Title 13, Protective Proceedings; Powers of Attorney; Trusts

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 enga…

(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 custodia…

(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 t…

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]

(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 th…

(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 …

(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 …

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]

(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 b…

(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 …

(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 transfero…

(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 …

(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…

(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: (a) The duty or ability of t…

(1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’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 char…

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 va…

(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…

(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 …

(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: (a) For an accounting by the custodian or the custodian…

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 transferre…

(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 …

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 f…

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 subs…

(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 …

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]

ORS 126.805 to 126.886 may be cited as the “Oregon Uniform Transfers to Minors Act.” [1985 c.665 §25]