ORS 126.822 Transfer to custodian in absence of authorization

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.

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.

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

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

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

The transfer is authorized by the court if it exceeds $30,000 in value.