ORS 126.700
Payment or delivery for benefit of minor


(1)

A person under a duty to pay or deliver money or personal property to a minor may pay or deliver the money or property, in amounts not exceeding $10,000 per year, to:

(a)

A person having the care and custody of the minor with whom the minor resides;

(b)

A guardian of the minor; or

(c)

A financial institution incident to a deposit in a federally insured savings account in the sole name of the minor and giving notice of the deposit to the minor.

(2)

This section does not apply if the person making payment or delivery has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of the minor are pending.

(3)

The persons, except the minor or a financial institution under subsection (1)(c) of this section, receiving money or property for a minor, shall apply the money to the support and education of the minor, and shall not pay themselves except by way of reimbursement for out-of-pocket expenses for goods and services necessary for the minor’s support. Excess sums shall be preserved for future support of the minor and the balance not so used and the property received for the minor shall be turned over to the minor when the minor attains majority.

(4)

Persons who pay or deliver money or personal property under this section are not responsible for the proper application of the money or property. [Formerly 126.025]

Source: Section 126.700 — Payment or delivery for benefit of minor, https://www.­oregonlegislature.­gov/bills_laws/ors/ors126.­html.

126.700
Payment or delivery for benefit of minor
126.725
Settlement agreement on behalf of minor
126.730
Payment of moneys to minor pursuant to judgment
126.735
Legislative findings
126.805
Definitions for ORS 126.805 to 126.886
126.809
Applicability of ORS 126.805 to 126.886
126.812
Nomination of custodian
126.816
Irrevocable gifts or exercise of power of appointment
126.819
Irrevocable transfer by personal representative or trustee to custodian
126.822
Transfer to custodian in absence of authorization
126.826
Irrevocable transfer by person holding property of or owing liquidated debt to minor
126.829
Written acknowledgment of delivery as receipt
126.832
Creation and transfer of custodial property
126.836
Limitations on custodianship
126.839
Validity of transfer
126.842
Duties of custodian
126.846
Rights, powers and authority of custodian
126.849
Payments to and expenditures for beneficiary
126.852
Reimbursement to custodian for reasonable expenses
126.857
Third person’s duties in dealing with custodian
126.859
Claims against custodial property
126.862
Refusal to serve as custodian
126.866
Petition for accounting by custodian, determination of responsibility
126.869
Time of transfer of custodial property to beneficiary or beneficiary’s estate
126.872
Delayed transfer of custodial property to beneficiary
126.875
Accounting by custodian
126.877
Applicability of ORS 126.805 to 126.886 to transfers made after January 1, 1986
126.879
Validation of transfer made before January 1, 1986
126.882
Application and construction of ORS 126.805 to 126.886
126.886
Short title
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