Oregon Statutes - Chapter 126 - Property Held for the Benefit of Minors; Uniform Transfers to Minors Act - Section 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.

(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. [1985 c.665 §7; 2001 c.244 §3]

Section:  Previous  126.810  126.812  126.815  126.816  126.817  126.819  126.820  126.822  126.825  126.826  126.829  126.830  126.832  126.835  126.836  Next

Last modified: August 7, 2008