Irrevocable transfer by person holding property of or owing liquidated debt to minor
(1) Subject to subsections (2) and (3) of this section, a person not subject to ORS 126.819 (Irrevocable transfer by personal representative or trustee to custodian) or 126.822 (Transfer to custodian in absence of authorization) who holds property of or owes a liquidated debt to a minor not having a conservator may make an irrevocable transfer to a custodian for the benefit of the minor pursuant to ORS 126.832 (Creation and transfer of custodial property).
(2) If a person having the right to do so under ORS 126.812 (Nomination of custodian) has nominated a custodian under that section to receive the custodial property, the transfer must be made to that person.
(3) If no custodian has been nominated under ORS 126.812 (Nomination of custodian) or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, a transfer under this section may be made to an adult member of the minor’s family or to a trust company unless the property exceeds $5,000 in value. [1985 c.665 §8]
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