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

ORS 126.832 Creation and transfer of custodial property; form of instrument

(1)

Custodial property is created and a transfer is made if any of the following occur:

(a)

An uncertificated security or a certificated security in registered form is either:

(A)

Registered in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Delivered if in certificated form, or any document necessary for the transfer of an uncertificated security is delivered, together with any necessary indorsement to an adult other than the transferor or the beneficiary, or delivered to a trust company as custodian, accompanied by an instrument in substantially the form set forth in subsection

(2)

of this section.

(b)

Money is paid or delivered to a broker or financial institution for credit to an account in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section.

(c)

The ownership of a life or endowment insurance policy or annuity contract is either:

(A)

Registered with the issuer in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Assigned in a writing delivered to an adult other than the transferor or the beneficiary, or delivered to a trust company, and the name of the assignee is followed in substance by the words specified in subsection

(3)

of this section.

(d)

An irrevocable exercise of a power of appointment or an irrevocable present right to future payment under a contract is the subject of a written notification delivered to the payer, issuer or other obligor that the right is transferred to the transferor, transferred to an adult other than the transferor or the beneficiary, or transferred to a trust company, and the name of the transferee is followed in substance by the words specified in subsection (3) of this section.

(e)

An interest in real property is recorded in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section.

(f)

A certificate of title issued by a department or agency of a state or of the United States that evidences title to tangible personal property is either:

(A)

Issued in the name of the transferor, in the name of an adult other than the transferor or the beneficiary, or in the name of a trust company, followed in substance by the words specified in subsection (3) of this section; or

(B)

Delivered to an adult other than the transferor or the beneficiary, or delivered to a trust company, and is indorsed to that person followed in substance by the words specified in subsection (3) of this section.

(g)

An interest in any property not described in paragraphs (a) to (f) of this subsection is transferred to an adult other than the transferor or the beneficiary, or is transferred to a trust company, by a written instrument in substantially the form set forth in subsection (2) of this section.

(2)

An instrument in the following form satisfies the requirements of subsection

(1)(a)(B)

and (g) of this section: __________________________________________

TRANSFER UNDER THE OREGON

UNIFORM TRANSFERS TO MINORS ACT

I, (name of transferor or name and representative capacity if a fiduciary) hereby transfer to (name of custodian), as custodian for (name of beneficiary) under the Oregon Uniform Transfers to Minors Act, the following: (insert a description of the custodial property sufficient to identify it). Delayed Transfer (may be made only if authorized by ORS 126.872): The custodian shall deliver the property to the beneficiary when the beneficiary attains the age of years (not less than 21 nor more than 25). Dated:

(Signature)

(name of custodian) acknowledges receipt of the property described above as custodian for the beneficiary named above under the Oregon Uniform Transfers to Minors Act. Dated:

(Signature of Custodian)

__________________________________________

(3)

For the purposes of subsection (1) of this section, the following words create custodial property:

(a)

“As custodian for (name of beneficiary) under the Oregon Uniform Transfers to Minors Act”; or

(b)

If the custodial property is subject to delayed transfer under ORS 126.872, “As custodian for (name of beneficiary) under the Oregon Uniform Transfers to Minors Act until the beneficiary attains the age of years.”

(4)

A transferor shall place the custodian in control of the custodial property as soon as practicable.