(2) The moneys paid under subsection (1) of this section must be paid as follows:
(a) If the minor or person to whom payment is made is represented by an attorney and the judgment is paid in cash, by direct deposit into the attorney’s trust account maintained pursuant to rules of professional conduct adopted under ORS 9.490 to be held for the benefit of the minor. The attorney shall deposit the moneys received on behalf of the minor directly into a federally insured savings account that earns interest in the sole name of the minor, and provide notice of the deposit to the minor and the person to whom payment is made. Notice shall be delivered by personal service or first class mail.
(b) If the minor or person to whom payment is made is not represented by an attorney and the judgment is paid in cash, directly into a federally insured savings account that earns interest in the sole name of the minor. Notice of the deposit shall be delivered to the minor by personal service or first class mail.
(c) If the judgment is paid by purchase of an annuity, by direct payment to the provider of the annuity with the minor designated as the sole beneficiary of the annuity.
(d) If the minor is a ward in the custody of the Department of Human Services under ORS 419B.337 and the judgment is paid in cash, directly into a trust account, or subaccount of a trust account, established by the department or the Oregon Health Authority under ORS 430.195 for the purpose of receiving moneys payable to the ward pursuant to the judgment and that earns interest for the benefit of the ward.
(3) The moneys in the minor’s savings account, trust account or trust subaccount established under subsection (2) of this section may not be withdrawn, removed, paid out or transferred to any person, including the minor, except as follows:
(a) Pursuant to court order;
(b) Upon the minor’s attainment of 18 years of age; or
(c) Upon the minor’s death.
(4) This section does not apply if the person making payment has actual knowledge that a conservator has been appointed or proceedings for appointment of a conservator of the estate of the minor are pending. [2009 c.311 §2; 2011 c.188 §2]