Oregon Statutes 126.849 – Payments to and expenditures for beneficiary; effect on duty to support beneficiary
(1) A custodian may deliver or pay to the beneficiary or expend for the beneficiary’s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the beneficiary, without court order and without regard to:
Terms Used In Oregon Statutes 126.849
- 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
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(a) The duty or ability of the custodian personally or of any other person to support the beneficiary; or
(b) Any other income or property of the beneficiary that may be applicable or available for that purpose.
(2) On petition of an interested person or the beneficiary if the beneficiary has attained 14 years of age, the court may order the custodian to deliver or pay to the beneficiary or expend for the beneficiary’s benefit so much of the custodial property as the court considers advisable for the use and benefit of the beneficiary.
(3) A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the beneficiary. [1985 c.665 § 15; 2005 c.349 § 10]
[1959 c.640 10,12; 1967 c.300 § 6; 1973 c.823 § 113; repealed by 1985 c.665 § 27]