126.855); 1973 c.823 �114; 1981 c.443 �6; repealed by 1985 c.665 �27] ����� 126.857 Third person�s duties in dealing with custodian. A third person in good faith and without court order may act on

126.855); 1973 c.823 �114; 1981 c.443 �6; repealed by 1985 c.665 �27]

����� 126.857 Third person�s duties in dealing with custodian. A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining:

����� (1) The validity of the purported custodian�s designation;

����� (2) The propriety of, or the authority under ORS 126.805 to 126.886 for, any act of the purported custodian;

����� (3) The validity or propriety under ORS 126.805 to 126.886 of any instrument or instructions executed or given either by the person purporting to make a transfer or by the purported custodian; or

����� (4) The propriety of the application of any property of the beneficiary delivered to the purported custodian. [1985 c.665 �17; 2005 c.349 �11]

����� 126.859 Claims against custodial property; liability of custodian and beneficiary. (1) A claim based on a contract entered into by a custodian acting in a custodial capacity, an obligation arising from the ownership or control of custodial property or a tort committed during the custodianship, may be asserted against the custodial property by proceeding against the custodian in the custodial capacity, whether or not the custodian or the beneficiary is personally liable therefor.

����� (2) A custodian is not personally liable:

����� (a) On a contract properly entered into in the custodial capacity unless the custodian fails to reveal that capacity and to identify the custodianship in the contract; or

����� (b) For an obligation arising from control of custodial property or for a tort committed during the custodianship unless the custodian is personally at fault.

����� (3) A beneficiary is not personally liable for an obligation arising from ownership of custodial property or for a tort committed during the custodianship unless the beneficiary is personally at fault. [1985 c.665 �18; 2005 c.349 �12]

����� 126.860 [1959 c.640 ��13,14; 1967 c.300 �9; 1973 c.823 �115; repealed by 1981 c.443 �8]

����� 126.862 Refusal to serve as custodian; substitute and successor custodians; resignation; removal. (1) A person nominated under ORS 126.812 or designated under ORS 126.832 as custodian may decline to serve by delivering a valid disclaimer to the person who made the nomination or to the transferor or the transferor�s legal representative. If the event giving rise to a transfer has not occurred and no substitute custodian able, willing and eligible to serve was nominated under ORS 126.812, the person who made the nomination may nominate a substitute custodian under ORS 126.812; otherwise the transferor or the transferor�s legal representative shall designate a substitute custodian at the time of the transfer, in either case from among the persons eligible to serve as custodian for that kind of property under ORS 126.832 (1). The custodian so designated has the rights of a successor custodian.

����� (2) A custodian at any time may designate a trust company or an adult other than a transferor under ORS 126.816 or the beneficiary as successor custodian by executing and dating an instrument of designation before a subscribing witness other than the successor. If the instrument of designation does not contain or is not accompanied by the resignation of the custodian, the designation of the successor does not take effect until the custodian resigns, dies, becomes incapacitated or is removed.

����� (3) A custodian may resign at any time by delivering written notice to the beneficiary if the beneficiary has attained 14 years of age and to the successor custodian and by delivering the custodial property to the successor custodian.

����� (4) If a custodian is ineligible, dies or becomes incapacitated without having effectively designated a successor and the beneficiary has attained 14 years of age, the beneficiary may designate as successor custodian, in the manner prescribed in subsection (2) of this section, an adult member of the beneficiary�s family, a conservator for the beneficiary or a trust company. If the beneficiary has not attained 14 years of age or fails to act within 60 days after the ineligibility, death or incapacity, the conservator for the beneficiary becomes successor custodian. If the beneficiary has no conservator or the conservator declines to act, the transferor, the legal representative of the transferor or of the custodian, an adult member of the beneficiary�s family or any other interested person may petition the court to designate a successor custodian.

����� (5) A custodian who declines to serve under subsection (1) of this section or resigns under subsection (3) of this section, or the legal representative of a deceased or incapacitated custodian, as soon as practicable, shall put the custodial property and records in the possession and control of the successor custodian. The successor custodian by action may enforce the obligation to deliver custodial property and records and becomes responsible for each item as received.

����� (6) A transferor, the legal representative of a transferor, an adult member of the beneficiary�s family, a beneficiary�s guardian, the conservator for the beneficiary or the beneficiary if the beneficiary has attained 14 years of age may petition the court to remove the custodian for cause and to designate a successor custodian other than a transferor under ORS 126.816 or to require the custodian to give appropriate bond. [1985 c.665 �19; 2005 c.349 �13]

����� 126.865 [1959 c.640 �15; repealed by 1967 c.300 �11]

����� 126.866 Petition for accounting by custodian, determination of responsibility. (1) A beneficiary who has attained 14 years of age, the beneficiary�s guardian or legal representative, an adult member of the beneficiary�s family, a transferor or a transferor�s legal representative may petition the court:

����� (a) For an accounting by the custodian or the custodian�s legal representative; or

����� (b) For a determination of responsibility, as between the custodial property and the custodian personally, for claims against the custodial property unless the responsibility has been adjudicated in an action under ORS 126.859 to which the beneficiary or the beneficiary�s legal representative was a party.

����� (2) A successor custodian may petition the court for an accounting by the predecessor custodian.

����� (3) The court, in a proceeding under ORS 126.805 to 126.886 or in any other proceeding, may require or permit the custodian or the custodian�s legal representative to account.

����� (4) If a custodian is removed under ORS 126.862 (6), the court shall require an accounting and order delivery of the custodial property and records to the successor custodian and the execution of all instruments required for transfer of the custodial property. [1985 c.665 �20; 2005 c.349 �14]

����� 126.869 Time of transfer of custodial property to beneficiary or beneficiary�s estate. Except as provided in ORS 126.872, the custodian shall transfer in an appropriate manner the custodial property to the beneficiary or to the beneficiary�s estate upon the earlier of:

����� (1) The beneficiary�s attainment of 21 years of age with respect to custodial property transferred under ORS 126.816 or 126.819;

����� (2) The beneficiary�s attainment of 18 years of age with respect to custodial property transferred under ORS 126.822 or 126.826; or

����� (3) The beneficiary�s death. [1985 c.665 �21; 2001 c.244 �6; 2005 c.349 �15]

����� 126.870 [1959 c.640 �16; repealed by 1985 c.665 �27]

����� 126.872 Delayed transfer of custodial property to beneficiary. (1) Except as provided in this section, a person making a transfer to a custodian under ORS 126.816 or 126.819 may provide for a delayed transfer of the custodial property to the beneficiary at a specific time after the beneficiary attains the age of 21 years and:

����� (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]

����� 126.875 Accounting by custodian. The custodian is not required to account to the beneficiary or to any other person for the acts and proceedings of the custodian unless the beneficiary, a parent of the beneficiary, the legal representative of the beneficiary or a successor custodian petitions the circuit court for an accounting no later than two years after the beneficiary becomes an adult or attains a lesser age as provided in ORS 126.805 to 126.886 or dies before becoming an adult or attaining that lesser age. [1959 c.640 �17; 1983 c.457 �5; 1985 c.665 �26; 2005 c.349 �17]

����� 126.877 Applicability of ORS 126.805 to 126.886 to transfers made after January 1, 1986. ORS 126.805 to 126.886 apply to a transfer within the scope of ORS 126.809 made after January 1, 1986, if:

����� (1) The transfer purports to have been made under the Oregon Uniform Gifts to Minors Act; or

����� (2) The instrument by which the transfer purports to have been made uses in substance the designation �as custodian under the Uniform Gifts to Minors Act� or �as custodian under the Uniform Transfers to Minors Act� of any other state, and the application of ORS 126.805 to 126.886 is necessary to validate the transfer. [1985 c.665 �22]

����� 126.879 Validation of transfer made before January 1, 1986. (1) Any transfer of custodial property made before January 1, 1986, is validated notwithstanding that there was no specific authority in ORS 126.805 to 126.886 prior to January 1, 1986, for the coverage of custodial property of that kind or for a transfer from that source at the time the transfer was made.

����� (2) ORS 126.805 to 126.886 apply to all transfers made before January 1, 1986, in a manner and form prescribed in the Oregon Uniform Gifts to Minors Act, except insofar as the application impairs constitutionally vested rights or extends the duration of custodianships in existence on January 1, 1986.

����� (3) ORS 126.805 and 126.869 with respect to the age of a minor for whom custodial property is held under ORS 126.805 to 126.886 do not apply to custodial property held in a custodianship that terminated because of the minor�s attainment of 18 years of age after October 4, 1973, and before January 1, 1986. [1985 c.665 �23]

����� 126.880 [1959 c.640 �18; 1967 c.300 �10; repealed by 1985 c.665 �27]

����� 126.882 Application and construction of ORS 126.805 to 126.886. ORS 126.805 to 126.886 shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of ORS 126.805 to 126.886 among states enacting it. [1985 c.665 �24]

����� 126.886 Short title. ORS 126.805 to 126.886 may be cited as the �Oregon Uniform Transfers to Minors Act.� [1985 c.665 �25]

����� 126.905 [1969 c.627 �1; 1973 c.823 �116; renumbered 125.700 in 1995]

����� 126.915 [1969 c.627 �2; 1983 c.740 �13; renumbered 125.705 in 1995]

����� 126.925 [1969 c.627 ��3,6; 1973 c.823 �117; 1995 c.664 �86; renumbered 125.710 in 1995]

����� 126.935 [1969 c.627 �4; 1973 c.823 �118; renumbered 125.715 in 1995]

����� 126.945 [1969 c.627 �5; 1973 c.823 �119; 1995 c.664 �87; renumbered 125.720 in 1995]

����� 126.955 [1969 c.627 �7; 1973 c.823 �120; renumbered 125.725 in 1995]

����� 126.965 [1969 c.627 �8; 1973 c.823 �121; 1991 c.790 �10; renumbered 125.730 in 1995]