ORS 126.832
Creation and transfer of custodial property

  • form of instrument

(1)

Custodial property is created and a transfer is made if any of the following occur:

(a)

An uncertificated security or a certificated security in registered form is either:

(A)

Registered in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary indorsement to an adult other than the transferor or the beneficiary, or delivered to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection (2) of this section.

(b)

Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section.

(c)

The ownership of a life or endowment insurance policy or annuity contract is either:

(A)

Registered with the issuer in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Assigned in a writing delivered to an adult other than the transferor or the beneficiary, or delivered to a trust company, and the name of the assignee is followed in substance by the words specified in subsection (3) of this section.

(d)

An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payer, issuer or other obligor that the right is transferred to the transferor, transferred to an adult other than the transferor or the beneficiary, or transferred to a trust company, and the name of the transferee is followed in substance by the words specified in subsection (3) of this section.

(e)

An interest in real property is recorded in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section.

(f)

A certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is either:

(A)

Issued in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Delivered to an adult other than the transferor or the beneficiary, or delivered to a trust company, and is indorsed to that person followed in substance by the words specified in subsection (3) of this section.

(g)

An interest in any property not described in paragraphs (a) to (f) of this subsection is transferred to an adult other than the transferor or the beneficiary, or is transferred to a trust company, by a written instrument in substantially the form set forth in subsection (2) of this section.

(2)

An instrument in the following form satisfies the requirements of subsection (1)(a)(B) and (g) of this section:
I, ________ (name of transferor or name and representative capacity if a fiduciary) hereby transfer to ________ (name of custodian), as custodian for ________ (name of beneficiary) under the Oregon Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it).
Delayed Transfer (may be made only if authorized by ORS 126.872 (Delayed transfer of custodial property to beneficiary)): The custodian shall deliver the property to the beneficiary when the beneficiary attains the age of ___ years (not less than 21 nor more than 25).
Dated: ________
___________
________ (name of custodian) acknowledges receipt of the property described above as custodian for the beneficiary named above under the Oregon Uniform Transfers to Minors Act.
Dated: ________
___________

(3)

For the purposes of subsection (1) of this section, the following words create custodial property:

(a)

“As custodian for _____ (name of beneficiary) under the Oregon Uniform Transfers to Minors Act”; or

(b)

If the custodial property is subject to delayed transfer under ORS 126.872 (Delayed transfer of custodial property to beneficiary), “As custodian for _____ (name of beneficiary) under the Oregon Uniform Transfers to Minors Act until the beneficiary attains the age of ___ years.”

(4)

A transferor shall place the custodian in control of the custodial property as soon as practicable. [1985 c.665 §10; 2001 c.244 §4; 2005 c.349 §6]

Source: Section 126.832 — Creation and transfer of custodial property; form of instrument, 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
Green check means up to date. Up to date

Current through early 2024

§ 126.832’s source at oregon​.gov