Oregon Statutes 126.826 – Irrevocable transfer by person holding property of or owing liquidated debt to minor
(1) Subject to subsections (2) and (3) of this section, a person not subject to ORS § 126.819 or 126.822 who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to ORS § 126.832.
Terms Used In Oregon Statutes 126.826
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) If a person having the right to do so under ORS § 126.812 has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under ORS § 126.812 or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds $5,000 in value. [1985 c.665 § 8]