Time of transfer of custodial property to beneficiary or beneficiary’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 beneficiary’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]