A custodian at any time may designate a trust company or an adult other than a transferor under ORS 126.816 (Irrevocable gifts or exercise of power of appointment) or the beneficiary as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.
A custodian may resign at any time by delivering written notice to the beneficiary if the beneficiary has attained 14 years of age and to the successor custodian and by delivering the custodial property to the successor custodian.
If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the beneficiary has attained 14 years of age, the beneficiary may designate as successor custodian, in the manner prescribed in subsection (2) of this section, an adult member of the beneficiary’s family, a conservator for the beneficiary or a trust company. If the beneficiary has not attained 14 years of age or fails to act within 60 days after the ineligibility, death or incapacity, the conservator for the beneficiary becomes successor custodian. If the beneficiary has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the beneficiary’s family or any other interested person may petition the court to designate a successor custodian.
A custodian who declines to serve under subsection (1) of this section or resigns under subsection (3) of this section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.
A transferor, the legal representative of a transferor, an adult member of the beneficiary’s family, a beneficiary’s guardian, the conservator for the beneficiary or the beneficiary if the beneficiary has attained 14 years of age may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under ORS 126.816 (Irrevocable gifts or exercise of power of appointment) or to require the custodian to give appropriate bond. [1985 c.665 §19; 2005 c.349 §13]