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 (Payment or delivery for benefit of minor), 126.725 (Settlement agreement on behalf of minor) or 126.730 (Payment of moneys to minor pursuant to judgment) 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 (Payment or delivery for benefit of minor), 126.725 (Settlement agreement on behalf of minor) or 126.730 (Payment of moneys to minor pursuant to judgment).

(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 (Payment or delivery for benefit of minor), 126.725 (Settlement agreement on behalf of minor) or 126.730 (Payment of moneys to minor pursuant to judgment). 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. [2009 c.311 §3]

Source: Section 126.735 — Legislative findings; minor’s capacity to contract for bank account; consent; liability, https://www.­oregonlegislature.­gov/bills_laws/ors/ors126.­html.

126.700
Payment or delivery for benefit of minor 126.725
Settlement agreement on behalf of minor 126.730
Payment of moneys to minor pursuant to judgment 126.735
Legislative findings 126.805
Definitions for ORS 126.805 to 126.886 126.809
Applicability of ORS 126.805 to 126.886 126.812
Nomination of custodian 126.816
Irrevocable gifts or exercise of power of appointment 126.819
Irrevocable transfer by personal representative or trustee to custodian 126.822
Transfer to custodian in absence of authorization 126.826
Irrevocable transfer by person holding property of or owing liquidated debt to minor 126.829
Written acknowledgment of delivery as receipt 126.832
Creation and transfer of custodial property 126.836
Limitations on custodianship 126.839
Validity of transfer 126.842
Duties of custodian 126.846
Rights, powers and authority of custodian 126.849
Payments to and expenditures for beneficiary 126.852
Reimbursement to custodian for reasonable expenses 126.857
Third person’s duties in dealing with custodian 126.859
Claims against custodial property 126.862
Refusal to serve as custodian 126.866
Petition for accounting by custodian, determination of responsibility 126.869
Time of transfer of custodial property to beneficiary or beneficiary’s estate 126.872
Delayed transfer of custodial property to beneficiary 126.875
Accounting by custodian 126.877
Applicability of ORS 126.805 to 126.886 to transfers made after January 1, 1986 126.879
Validation of transfer made before January 1, 1986 126.882
Application and construction of ORS 126.805 to 126.886 126.886
Short title
Green check means up to date. Up to date

Current through early 2024

§ 126.735’s source at oregon​.gov