Oregon Statutes 126.816 – Irrevocable gifts or exercise of power of appointment
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A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a beneficiary pursuant to ORS § 126.832. [1985 c.665 § 5; 2005 c.349 § 4]
Terms Used In Oregon Statutes 126.816
- 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
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
[1983 c.457 § 3; repealed by 1985 c.665 § 27]