ORS 126.872
Delayed transfer of custodial property to beneficiary

(1)

Except as provided in this section, a person making a transfer to a custodian under ORS 126.816 (Irrevocable gifts or exercise of power of appointment) or 126.819 (Irrevocable transfer by personal representative or trustee to custodian) may provide for a delayed transfer of the custodial property to the beneficiary at a specific time after the beneficiary attains the age of 21 years and:

(a)

Before the beneficiary attains the age of 25 years; or

(b)

The date on which the beneficiary attains the age of 25 years.

(2)

If the person making the transfer to the custodian under ORS 126.816 (Irrevocable gifts or exercise of power of appointment) or 126.819 (Irrevocable transfer by personal representative or trustee to custodian) specifies no time for the transfer of the custodial property to the beneficiary, the custodian shall transfer the custodial property to the beneficiary on the date that the beneficiary attains the age of 21 years.

(3)

A personal representative or trustee making a transfer to a custodian under ORS 126.819 (Irrevocable transfer by personal representative or trustee to custodian) may provide for a delayed transfer of the custodial property pursuant to this section only if the governing will or trust directs that the custodial property be transferred within the time specified by subsection (1) of this section. The transfer to the custodian must provide that the custodial property be transferred to the beneficiary at the age specified in the governing will or trust.

(4)

A transfer to a custodian under ORS 126.816 (Irrevocable gifts or exercise of power of appointment) or 126.819 (Irrevocable transfer by personal representative or trustee to custodian) is not invalid if the transfer provides that the custodial property be transferred to the beneficiary after the beneficiary attains the age of 25 years. If an otherwise valid transfer provides that the custodial property be transferred to the beneficiary after the beneficiary attains the age of 25 years, the custodial property must be transferred to the beneficiary on the date that the beneficiary attains the age of 25 years. [2001 c.244 §2; 2005 c.349 §16]

Source: Section 126.872 — Delayed transfer of custodial property to beneficiary, 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

§ 126.872’s source at oregon​.gov