Chapter 126 — Property Held for the Benefit of Minors; Uniform Transfers to Minors Act

ORS 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.