Oregon Statutes 126.839 – Validity of transfer
(1) The validity of a transfer made in a manner prescribed in ORS § 126.805 to 126.886 is not affected by:
Terms Used In Oregon Statutes 126.839
- 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
(a) Failure of the transferor to comply with ORS § 126.832 (4) concerning possession and control;
(b) Designation of an ineligible custodian, except designation of the transferor in the case of property for which the transferor is ineligible to serve as custodian under ORS § 126.832 (1); or
(c) Death or incapacity of a person nominated under ORS § 126.812 or designated under ORS § 126.832 as custodian or the disclaimer of the office by that person.
(2) A transfer made pursuant to ORS § 126.832 is irrevocable, and the custodial property is indefeasibly vested in the beneficiary, but the custodian has all the rights, powers, duties and authority provided in ORS § 126.805 to 126.886 and neither the beneficiary nor the beneficiary’s legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ORS § 126.805 to 126.886.
(3) By making a transfer, the transferor incorporates in the disposition all the provisions of ORS § 126.805 to 126.886 and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ORS § 126.805 to 126.886. [1985 c.665 § 12; 2001 c.244 § 5; 2005 c.349 § 8]
[1959 c.640 § 8; repealed by 1985 c.665 § 27]