§ 126.735 — Legislative findings; minor’s capacity to contract for bank account; consent; liability

Oregon § 126.735

• Jurisdiction: Oregon
• Vol.: 3
• Title 13: Protective Proceedings; Powers of Attorney; Trusts
• Ch. 126: Property Held for the Benefit of Minors; Uniform Transfers to Minors Act

Text

(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.
(2) For purposes of this section, “minor” means an unemancipated and unmarried person who is under 18 years of age and entitled to payment or delivery of moneys under ORS 126.700, 126.725 or 126.730.
(3) Notwithstanding any other provision of law, a minor may contract with a bank or financial institution to establish a bank account for the purpose of depositing payments or deliveries of moneys under ORS 126.700, 126.725 or 126.730. Such contract is binding upon the minor and cannot be voided or disaffirmed by the minor based upon the minor’s age or status as a minor.
(4) The consent of the minor’s parent or legal guardian, or of the person having legal custody of the minor, is not necessary to contract to establish a bank account under this section. The parent, legal guardian or person having legal custody of the minor shall not be liable under a contract by the minor for a bank account unless the parent, legal guardian or person having legal custody of the minor is a party to the minor’s contract.

Legislative History

2009 c.311 §3