Oregon Statutes 126.819 – Irrevocable transfer by personal representative or trustee to custodian
(1) A personal representative or trustee may make an irrevocable transfer pursuant to ORS § 126.832 to a custodian for the benefit of a beneficiary as authorized in the governing will or trust.
Terms Used In Oregon Statutes 126.819
- 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
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(2) If the testator or settlor has nominated a custodian under ORS § 126.812 to receive the custodial property, the transfer must be made to that person.
(3) If the testator or settlor has not nominated a custodian under ORS § 126.812, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under ORS § 126.832. [1985 c.665 § 6; 2005 c.349 § 5]
[1959 c.640 § 4; 1983 c.457 § 4; repealed by 1985 c.665 § 27]