126.700, 126.725 or 126.730. ����� (3) Notwithstanding any other provision of law, a minor may contract with a bank or financial institution to establish a bank account for the purpose of depositing

126.700, 126.725 or 126.730.

����� (3) Notwithstanding any other provision of law, a minor may contract with a bank or financial institution to establish a bank account for the purpose of depositing payments or deliveries of moneys under ORS 126.700, 126.725 or 126.730. Such contract is binding upon the minor and cannot be voided or disaffirmed by the minor based upon the minor�s age or status as a minor.

����� (4) The consent of the minor�s parent or legal guardian, or of the person having legal custody of the minor, is not necessary to contract to establish a bank account under this section. The parent, legal guardian or person having legal custody of the minor shall not be liable under a contract by the minor for a bank account unless the parent, legal guardian or person having legal custody of the minor is a party to the minor�s contract. [2009 c.311 �3]

GIFTS TO MINORS

����� 126.805 Definitions for ORS 126.805 to 126.886. As used in ORS 126.805 to 126.886, except where the context otherwise requires:

����� (1) �Adult� means any person who has attained the age of 21 years.

����� (2) �Beneficiary� means a person for whose benefit a transfer has been made to a custodian.

����� (3) �Broker� means a person lawfully engaged in the business of effecting transactions in securities or commodities for the account of the person or for others.

����� (4) �Conservator� means a person appointed or qualified by a court to act as general, limited or temporary guardian of a beneficiary�s property or a person legally authorized to perform substantially the same functions.

����� (5) �Court� means circuit court.

����� (6) �Custodial property� includes:

����� (a) Any interest in property transferred to a custodian under ORS 126.805 to 126.886.

����� (b) The income from that interest in property.

����� (7) �Custodian� means the person designated as custodian under ORS 126.812 or a successor or substitute custodian designated under ORS 126.862.

����� (8) �Financial institution� means a financial institution as defined in ORS 706.008 or a trust company as defined in ORS 706.008.

����� (9) �Legal representative� means the personal representative or conservator.

����� (10) �Member of the beneficiary�s family� means the beneficiary�s parent, stepparent, spouse, grandparent, brother, sister, uncle or aunt, whether of the whole blood or the half blood or through legal adoption.

����� (11) �Minor� means any person who has not attained the age of 21 years.

����� (12) �Personal representative� means an executor, administrator, successor personal representative, or special administrator of a decedent�s estate or a person legally authorized to perform substantially the same functions.

����� (13) �State� includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico and any territory or possession subject to the legislative authority of the United States.

����� (14) �Transfer� means a transaction that creates custodial property under ORS 126.832.

����� (15) �Transferor� means a person who makes a transfer under ORS 126.805 to 126.886.

����� (16) �Trust company� means a trust company as defined in ORS 706.008. [1959 c.640 �1; 1967 c.300 �1; 1973 c.827 �18; 1981 c.443 �1; 1983 c.457 �1; 1985 c.665 �1; 1997 c.631 �412; 2005 c.349 �1]

����� 126.809 Applicability of ORS 126.805 to 126.886; jurisdiction over custodian. (1) ORS 126.805 to 126.886 apply to a transfer that refers to ORS 126.805 to 126.886 in the designation under ORS 126.832 (1) by which the transfer is made if at the time of the transfer, the transferor, the beneficiary or the custodian is a resident of this state or the custodial property is located in this state. The custodianship so created remains subject to ORS 126.805 to 126.886 despite a subsequent change in residence of a transferor, the beneficiary or the custodian or the removal of custodial property from this state.

����� (2) A person designated as custodian under ORS 126.805 to 126.886 is subject to personal jurisdiction in this state with respect to any matter relating to the custodianship.

����� (3) A transfer that purports to be made and which is valid under the Uniform Transfers to Minors Act, the Uniform Gifts to Minors Act or a substantially similar Act, of another state is governed by the law of the designated state and may be executed and is enforceable in this state if at the time of the transfer, the transferor, the beneficiary or the custodian is a resident of the designated state or the custodial property is located in the designated state. [1985 c.665 �3; 2005 c.349 �2]

����� 126.810 [1959 c.640 �2; 1967 c.300 �2; 1981 c.443 �2; repealed by 1985 c.665 �27]

����� 126.812 Nomination of custodian; effective date of custodianship and transfer of custodial property. (1) A person having the right to designate the recipient of property transferable upon the occurrence of a future event may revocably nominate a custodian to receive the property for a beneficiary upon the occurrence of the event by naming the custodian followed in substance by the words: �As custodian for _____ (name of beneficiary) under the Oregon Uniform Transfers to Minors Act.� The nomination may name one or more persons as substitute custodians to whom the property must be transferred, in the order named, if the first nominated custodian dies before the transfer or is unable, declines or is ineligible to serve. The nomination may be made in a will, a trust, a deed, an instrument exercising a power of appointment or in a writing designating a beneficiary of contractual rights which is registered with or delivered to the payer, issuer or other obligor of the contractual rights.

����� (2) A custodian nominated under this section must be a person to whom a transfer of property of that kind may be made under ORS 126.832 (1).

����� (3) The nomination of a custodian under this section does not create custodial property until the nominating instrument becomes irrevocable or a transfer to the nominated custodian is completed under ORS 126.832. Unless the nomination of a custodian has been revoked, upon the occurrence of the future event the custodianship becomes effective and the custodian shall enforce a transfer of the custodial property pursuant to ORS 126.832. [1985 c.665 �4; 2005 c.349 �3]

����� 126.815 [1959 c.640 �3; 1967 c.300 �3; 1973 c.823 �110; 1981 c.443 �3; repealed by 1985 c.665 �27]

����� 126.816 Irrevocable gifts or exercise of power of appointment. A person may make a transfer by irrevocable gift to, or the irrevocable exercise of a power of appointment in favor of, a custodian for the benefit of a beneficiary pursuant to ORS 126.832. [1985 c.665 �5; 2005 c.349 �4]

����� 126.817 [1983 c.457 �3; repealed by 1985 c.665 �27]

����� 126.819 Irrevocable transfer by personal representative or trustee to custodian. (1) A personal representative or trustee may make an irrevocable transfer pursuant to ORS 126.832 to a custodian for the benefit of a beneficiary as authorized in the governing will or trust.

����� (2) If the testator or settlor has nominated a custodian under ORS 126.812 to receive the custodial property, the transfer must be made to that person.

����� (3) If the testator or settlor has not nominated a custodian under ORS 126.812, or all persons so nominated as custodian die before the transfer or are unable, decline or are ineligible to serve, the personal representative or the trustee, as the case may be, shall designate the custodian from among those eligible to serve as custodian for property of that kind under ORS 126.832. [1985 c.665 �6; 2005 c.349 �5]

����� 126.820 [1959 c.640 �4; 1983 c.457 �4; repealed by 1985 c.665 �27]

����� 126.822 Transfer to custodian in absence of authorization. (1) Subject to subsection (3) of this section, a personal representative or trustee may make an irrevocable transfer to another adult or trust company as custodian for the benefit of a minor pursuant to ORS 126.832, in the absence of a will or under a will or trust that does not contain an authorization to do so.

����� (2) Subject to subsection (3) of this section, a conservator may make an irrevocable transfer to another adult or trust company as custodian for the benefit of the minor pursuant to ORS 126.832.

����� (3) A transfer under subsection (1) or (2) of this section may be made only if:

����� (a) The personal representative, trustee or conservator considers the transfer to be in the best interest of the minor;

����� (b) The transfer is not prohibited by or inconsistent with provisions of the applicable will, trust agreement or other governing instrument; and

����� (c) The transfer is authorized by the court if it exceeds $30,000 in value. [1985 c.665 �7; 2001 c.244 �3]

����� 126.825 [1959 c.640 �5; 1967 c.300 �4; 1981 c.443 �4; repealed by 1985 c.665 �27]

����� 126.826 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 or 126.822 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.

����� (2) If a person having the right to do so under ORS 126.812 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 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]

����� 126.829 Written acknowledgment of delivery as receipt. A written acknowledgment of delivery by a custodian constitutes a sufficient receipt and discharge for custodial property transferred to the custodian pursuant to ORS 126.805 to