Oregon Revised Statutes Chapter 126 § 126.822 — Transfer to custodian in absence of authorization

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]