Chapter 126 — Chapter 126

ORS 126.655 [Repealed by 1961 c.344 §109]

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ORS 126.656 [1961 c.344 §93; repealed by 1973 c.823 §154]

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ORS 126.660 [1961 c.344 §94; 1965 c.402 §12; repealed by 1973 c.823 §154]

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ORS 126.665 [1965 c.402 §14; repealed by 1973 c.823 §154]

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ORS 126.670 [1965 c.402 §15; repealed by 1973 c.823 §154]

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ORS 126.675 [1965 c.402 §16; 1969 c.591 §262; repealed by 1973 c.823 §154]

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ORS 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

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ORS 126.725 Settlement agreement on behalf of minor; payment or deposit; disbursement; 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

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ORS 126.730 Payment of moneys to minor pursuant to judgment; payment or deposit; disbursement. (1) Except as provided in subsection (4) of this section, a person under a duty to pay moneys to a minor pursuant to a judgment of the court in an amount not exceeding $25,000 may pay the moneys to a person having legal custody of the minor or to a guardian of the minor. Unless the minor is a ward in the custody of the Department of Human Services under ORS 419B.337, the minor must reside with the person having legal custody of the minor

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ORS 126.735 Legislative findings; minor’s capacity to contract for bank account; consent; liability. (1) The Legislative Assembly finds that there are in the State of Oregon unemancipated minors entitled to payment or delivery of moneys under ORS 126.700, 126.725 or 126.730 who are capable of establishing and maintaining a bank account in their sole name for their sole use and administration but who cannot contract to establish a bank account due to perceived legal limitations affecting contracts with minors. The purpose of this section is to address those limitations

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ORS 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

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ORS 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

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ORS 126.810 [1959 c.640 §2; 1967 c.300 §2; 1981 c.443 §2; repealed by 1985 c.665 §27]

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ORS 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

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ORS 126.815 [1959 c.640 §3; 1967 c.300 §3; 1973 c.823 §110; 1981 c.443 §3; repealed by 1985 c.665 §27]

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ORS 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]

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ORS 126.817 [1983 c.457 §3; repealed by 1985 c.665 §27]

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ORS 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

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ORS 126.820 [1959 c.640 §4; 1983 c.457 §4; repealed by 1985 c.665 §27]

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ORS 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

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ORS 126.825 [1959 c.640 §5; 1967 c.300 §4; 1981 c.443 §4; repealed by 1985 c.665 §27]

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ORS 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

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ORS 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]

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ORS 126.830 [1959 c.640 §6; 1973 c.823 §111; repealed by 1985 c.665 §27]

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ORS 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

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ORS 126.835 [1959 c.640 §7; 1967 c.300 §5; 1981 c.443 §5; repealed by 1985 c.665 §27]

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ORS 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

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ORS 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

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ORS 126.840 [1959 c.640 §8; repealed by 1985 c.665 §27]

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ORS 126.842 Duties of custodian; standard of care. (1) A custodian shall

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ORS 126.845 [1959 c.640 §9; 1973 c.823 §112; 1981 c.443 §7; repealed by 1985 c.665 §27]

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ORS 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

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ORS 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 beneficiary’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

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ORS 126.850 [1959 c.640 §§10,12; 1967 c.300 §6; 1973 c.823 §113; repealed by 1985 c.665 §27]

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ORS 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 custodian’s duties

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ORS 126.855 [1959 c.640 §11; repealed by 1967 c.300 §7; (126.856 enacted in lieu of 126.855)]

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ORS 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]

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ORS 126.857 Third person’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

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ORS 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

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ORS 126.860 [1959 c.640 §§13,14; 1967 c.300 §9; 1973 c.823 §115; repealed by 1981 c.443 §8]

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ORS 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 transferor’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 transferor’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

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ORS 126.865 [1959 c.640 §15; repealed by 1967 c.300 §11]

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ORS 126.866 Petition for accounting by custodian, determination of responsibility. (1) A beneficiary who has attained 14 years of age, the beneficiary’s guardian or legal representative, an adult member of the beneficiary’s family, a transferor or a transferor’s legal representative may petition the court

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ORS 126.869 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

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ORS 126.870 [1959 c.640 §16; repealed by 1985 c.665 §27]

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ORS 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

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ORS 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]

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ORS 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

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ORS 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

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ORS 126.880 [1959 c.640 §18; 1967 c.300 §10; repealed by 1985 c.665 §27]

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