]
     126.338 [1965 c.402 §4; 1969 c.591 §239; 1969 c.597 §§16,277;
repealed by 1973 c.823 §154]
     126.340 [Repealed by 1961 c.344 §109]
     126.341 [1961 c.344 §49; repealed by 1973 c.823 §154]
     126.343 [1973 c.823 §66; repealed by 1995 c.664 §105]
     126.345 [Repealed by 1961 c.344 §109]
     126.346 [1961 c.344 §50; 1965 c.402 §5; repealed by
1973 c.823 §154]
     126.347 [1973 c.823 §67; repealed by 1995 c.664 §105]
     126.350 [Repealed by 1961 c.344 §109]
     126.351 [1961 c.344 §51; repealed by 1973 c.823 §154]
     126.353 [1973 c.823 §§68,69,72; repealed by 1995
c.664 §105]
     126.355 [Repealed by 1961 c.344 §109]
     126.357
[1973 c.823 §§70,71; repealed by 1995 c.664 §105]
     126.360 [Repealed by 1961 c.344 §109]
     126.363 [1973 c.823 §73; repealed by 1995 c.664 §105]
     126.365 [Repealed by 1961 c.344 §109]
     126.367 [1973 c.823 §74; repealed by 1995 c.664 §105]
     126.370 [Repealed by 1961 c.344 §109]
     126.373 [1973 c.823 §75; repealed by 1995 c.664 §105]
     126.377 [1973 c.823 §76; repealed by 1995 c.664 §105]
     126.383 [1973 c.823 §77; repealed by 1995 c.664 §105]
     126.387 [1973 c.823 §78; repealed by 1995 c.664 §105]
     126.393 [1973 c.823 §79; 1981 c.175 §2; repealed by
1995 c.664 §105]
     126.397 [1973 c.823 §80; repealed by 1995 c.664 §105]
     126.403 [1973 c.823 §81; 1989 c.230 §9; 1991 c.67 §24;
repealed by 1995 c.664 §105]
     126.405 [Amended by 1957 c.237 §2; repealed by 1961
c.344 §109]
     126.406 [1961 c.344 §52; 1969 c.591 §240; repealed
by 1973 c.823 §154]
     126.407 [1973 c.823 §82; renumbered 127.005 in 1989]
     126.410 [Repealed by 1961 c.344 §109]
     126.411 [1961 c.344 §53; 1969 c.591 §241; repealed
by 1973 c.823 §154]
     126.413 [1973 c.823 §83; renumbered 127.015 in 1989]
     126.415 [Amended by 1957 c.237 §3; repealed by 1961
c.344 §109]
     126.416 [1961 c.344 §54; 1969 c.591 §242; repealed
by 1973 c.823 §154]
     126.420 [Amended by 1959 c.325 §1; repealed by 1961
c.344 §109]
     126.421 [1961 c.344 §55; repealed by 1973 c.823 §154]
     126.425 [Amended by 1959 c.325 §2; repealed by 1961
c.344 §109]
     126.426 [1961 c.344 §56; 1969 c.591 §243; repealed
by 1973 c.823 §154]
     126.430 [Repealed by 1961 c.344 §109]
     126.431 [1961 c.344 §57; 1969 c.591 §244; repealed
by 1973 c.823 §154]
     126.435 [Repealed by 1961 c.344 §109]
     126.436 [1961 c.344 §58; 1963 c.417 §1; 1969 c.591 §245;
repealed by 1973 c.823 §154]
     126.440 [Repealed by 1961 c.344 §109]
     126.441 [1961 c.344 §59; 1969 c.591 §246; repealed
by 1973 c.823 §154]
     126.445 [Repealed by 1959 c.325 §4]
     126.446 [1961 c.344 §60; repealed by 1969 c.591 §305]
     126.450 [Repealed by 1961 c.344 §109]
     126.451 [1961 c.344 §61; repealed by 1973 c.823 §154]
     126.455 [Repealed by 1961 c.344 §109]
     126.456 [1961 c.344 §62; 1969 c.591 §247; repealed
by 1973 c.823 §154]
     126.460 [Repealed by 1961 c.344 §109]
     126.461 [1961 c.344 §63; 1969 c.591 §248; repealed
by 1973 c.823 §154]
     126.465 [Repealed by 1961 c.344 §109]
     126.466 [1961 c.344 §64; repealed by 1973 c.823 §154]
     126.470 [Repealed by 1961 c.344 §109]
     126.471 [1961 c.344 §65; 1969 c.591 §249; repealed
by 1973 c.823 §154]
     126.475 [Repealed by 1961 c.344 §109]
     126.476 [1961 c.344 §66; 1969 c.591 §250; repealed
by 1973 c.823 §154]
     126.480 [Repealed by 1961 c.344 §109]
     126.481 [1961 c.344 §67; repealed by 1973 c.823 §154]
     126.485 [1961 c.344 §68; repealed by 1973 c.823 §154]
     126.490 [1961 c.344 §69; 1963 c.417 §2; 1969 c.591 §251;
repealed by 1973 c.823 §154]
     126.495 [1961 c.344 §70; 1969 c.591 §252; repealed
by 1973 c.823 §154]
     126.505 [Repealed by 1961 c.344 §109]
     126.506 [1961 c.344 §71; repealed by 1973 c.823 §154]
     126.510 [Repealed by 1961 c.344 §109]
     126.511 [1961 c.344 §72; repealed by 1973 c.823 §154]
     126.515 [Repealed by 1961 c.344 §109]
     126.516 [1961 c.344 §73; 1965 c.402 §6; repealed by
1973 c.823 §154]
     126.520 [1961 c.344 §74; repealed by 1973 c.823 §154]
     126.525 [1961 c.344 §75; 1965 c.402 §7; repealed by
1973 c.823 §154]
     126.527 [1965 c.402 §9; repealed by 1973 c.823 §154]
     126.530 [1961 c.344 §76; 1965 c.402 §10; repealed by
1973 c.823 §154]
     126.535 [1961 c.344 §77; repealed by 1973 c.823 §154]
     126.540 [1961 c.344 §78; 1969 c.591 §253; repealed
by 1973 c.823 §154]
     126.545 [1961 c.344 §79; repealed by 1973 c.823 §154]
     126.555 [1961 c.344 §80; 1965 c.402 §11; 1969 c.591 §256;
repealed by 1973 c.823 §154]
     126.557 [1969 c.591 §255; repealed by 1973 c.823 §154]
     126.560 [1961 c.344 §81; repealed by 1973 c.823 §154]
     126.565 [1961 c.344 §82; repealed by 1973 c.823 §154]
     126.570 [1969 c.591 §257; repealed by 1973 c.823 §154]
     126.605 [Amended by 1953 c.687 §5; repealed by 1961
c.344 §109]
     126.606 [1961 c.344 §83; repealed by 1973 c.823 §154]
     126.610 [Amended by 1953 c.687 §5; repealed by 1961
c.344 §109]
     126.611 [1961 c.344 §84; repealed by 1969 c.591 §305]
     126.615 [Repealed by 1961 c.344 §109]
     126.616 [1961 c.344 §85; repealed by 1973 c.823 §154]
     126.617 [1953 c.687 §5; repealed by 1961 c.344 §109]
     126.620 [Amended by 1953 c.687 §5; repealed by 1961
c.344 §109]
     126.621 [1961 c.344 §86; repealed by 1973 c.823 §154]
     126.625 [Repealed by 1961 c.344 §109]
     126.626 [1961 c.344 §87; repealed by 1973 c.823 §154]
     126.630 [Repealed by 1961 c.344 §109]
     126.631 [1961 c.344 §88; repealed by 1973 c.823 §154]
     126.635 [Repealed by 1961 c.344 §109]
     126.636 [1961 c.344 §89; repealed by 1973 c.823 §154]
     126.637 [1969 c.591 §259; repealed by 1973 c.823 §154]
     126.638 [1969 c.591 §260; repealed by 1973 c.823 §154]
     126.639 [1969 c.591 §261; repealed by 1973 c.823 §154]
     126.640 [Repealed by 1961 c.344 §109]
     126.641 [1961 c.344 §90; repealed by 1973 c.823 §154]
     126.645 [Repealed by 1961 c.344 §109]
     126.646 [1961 c.344 §91; repealed by 1973 c.823 §154]
     126.650 [Amended by 1953 c.687 §5; repealed by 1961
c.344 §109]
     126.651 [1961 c.344 §92; repealed by 1973 c.823 §154]
     126.655 [Repealed by 1961 c.344 §109]
     126.656 [1961 c.344 §93; repealed by 1973 c.823 §154]
     126.660 [1961 c.344 §94; 1965 c.402 §12; repealed by
1973 c.823 §154]
     126.665 [1965 c.402 §14; repealed by 1973 c.823 §154]
     126.670 [1965 c.402 §15; repealed by 1973 c.823 §154]
     126.675 [1965 c.402 §16; 1969 c.591 §262; repealed
by 1973 c.823 §154]
PAYMENT OR
DELIVERY FOR BENEFIT OF MINOR
     126.700
Payment or delivery for benefit of minor. (1) A person under a duty to pay or deliver money or personal property
to a minor may pay or deliver the money or property, in amounts not exceeding
$10,000 per year, to:
     (a) A person having the care and custody
of the minor with whom the minor resides;
     (b) A guardian of the minor; or
     (c) A financial institution incident to a
deposit in a federally insured savings account in the sole name of the minor
and giving notice of the deposit to the minor.
     (2) This section does not apply if the
person making payment or delivery has actual knowledge that a conservator has
been appointed or proceedings for appointment of a conservator of the estate of
the minor are pending.
     (3) The persons, except the minor or a
financial institution under subsection (1)(c) of this section, receiving money
or property for a minor, shall apply the money to the support and education of
the minor, and shall not pay themselves except by way of reimbursement for
out-of-pocket expenses for goods and services necessary for the minorÂ’s
support. Excess sums shall be preserved for future support of the minor and the
balance not so used and the property received for the minor shall be turned
over to the minor when the minor attains majority.
     (4) Persons who pay or deliver money or
personal property under this section are not responsible for the proper
application of the money or property. [Formerly 126.025]
SETTLEMENT
AGREEMENT ON BEHALF OF MINOR
     126.725
Settlement agreement on behalf of minor; effect; liability. (1) A person having legal custody of a minor
may enter into a settlement agreement with a person against whom the minor has
a claim if:
     (a) A conservator has not been appointed
for a minor;
     (b) The total amount of the claim is
$25,000 or less;
     (c) The moneys paid under the settlement
agreement will be deposited directly into a federally insured savings account
in the sole name of the minor with notice of the deposit to the minor; and
     (d) The person entering into the settlement
agreement on behalf of the minor completes an affidavit or verified statement
that attests that the person has made a reasonable inquiry and that:
     (A) To the best of the person’s knowledge,
the minor will be fully compensated by the settlement; or
     (B) There is no practical way to obtain
additional amounts from the party entering into the settlement agreement with
the minor.
     (2) If a settlement agreement is entered
into in compliance with subsection (1) of this section, the signature of the
person entering into the settlement agreement on behalf of the minor is binding
on the minor without the need for further court approval or review and has the
same force and effect as if the minor were a competent adult entering into the
settlement agreement.
     (3) A person acting in good faith on
behalf of a minor under this section is not liable to the minor for the moneys
paid in settlement or for any other claim arising out of the settlement. [2007
c.874 §1]
GIFTS TO
MINORS
     126.805
Definitions for ORS 126.805 to 126.886. As used in ORS 126.805 to 126.886, except where the context otherwise
requires:
     (1) “Adult” means any person who has
attained the age of 21 years.
     (2) “Beneficiary” means a person for whose
benefit a transfer has been made to a custodian.
     (3) “Broker” means a person lawfully
engaged in the business of effecting transactions in securities or commodities
for the account of the person or for others.
     (4) “Conservator” means a person appointed
or qualified by a court to act as general, limited or temporary guardian of a
beneficiaryÂ’s property or a person legally authorized to perform substantially
the same functions.
     (5) “Court” means circuit court.
     (6) “Custodial property” includes:
     (a) Any interest in property transferred
to a custodian under ORS 126.805 to 126.886.
     (b) The income from that interest in
property.
     (7) “Custodian” means the person
designated as custodian under ORS 126.812 or a successor or substitute
custodian designated under ORS 126.862.
     (8) “Financial institution” means a financial
institution as defined in ORS 706.008 or a trust company as defined in ORS
706.008.
     (9) “Legal representative” means the
personal representative or conservator.
     (10) “Member of the beneficiary’s family”
means the beneficiaryÂ’s parent, stepparent, spouse, grandparent, brother,
sister, uncle or aunt, whether of the whole blood or the half blood or through
legal adoption.
     (11) “Minor” means any person who has not
attained the age of 21 years.
     (12) “Personal representative” means an
executor, administrator, successor personal representative, or special
administrator of a decedentÂ’s estate or a person legally authorized to perform
substantially the same functions.
     (13) “State” includes any state of the
     (14) “Transfer” means a transaction that
creates custodial property under ORS 126.832.
     (15) “Transferor” means a person who makes
a transfer under ORS 126.805 to 126.886.
     (16) “Trust company” means a trust company
as defined in ORS 706.008. [1959 c.640 §1; 1967 c.300 §1; 1973 c.827 §18; 1981
c.443 §1; 1983 c.457 §1; 1985 c.665 §1; 1997 c.631 §412; 2005 c.349 §1]
     126.809
Applicability of ORS 126.805 to 126.886; jurisdiction over custodian. (1) ORS 126.805 to 126.886 apply to a
transfer that refers to ORS 126.805 to 126.886 in the designation under ORS
126.832 (1) by which the transfer is made if at the time of the transfer, the
transferor, the beneficiary or the custodian is a resident of this state or the
custodial property is located in this state. The custodianship so created
remains subject to ORS 126.805 to 126.886 despite a subsequent change in
residence of a transferor, the beneficiary or the custodian or the removal of
custodial property from this state.
     (2) A person designated as custodian under
ORS 126.805 to 126.886 is subject to personal jurisdiction in this state with
respect to any matter relating to the custodianship.
     (3) A transfer that purports to be made
and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts
to Minors Act or a substantially similar Act, of another state is governed by
the law of the designated state and may be executed and is enforceable in this
state if at the time of the transfer, the transferor, the beneficiary or the
custodian is a resident of the designated state or the custodial property is
located in the designated state. [1985 c.665 §3; 2005 c.349 §2]
     126.810 [1959 c.640 §2; 1967 c.300 §2; 1981 c.443 §2;
repealed by 1985 c.665 §27]
     126.812
Nomination of custodian; effective date of custodianship and transfer of
custodial property. (1) A
person having the right to designate the recipient of property transferable
upon the occurrence of a future event may revocably nominate a custodian to
receive the property for a beneficiary upon the occurrence of the event by
naming the custodian followed in substance by the words: “As custodian for _____
(name of beneficiary) under the Oregon Uniform Transfers to Minors Act.” The
nomination may name one or more persons as substitute custodians to whom the
property must be transferred, in the order named, if the first nominated
custodian dies before the transfer or is unable, declines or is ineligible to
serve. The nomination may be made in a will, a trust, a deed, an instrument
exercising a power of appointment or in a writing designating a beneficiary of
contractual rights which is registered with or delivered to the payer, issuer
or other obligor of the contractual rights.
     (2) A custodian nominated under this
section must be a person to whom a transfer of property of that kind may be
made under ORS 126.832 (1).
     (3) The nomination of a custodian under
this section does not create custodial property until the nominating instrument
becomes irrevocable or a transfer to the nominated custodian is completed under
ORS 126.832. Unless the nomination of a custodian has been revoked, upon the
occurrence of the future event the custodianship becomes effective and the
custodian shall enforce a transfer of the custodial property pursuant to ORS
126.832. [1985 c.665 §4; 2005 c.349 §3]
     126.815 [1959 c.640 §3; 1967 c.300 §3; 1973 c.823 §110;
1981 c.443 §3; repealed by 1985 c.665 §27]
     126.816
Irrevocable gifts or exercise of power of appointment. A person may make a transfer by irrevocable
gift to, or the irrevocable exercise of a power of appointment in favor of, a
custodian for the benefit of a beneficiary pursuant to ORS 126.832. [1985 c.665
§5; 2005 c.349 §4]
     126.817 [1983 c.457 §3; repealed by 1985 c.665 §27]
     126.819
Irrevocable transfer by personal representative or trustee to custodian. (1) A personal representative or trustee may
make an irrevocable transfer pursuant to ORS 126.832 to a custodian for the
benefit of a beneficiary as authorized in the governing will or trust.
     (2) If the testator or settlor has
nominated a custodian under ORS 126.812 to receive the custodial property, the
transfer must be made to that person.
     (3) If the testator or settlor has not
nominated a custodian under ORS 126.812, or all persons so nominated as
custodian die before the transfer or are unable, decline or are ineligible to
serve, the personal representative or the trustee, as the case may be, shall
designate the custodian from among those eligible to serve as custodian for
property of that kind under ORS 126.832. [1985 c.665 §6; 2005 c.349 §5]
     126.820 [1959 c.640 §4; 1983 c.457 §4; repealed by
1985 c.665 §27]
     126.822
Transfer to custodian in absence of authorization. (1) Subject to subsection (3) of this
section, a personal representative or trustee may make an irrevocable transfer
to another adult or trust company as custodian for the benefit of a minor
pursuant to ORS 126.832, in the absence of a will or under a will or trust that
does not contain an authorization to do so.
     (2) Subject to subsection (3) of this
section, a conservator may make an irrevocable transfer to another adult or
trust company as custodian for the benefit of the minor pursuant to ORS
126.832.
     (3) A transfer under subsection (1) or (2)
of this section may be made only if:
     (a) The personal representative, trustee
or conservator considers the transfer to be in the best interest of the minor;
     (b) The transfer is not prohibited by or inconsistent
with provisions of the applicable will, trust agreement or other governing
instrument; and
     (c) The transfer is authorized by the
court if it exceeds $30,000 in value. [1985 c.665 §7; 2001 c.244 §3]
     126.825 [1959 c.640 §5; 1967 c.300 §4; 1981 c.443 §4;
repealed by 1985 c.665 §27]
     126.826
Irrevocable transfer by person holding property of or owing liquidated debt to
minor. (1) Subject to
subsections (2) and (3) of this section, a person not subject to ORS 126.819 or
126.822 who holds property of or owes a liquidated debt to a minor not having a
conservator may make an irrevocable transfer to a custodian for the benefit of
the minor pursuant to ORS 126.832.
     (2) If a person having the right to do so
under ORS 126.812 has nominated a custodian under that section to receive the
custodial property, the transfer must be made to that person.
     (3) If no custodian has been nominated
under ORS 126.812 or all persons so nominated as custodian die before the
transfer or are unable, decline or are ineligible to serve, a transfer under
this section may be made to an adult member of the minorÂ’s family or to a trust
company unless the property exceeds $5,000 in value. [1985 c.665 §8]
     126.829
Written acknowledgment of delivery as receipt. A written acknowledgment of delivery by a
custodian constitutes a sufficient receipt and discharge for custodial property
transferred to the custodian pursuant to ORS 126.805 to 126.886. [1985 c.665 §9]
     126.830 [1959 c.640 §6; 1973 c.823 §111; repealed by
1985 c.665 §27]
     126.832
Creation and transfer of custodial property; form of instrument. (1) Custodial property is created and a
transfer is made if any of the following occur:
     (a) An uncertificated security or a
certificated security in registered form is either:
     (A) Registered in the name of the
transferor, in the name of an adult other than the transferor or the
beneficiary, or in the name of a trust company, followed in substance by the
words specified in subsection (3) of this section; or
     (B) Delivered if in certificated form, or
any document necessary for the transfer of an uncertificated security is
delivered, together with any necessary indorsement to an adult other than the
transferor or the beneficiary, or delivered to a trust company as custodian,
accompanied by an instrument in substantially the form set forth in subsection
(2) of this section.
     (b) Money is paid or delivered to a broker
or financial institution for credit to an account in the name of the
transferor, in the name of an adult other than the transferor or the
beneficiary, or in the name of a trust company, followed in substance by the
words specified in subsection (3) of this section.
     (c) The ownership of a life or endowment
insurance policy or annuity contract is either:
     (A) Registered with the issuer in the name
of the transferor, in the name of an adult other than the transferor or the
beneficiary, or in the name of a trust company, followed in substance by the
words specified in subsection (3) of this section; or
     (B) Assigned in a writing delivered to an
adult other than the transferor or the beneficiary, or delivered to a trust
company, and the name of the assignee is followed in substance by the words
specified in subsection (3) of this section.
     (d) An irrevocable exercise of a power of
appointment or an irrevocable present right to future payment under a contract
is the subject of a written notification delivered to the payer, issuer or
other obligor that the right is transferred to the transferor, transferred to
an adult other than the transferor or the beneficiary, or transferred to a
trust company, and the name of the transferee is followed in substance by the
words specified in subsection (3) of this section.
     (e) An interest in real property is
recorded in the name of the transferor, in the name of an adult other than the
transferor or the beneficiary, or in the name of a trust company, followed in
substance by the words specified in subsection (3) of this section.
     (f) A certificate of title issued by a
department or agency of a state or of the
     (A) Issued in the name of the transferor,
in the name of an adult other than the transferor or the beneficiary, or in the
name of a trust company, followed in substance by the words specified in
subsection (3) of this section; or
     (B) Delivered to an adult other than the
transferor or the beneficiary, or delivered to a trust company, and is indorsed
to that person followed in substance by the words specified in subsection (3)
of this section.
     (g) An interest in any property not
described in paragraphs (a) to (f) of this subsection is transferred to an
adult other than the transferor or the beneficiary, or is transferred to a
trust company, by a written instrument in substantially the form set forth in
subsection (2) of this section.
     (2) An instrument in the following form
satisfies the requirements of subsection (1)(a)(B) and (g) of this section:
______________________________________________________________________________
TRANSFER UNDER THE
UNIFORM TRANSFERS TO MINORS ACT
     I, ________(name of transferor or name and
representative capacity if a fiduciary) hereby transfer to ________ (name of
custodian), as custodian for ________ (name of beneficiary) under the Oregon
Uniform Transfers to Minors Act, the following: (insert a description of the
custodial property sufficient to identify it).
     Delayed Transfer (may be made only if
authorized by ORS 126.872): The custodian shall deliver the property to the
beneficiary when the beneficiary attains the age of ___ years (not less than 21
nor more than 25).
Dated: ________
___________
(Signature)
     ________(name of custodian) acknowledges
receipt of the property described above as custodian for the beneficiary named
above under the Oregon Uniform Transfers to Minors Act.
Dated: ________
___________
(Signature of Custodian)
______________________________________________________________________________
     (3) For the purposes of subsection (1) of
this section, the following words create custodial property:
     (a) “As custodian for _____ (name of
beneficiary) under the Oregon Uniform Transfers to Minors Act”; or
     (b) If the custodial property is subject
to delayed transfer under ORS 126.872, “As custodian for _____ (name of
beneficiary) under the Oregon Uniform Transfers to Minors Act until the
beneficiary attains the age of ___ years.”
     (4) A transferor shall place the custodian
in control of the custodial property as soon as practicable. [1985 c.665 §10;
2001 c.244 §4; 2005 c.349 §6]
     126.835 [1959 c.640 §7; 1967 c.300 §5; 1981 c.443 §5;
repealed by 1985 c.665 §27]
     126.836
Limitations on custodianship; age requirement for transfers. (1) A transfer may be made only for one
beneficiary and only one person may be the custodian. All custodial property
held under ORS 126.805 to 126.886 by the same custodian for the benefit of the
same beneficiary constitutes a single custodianship.
     (2) A transfer may be made for the benefit
of a beneficiary under ORS 126.805 to 126.886 at any time before the
beneficiary attains 25 years of age. [1985 c.665 §11; 2005 c.349 §7]
     126.839
Validity of transfer. (1)
The validity of a transfer made in a manner prescribed in ORS 126.805 to
126.886 is not affected by:
     (a) Failure of the transferor to comply with
ORS 126.832 (4) concerning possession and control;
     (b) Designation of an ineligible
custodian, except designation of the transferor in the case of property for
which the transferor is ineligible to serve as custodian under ORS 126.832 (1);
or
     (c) Death or incapacity of a person
nominated under ORS 126.812 or designated under ORS 126.832 as custodian or the
disclaimer of the office by that person.
     (2) A transfer made pursuant to ORS
126.832 is irrevocable, and the custodial property is indefeasibly vested in
the beneficiary, but the custodian has all the rights, powers, duties and
authority provided in ORS 126.805 to 126.886 and neither the beneficiary nor
the beneficiaryÂ’s legal representative has any right, power, duty or authority
with respect to the custodial property except as provided in ORS 126.805 to
126.886.
     (3) By making a transfer, the transferor
incorporates in the disposition all the provisions of ORS 126.805 to 126.886
and grants to the custodian, and to any third person dealing with a person
designated as custodian, the respective powers, rights and immunities provided
in ORS 126.805 to 126.886. [1985 c.665 §12; 2001 c.244 §5; 2005 c.349 §8]
     126.840 [1959 c.640 §8; repealed by 1985 c.665 §27]
     126.842
Duties of custodian; standard of care. (1) A custodian shall:
     (a) Take control of custodial property;
     (b) Register or record title to custodial
property if appropriate; and
     (c) Collect, hold, manage, invest and
reinvest custodial property.
     (2) In dealing with custodial property, a
custodian shall observe the standard of care that would be observed by a
prudent investor dealing with property of another and is not limited by any
other statute restricting investments by fiduciaries. If a custodian has a
special skill or expertise or is named custodian on the basis of
representations of a special skill or expertise, the custodian shall use that
skill or expertise. However, a custodian, in the custodianÂ’s discretion and
without liability to the beneficiary or the beneficiaryÂ’s estate, may retain
any custodial property received from a transferor.
     (3) A custodian may invest in or pay
premiums on life insurance or endowment policies on:
     (a) The life of the beneficiary only if
the beneficiary or the beneficiaryÂ’s estate is the sole beneficiary; or
     (b) The life of another person in whom the
beneficiary has an insurable interest only to the extent that the beneficiary,
the beneficiaryÂ’s estate or the custodian in the capacity of custodian, is the
irrevocable beneficiary.
     (4) A custodian at all times shall keep
custodial property separate and distinct from all other property in a manner
sufficient to identify it clearly as custodial property of the beneficiary.
Custodial property consisting of an undivided interest is so identified if the
beneficiaryÂ’s interest is held as a tenant in common and is fixed. Custodial
property subject to recordation is so identified if it is recorded, and
custodial property subject to registration is so identified if it is either
registered, or held in an account designated, in the name of the custodian,
followed in substance by the words: “As a custodian for _____ (name of
beneficiary) under the Oregon Uniform Transfers to Minors Act.”
     (5) A custodian shall keep records of all
transactions with respect to custodial property, including information
necessary for the preparation of the beneficiaryÂ’s tax returns, and shall make
them available for inspection at reasonable intervals by a parent or legal
representative of the beneficiary or by the beneficiary if the beneficiary has
attained 14 years of age. [1985 c.665 §13; 1995 c.157 §17; 2005 c.349 §9]
     126.845 [1959 c.640 §9; 1973 c.823 §112; 1981 c.443 §7;
repealed by 1985 c.665 §27]
     126.846
Rights, powers and authority of custodian. (1) A custodian, acting in a custodial capacity, has all the rights,
powers and authority over custodial property that unmarried adult owners have
over their own property, but a custodian may exercise those rights, powers and
authority in that capacity only.
     (2) This section does not relieve a
custodian from liability for breach of ORS 126.842. [1985 c.665 §14]
     126.849
Payments to and expenditures for beneficiary; effect on duty to support
beneficiary. (1) A custodian
may deliver or pay to the beneficiary or expend for the beneficiaryÂ’s benefit
so much of the custodial property as the custodian considers advisable for the
use and benefit of the beneficiary, without court order and without regard to:
     (a) The duty or ability of the custodian
personally or of any other person to support the beneficiary; or
     (b) Any other income or property of the
beneficiary that may be applicable or available for that purpose.
     (2) On petition of an interested person or
the beneficiary if the beneficiary has attained 14 years of age, the court may
order the custodian to deliver or pay to the beneficiary or expend for the
beneficiaryÂ’s benefit so much of the custodial property as the court considers
advisable for the use and benefit of the beneficiary.
     (3) A delivery, payment or expenditure
under this section is in addition to, not in substitution for, and does not
affect any obligation of a person to support the beneficiary. [1985 c.665 §15;
2005 c.349 §10]
     126.850 [1959 c.640 §§10,12; 1967 c.300 §6; 1973
c.823 §113; repealed by 1985 c.665 §27]
     126.852
Reimbursement to custodian for reasonable expenses; compensation; bond. (1) A custodian is entitled to reimbursement
from custodial property for reasonable expenses incurred in the performance of
the custodianÂ’s duties.
     (2) Except for one who is a transferor under
ORS 126.816, a custodian has a noncumulative election during each calendar year
to charge reasonable compensation for services performed during that year.
     (3) Except as provided in ORS 126.862 (6),
a custodian need not give a bond. [1985 c.665 §16]
     126.855 [1959 c.640 §11; repealed by 1967 c.300 §7;
(126.856 enacted in lieu of 126.855)]
     126.856 [1967 c.300 §8 (enacted in lieu of 126.855);
1973 c.823 §114; 1981 c.443 §6; repealed by 1985 c.665 §27]
     126.857
Third personÂ’s duties in dealing with custodian. A third person in good faith and without
court order may act on the instructions of or otherwise deal with any person
purporting to make a transfer or purporting to act in the capacity of a
custodian and, in the absence of knowledge, is not responsible for determining:
     (1) The validity of the purported
custodianÂ’s designation;
     (2) The propriety of, or the authority
under ORS 126.805 to 126.886 for, any act of the purported custodian;
     (3) The validity or propriety under ORS
126.805 to 126.886 of any instrument or instructions executed or given either
by the person purporting to make a transfer or by the purported custodian; or
     (4) The propriety of the application of
any property of the beneficiary delivered to the purported custodian. [1985
c.665 §17; 2005 c.349 §11]
     126.859
Claims against custodial property; liability of custodian and beneficiary. (1) A claim based on a contract entered into
by a custodian acting in a custodial capacity, an obligation arising from the
ownership or control of custodial property or a tort committed during the
custodianship, may be asserted against the custodial property by proceeding
against the custodian in the custodial capacity, whether or not the custodian
or the beneficiary is personally liable therefor.
     (2) A custodian is not personally liable:
     (a) On a contract properly entered into in
the custodial capacity unless the custodian fails to reveal that capacity and
to identify the custodianship in the contract; or
     (b) For an obligation arising from control
of custodial property or for a tort committed during the custodianship unless
the custodian is personally at fault.
     (3) A beneficiary is not personally liable
for an obligation arising from ownership of custodial property or for a tort
committed during the custodianship unless the beneficiary is personally at
fault. [1985 c.665 §18; 2005 c.349 §12]
     126.860 [1959 c.640 §§13,14; 1967 c.300 §9; 1973
c.823 §115; repealed by 1981 c.443 §8]
     126.862
Refusal to serve as custodian; substitute and successor custodians;
resignation; removal. (1) A
person nominated under ORS 126.812 or designated under ORS 126.832 as custodian
may decline to serve by delivering a valid disclaimer to the person who made
the nomination or to the transferor or the transferorÂ’s legal representative.
If the event giving rise to a transfer has not occurred and no substitute
custodian able, willing and eligible to serve was nominated under ORS 126.812,
the person who made the nomination may nominate a substitute custodian under
ORS 126.812; otherwise the transferor or the transferorÂ’s legal representative
shall designate a substitute custodian at the time of the transfer, in either
case from among the persons eligible to serve as custodian for that kind of
property under ORS 126.832 (1). The custodian so designated has the rights of a
successor custodian.
     (2) A custodian at any time may designate
a trust company or an adult other than a transferor under ORS 126.816 or the
beneficiary as successor custodian by executing and dating an instrument of
designation before a subscribing witness other than the successor. If the
instrument of designation does not contain or is not accompanied by the
resignation of the custodian, the designation of the successor does not take
effect until the custodian resigns, dies, becomes incapacitated or is removed.
     (3) A custodian may resign at any time by
delivering written notice to the beneficiary if the beneficiary has attained 14
years of age and to the successor custodian and by delivering the custodial
property to the successor custodian.
     (4) If a custodian is ineligible, dies or
becomes incapacitated without having effectively designated a successor and the
beneficiary has attained 14 years of age, the beneficiary may designate as
successor custodian, in the manner prescribed in subsection (2) of this
section, an adult member of the beneficiaryÂ’s family, a conservator for the
beneficiary or a trust company. If the beneficiary has not attained 14 years of
age or fails to act within 60 days after the ineligibility, death or
incapacity, the conservator for the beneficiary becomes successor custodian. If
the beneficiary has no conservator or the conservator declines to act, the
transferor, the legal representative of the transferor or of the custodian, an
adult member of the beneficiaryÂ’s family or any other interested person may
petition the court to designate a successor custodian.
     (5) A custodian who declines to serve
under subsection (1) of this section or resigns under subsection (3) of this
section, or the legal representative of a deceased or incapacitated custodian,
as soon as practicable, shall put the custodial property and records in the
possession and control of the successor custodian. The successor custodian by
action may enforce the obligation to deliver custodial property and records and
becomes responsible for each item as received.
     (6) A transferor, the legal representative
of a transferor, an adult member of the beneficiaryÂ’s family, a beneficiaryÂ’s
guardian, the conservator for the beneficiary or the beneficiary if the
beneficiary has attained 14 years of age may petition the court to remove the
custodian for cause and to designate a successor custodian other than a
transferor under ORS 126.816 or to require the custodian to give appropriate bond.
[1985 c.665 §19; 2005 c.349 §13]
     126.865 [1959 c.640 §15; repealed by 1967 c.300 §11]
     126.866
Accounting by custodian; determination of responsibility. (1) A beneficiary who has attained 14 years
of age, the beneficiaryÂ’s guardian or legal representative, an adult member of
the beneficiaryÂ’s family, a transferor or a transferorÂ’s legal representative
may petition the court:
     (a) For an accounting by the custodian or
the custodianÂ’s legal representative; or
     (b) For a determination of responsibility,
as between the custodial property and the custodian personally, for claims
against the custodial property unless the responsibility has been adjudicated
in an action under ORS 126.859 to which the beneficiary or the beneficiaryÂ’s
legal representative was a party.
     (2) A successor custodian may petition the
court for an accounting by the predecessor custodian.
     (3) The court, in a proceeding under ORS
126.805 to 126.886 or in any other proceeding, may require or permit the
custodian or the custodianÂ’s legal representative to account.
     (4) If a custodian is removed under ORS
126.862 (6), the court shall require an accounting and order delivery of the
custodial property and records to the successor custodian and the execution of
all instruments required for transfer of the custodial property. [1985 c.665 §20;
2005 c.349 §14]
     126.869
Time of transfer of custodial property to beneficiary or beneficiaryÂ’s estate. Except as provided in ORS 126.872, the
custodian shall transfer in an appropriate manner the custodial property to the
beneficiary or to the beneficiaryÂ’s estate upon the earlier of:
     (1) The beneficiary’s attainment of 21
years of age with respect to custodial property transferred under ORS 126.816
or 126.819;
     (2) The beneficiary’s attainment of 18
years of age with respect to custodial property transferred under ORS 126.822
or 126.826; or
     (3) The beneficiary’s death. [1985 c.665 §21;
2001 c.244 §6; 2005 c.349 §15]
     126.870 [1959 c.640 §16; repealed by 1985 c.665 §27]
     126.872
Delayed transfer of custodial property to beneficiary. (1) Except as provided in this section, a
person making a transfer to a custodian under ORS 126.816 or 126.819 may
provide for a delayed transfer of the custodial property to the beneficiary at
a specific time after the beneficiary attains the age of 21 years and:
     (a) Before the beneficiary attains the age
of 25 years; or
     (b) The date on which the beneficiary
attains the age of 25 years.
     (2) If the person making the transfer to
the custodian under ORS 126.816 or 126.819 specifies no time for the transfer
of the custodial property to the beneficiary, the custodian shall transfer the
custodial property to the beneficiary on the date that the beneficiary attains
the age of 21 years.
     (3) A personal representative or trustee
making a transfer to a custodian under ORS 126.819 may provide for a delayed
transfer of the custodial property pursuant to this section only if the
governing will or trust directs that the custodial property be transferred
within the time specified by subsection (1) of this section. The transfer to
the custodian must provide that the custodial property be transferred to the
beneficiary at the age specified in the governing will or trust.
     (4) A transfer to a custodian under ORS
126.816 or 126.819 is not invalid if the transfer provides that the custodial
property be transferred to the beneficiary after the beneficiary attains the
age of 25 years. If an otherwise valid transfer provides that the custodial
property be transferred to the beneficiary after the beneficiary attains the
age of 25 years, the custodial property must be transferred to the beneficiary
on the date that the beneficiary attains the age of 25 years. [2001 c.244 §2;
2005 c.349 §16]
     126.875
Accounting by custodian. The
custodian is not required to account to the beneficiary or to any other person
for the acts and proceedings of the custodian unless the beneficiary, a parent
of the beneficiary, the legal representative of the beneficiary or a successor
custodian petitions the circuit court for an accounting no later than two years
after the beneficiary becomes an adult or attains a lesser age as provided in
ORS 126.805 to 126.886 or dies before becoming an adult or attaining that
lesser age. [1959 c.640 §17; 1983 c.457 §5; 1985 c.665 §26; 2005 c.349 §17]
     126.877
Applicability of ORS 126.805 to 126.886 to transfers made after January 1,
1986. ORS 126.805 to 126.886
apply to a transfer within the scope of ORS 126.809 made after January 1, 1986,
if:
     (1) The transfer purports to have been
made under the Oregon Uniform Gifts to Minors Act; or
     (2) The instrument by which the transfer
purports to have been made uses in substance the designation “as custodian
under the Uniform Gifts to Minors Act” or “as custodian under the Uniform
Transfers to Minors Act” of any other state, and the application of ORS 126.805
to 126.886 is necessary to validate the transfer. [1985 c.665 §22]
     126.879
Validation of transfer made before January 1, 1986. (1) Any transfer of custodial property made
before January 1, 1986, is validated notwithstanding that there was no specific
authority in ORS 126.805 to 126.886 prior to January 1, 1986, for the coverage
of custodial property of that kind or for a transfer from that source at the
time the transfer was made.
     (2) ORS 126.805 to 126.886 apply to all
transfers made before January 1, 1986, in a manner and form prescribed in the
Oregon Uniform Gifts to Minors Act, except insofar as the application impairs
constitutionally vested rights or extends the duration of custodianships in
existence on January 1, 1986.
     (3) ORS 126.805 and 126.869 with respect
to the age of a minor for whom custodial property is held under ORS 126.805 to
126.886 do not apply to custodial property held in a custodianship that
terminated because of the minorÂ’s attainment of 18 years of age after October
4, 1973, and before January 1, 1986. [1985 c.665 §23]
     126.880 [1959 c.640 §18; 1967 c.300 §10; repealed by
1985 c.665 §27]
     126.882
Application and construction of ORS 126.805 to 126.886. ORS 126.805 to 126.886 shall be applied and
construed to effectuate its general purpose to make uniform the law with
respect to the subject of ORS 126.805 to 126.886 among states enacting it. [1985
c.665 §24]
     126.886
Short title. ORS 126.805 to
126.886 may be cited as the “Oregon Uniform Transfers to Minors Act.” [1985
c.665 §25]
     126.905 [1969 c.627 §1; 1973 c.823 §116; renumbered
125.700 in 1995]
     126.915 [1969 c.627 §2; 1983 c.740 §13; renumbered
125.705 in 1995]
     126.925 [1969 c.627 §§3,6; 1973 c.823 §117; 1995 c.664
§86; renumbered 125.710 in 1995]
     126.935 [1969 c.627 §4; 1973 c.823 §118; renumbered
125.715 in 1995]
     126.945 [1969 c.627 §5; 1973 c.823 §119; 1995 c.664 §87;
renumbered 125.720 in 1995]
     126.955 [1969 c.627 §7; 1973 c.823 §120; renumbered
125.725 in 1995]
     126.965 [1969 c.627 §8; 1973 c.823 §121; 1991 c.790 §10;
renumbered 125.730 in 1995]
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