as custodian or the disclaimer of the office by that person.

126.832 as custodian or the disclaimer of the office by that person.

����� (2) A transfer made pursuant to ORS 126.832 is irrevocable, and the custodial property is indefeasibly vested in the beneficiary, but the custodian has all the rights, powers, duties and authority provided in ORS 126.805 to 126.886 and neither the beneficiary nor the beneficiary�s legal representative has any right, power, duty or authority with respect to the custodial property except as provided in ORS 126.805 to 126.886.

����� (3) By making a transfer, the transferor incorporates in the disposition all the provisions of ORS 126.805 to 126.886 and grants to the custodian, and to any third person dealing with a person designated as custodian, the respective powers, rights and immunities provided in ORS 126.805 to 126.886. [1985 c.665 �12; 2001 c.244 �5; 2005 c.349 �8]

����� 126.840 [1959 c.640 �8; repealed by 1985 c.665 �27]

����� 126.842 Duties of custodian; standard of care. (1) A custodian shall:

����� (a) Take control of custodial property;

����� (b) Register or record title to custodial property if appropriate; and

����� (c) Collect, hold, manage, invest and reinvest custodial property.

����� (2) In dealing with custodial property, a custodian shall observe the standard of care that would be observed by a prudent investor dealing with property of another and is not limited by any other statute restricting investments by fiduciaries. If a custodian has a special skill or expertise or is named custodian on the basis of representations of a special skill or expertise, the custodian shall use that skill or expertise. However, a custodian, in the custodian�s discretion and without liability to the beneficiary or the beneficiary�s estate, may retain any custodial property received from a transferor.

����� (3) A custodian may invest in or pay premiums on life insurance or endowment policies on:

����� (a) The life of the beneficiary only if the beneficiary or the beneficiary�s estate is the sole beneficiary; or

����� (b) The life of another person in whom the beneficiary has an insurable interest only to the extent that the beneficiary, the beneficiary�s estate or the custodian in the capacity of custodian, is the irrevocable beneficiary.

����� (4) A custodian at all times shall keep custodial property separate and distinct from all other property in a manner sufficient to identify it clearly as custodial property of the beneficiary. Custodial property consisting of an undivided interest is so identified if the beneficiary�s interest is held as a tenant in common and is fixed. Custodial property subject to recordation is so identified if it is recorded, and custodial property subject to registration is so identified if it is either registered, or held in an account designated, in the name of the custodian, followed in substance by the words: �As a custodian for _____ (name of beneficiary) under the Oregon Uniform Transfers to Minors Act.�

����� (5) A custodian shall keep records of all transactions with respect to custodial property, including information necessary for the preparation of the beneficiary�s tax returns, and shall make them available for inspection at reasonable intervals by a parent or legal representative of the beneficiary or by the beneficiary if the beneficiary has attained 14 years of age. [1985 c.665 �13; 1995 c.157 �17; 2005 c.349 �9]

����� 126.845 [1959 c.640 �9; 1973 c.823 �112; 1981 c.443 �7; repealed by 1985 c.665 �27]

����� 126.846 Rights, powers and authority of custodian. (1) A custodian, acting in a custodial capacity, has all the rights, powers and authority over custodial property that unmarried adult owners have over their own property, but a custodian may exercise those rights, powers and authority in that capacity only.

����� (2) This section does not relieve a custodian from liability for breach of ORS 126.842. [1985 c.665 �14]

����� 126.849 Payments to and expenditures for beneficiary; effect on duty to support beneficiary. (1) A custodian may deliver or pay to the beneficiary or expend for the beneficiary�s benefit so much of the custodial property as the custodian considers advisable for the use and benefit of the beneficiary, without court order and without regard to:

����� (a) The duty or ability of the custodian personally or of any other person to support the beneficiary; or

����� (b) Any other income or property of the beneficiary that may be applicable or available for that purpose.

����� (2) On petition of an interested person or the beneficiary if the beneficiary has attained 14 years of age, the court may order the custodian to deliver or pay to the beneficiary or expend for the beneficiary�s benefit so much of the custodial property as the court considers advisable for the use and benefit of the beneficiary.

����� (3) A delivery, payment or expenditure under this section is in addition to, not in substitution for, and does not affect any obligation of a person to support the beneficiary. [1985 c.665 �15; 2005 c.349 �10]

����� 126.850 [1959 c.640 ��10,12; 1967 c.300 �6; 1973 c.823 �113; repealed by 1985 c.665 �27]

����� 126.852 Reimbursement to custodian for reasonable expenses; compensation; bond. (1) A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian�s duties.

����� (2) Except for one who is a transferor under ORS 126.816, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services performed during that year.

����� (3) Except as provided in ORS 126.862 (6), a custodian need not give a bond. [1985 c.665 �16]

����� 126.855 [1959 c.640 �11; repealed by 1967 c.300 �7; (126.856 enacted in lieu of 126.855)]

����� 126.856 [1967 c.300 �8 (enacted in lieu of