§ 126.822 — Transfer to custodian in absence of authorization

Oregon § 126.822

• 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) 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.

Legislative History

1985 c.665 §7; 2001 c.244 §3