Oregon Statutes 126.859 – Claims against custodial property; liability of custodian and beneficiary
(1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the beneficiary is personally liable therefor.
Terms Used In Oregon Statutes 126.859
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2) A custodian is not personally liable:
(a) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or
(b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.
(3) A beneficiary is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the beneficiary is personally at fault. [1985 c.665 § 18; 2005 c.349 § 12]
[1959 c.640 13,14; 1967 c.300 § 9; 1973 c.823 § 115; repealed by 1981 c.443 § 8]