Oregon Statutes 126.730 – Payment of moneys to minor pursuant to judgment; payment or deposit; disbursement
(1) Except as provided in subsection (4) of this section, a person under a duty to pay moneys to a minor pursuant to a judgment of the court in an amount not exceeding $25,000 may pay the moneys to a person having legal custody of the minor or to a guardian of the minor. Unless the minor is a ward in the custody of the Department of Human Services under ORS § 419B.337, the minor must reside with the person having legal custody of the minor.
Terms Used In Oregon Statutes 126.730
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2) The moneys paid under subsection (1) of this section must be paid as follows:
(a) If the minor or person to whom payment is made is represented by an attorney and the judgment is paid in cash, by direct deposit into the attorney’s trust account maintained pursuant to rules of professional conduct adopted under ORS § 9.490 to be held for the benefit of the minor. The attorney shall deposit the moneys received on behalf of the minor directly into a federally insured savings account that earns interest in the sole name of the minor, and provide notice of the deposit to the minor and the person to whom payment is made. Notice shall be delivered by personal service or first class mail.
(b) If the minor or person to whom payment is made is not represented by an attorney and the judgment is paid in cash, directly into a federally insured savings account that earns interest in the sole name of the minor. Notice of the deposit shall be delivered to the minor by personal service or first class mail.
(c) If the judgment is paid by purchase of an annuity, by direct payment to the provider of the annuity with the minor designated as the sole beneficiary of the annuity.
(d) If the minor is a ward in the custody of the Department of Human Services under ORS § 419B.337 and the judgment is paid in cash, directly into a trust account, or subaccount of a trust account, established by the department or the Oregon Health Authority under ORS § 430.195 for the purpose of receiving moneys payable to the ward pursuant to the judgment and that earns interest for the benefit of the ward.
(3) The moneys in the minor’s savings account, trust account or trust subaccount established under subsection (2) of this section may not be withdrawn, removed, paid out or transferred to any person, including the minor, except as follows:
(a) Pursuant to court order;
(b) Upon the minor’s attainment of 18 years of age; or
(c) Upon the minor’s death.
(4) This section does not apply if the person making payment has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of the minor are pending. [2009 c.311 § 2; 2011 c.188 § 2]
BANK ACCOUNTS FOR MINORS