Oregon Statutes 126.857 – Third persons duties in dealing with custodian
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:
Terms Used In Oregon Statutes 126.857
- 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
(1) The validity of the purported custodian’s designation;
(2) The propriety of, or the authority under ORS § 126.805 to 126.886 for, any act of the purported custodian;
(3) The validity or propriety under ORS § 126.805 to 126.886 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or
(4) The propriety of the application of any property of the beneficiary delivered to the purported custodian. [1985 c.665 § 17; 2005 c.349 § 11]