2011 ORS § 126.839¹
Validity of transfer

(1) The validity of a transfer made in a manner prescribed in ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title) is not affected by:

(a) Failure of the transferor to comply with ORS 126.832 (Creation and transfer of custodial property) (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 (Creation and transfer of custodial property) (1); or

(c) Death or incapacity of a person nominated under ORS 126.812 (Nomination of custodian) or designated under ORS 126.832 (Creation and transfer of custodial property) as custodian or the disclaimer of the office by that person.

(2) A transfer made pursuant to ORS 126.832 (Creation and transfer of custodial property) 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 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title) and neither the beneficiary nor the beneficiarys legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title).

(3) By making a transfer, the transferor incorporates in the disposition all the provisions of ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title) 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 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title). [1985 c.665 §12; 2001 c.244 §5; 2005 c.349 §8]