(a) Before the beneficiary attains the age of 25 years; or
(b) The date on which the beneficiary attains the age of 25 years.
(2) If the person making the transfer to the custodian under ORS 126.816 or 126.819 specifies no time for the transfer of the custodial property to the beneficiary, the custodian shall transfer the custodial property to the beneficiary on the date that the beneficiary attains the age of 21 years.
(3) A personal representative or trustee making a transfer to a custodian under ORS 126.819 may provide for a delayed transfer of the custodial property pursuant to this section only if the governing will or trust directs that the custodial property be transferred within the time specified by subsection (1) of this section. The transfer to the custodian must provide that the custodial property be transferred to the beneficiary at the age specified in the governing will or trust.
(4) A transfer to a custodian under ORS 126.816 or 126.819 is not invalid if the transfer provides that the custodial property be transferred to the beneficiary after the beneficiary attains the age of 25 years. If an otherwise valid transfer provides that the custodial property be transferred to the beneficiary after the beneficiary attains the age of 25 years, the custodial property must be transferred to the beneficiary on the date that the beneficiary attains the age of 25 years. [2001 c.244 §2; 2005 c.349 §16]
Structure 2021 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 126 - Property Held for the Benefit of Minors; Uniform Transfers to Minors Act
Section 126.700 - Payment or delivery for benefit of minor.
Section 126.730 - Payment of moneys to minor pursuant to judgment; payment or deposit; disbursement.
Section 126.805 - Definitions for ORS 126.805 to 126.886.
Section 126.809 - Applicability of ORS 126.805 to 126.886; jurisdiction over custodian.
Section 126.819 - Irrevocable transfer by personal representative or trustee to custodian.
Section 126.822 - Transfer to custodian in absence of authorization.
Section 126.832 - Creation and transfer of custodial property; form of instrument.
Section 126.836 - Limitations on custodianship; age requirement for transfers.
Section 126.839 - Validity of transfer.
Section 126.842 - Duties of custodian; standard of care.
Section 126.846 - Rights, powers and authority of custodian.
Section 126.852 - Reimbursement to custodian for reasonable expenses; compensation; bond.
Section 126.857 - Third person’s duties in dealing with custodian.
Section 126.859 - Claims against custodial property; liability of custodian and beneficiary.
Section 126.866 - Petition for accounting by custodian, determination of responsibility.
Section 126.869 - Time of transfer of custodial property to beneficiary or beneficiary’s estate.
Section 126.872 - Delayed transfer of custodial property to beneficiary.
Section 126.877 - Applicability of ORS 126.805 to 126.886 to transfers made after January 1, 1986.
Section 126.879 - Validation of transfer made before January 1, 1986.