reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.305 - UPIA 402. Distribution from trust or estate.

A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, ORS 129.300 or 129.385 applies to a receipt from the trust. [2003 c.279 §11]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.308 - UPIA 403. Business and other activities conducted by trustee.

(1) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.
(2) A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust’s general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust’s general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.
(3) Activities for which a trustee may maintain separate accounting records include:
(a) Retail, manufacturing, service and other traditional business activities;
(b) Farming;
(c) Raising and selling livestock and other animals;
(d) Management of rental properties;
(e) Extraction of minerals and other natural resources;
(f) Timber operations; and
(g) Activities to which ORS 129.380 applies. [2003 c.279 §12]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.310 - UPIA 404. Principal receipts.

A trustee shall allocate to principal:
(1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest or a payer under a contract naming the trust or its trustee as beneficiary;
(2) Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to ORS 129.300 to 129.385;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described in ORS 129.405 (1)(g) or for other reasons to the extent not based on the loss of income;
(4) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
(5) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
(6) Other receipts as provided in ORS 129.350 to 129.385. [2003 c.279 §13]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.315 - UPIA 405. Rental property.

To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee’s contractual obligations have been satisfied with respect to that amount. [2003 c.279 §14]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.320 - UPIA 406. Obligation to pay money.

(1) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.
(2) A trustee shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.
(3) This section does not apply to an obligation to which ORS 129.355, 129.360, 129.365, 129.370, 129.380 or 129.385 applies. [2003 c.279 §15]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.325 - UPIA 407. Insurance policies and similar contracts.

(1) Except as otherwise provided in subsection (2) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income and to principal if the premiums are paid from principal.
(2) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income or, subject to ORS 129.308, loss of profits from a business.
(3) This section does not apply to a contract to which ORS 129.355 applies. [2003 c.279 §16]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.350 - UPIA 408. Insubstantial allocations not required.

If a trustee determines that an allocation between principal and income required by ORS 129.355, 129.360, 129.365, 129.370 or 129.385 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in ORS 129.215 (3) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in ORS 129.215 (4) and may be released for the reasons and in the manner described in ORS 129.215 (5). An allocation is presumed to be insubstantial if:
(1) The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10 percent; or
(2) The value of the asset producing the receipt for which the allocation would be made is less than 10 percent of the total value of the trust’s assets at the beginning of the accounting period. [2003 c.279 §17]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.360 - UPIA 410. Liquidating asset.

(1) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to ORS 129.355, resources subject to ORS 129.365, timber subject to ORS 129.370, an activity subject to ORS 129.380, an asset subject to ORS 129.385 or any asset for which the trustee establishes a reserve for depreciation under ORS 129.410.
(2) A trustee shall allocate to income 10 percent of the receipts from a liquidating asset and the balance to principal. [2003 c.279 §19]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.365 - UPIA 411. Minerals, water and other natural resources.

(1) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
(a) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income.
(b) If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal.
(c) If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus or delay rental is more than nominal, 90 percent must be allocated to principal and the balance to income.
(d) If an amount is received from a working interest or any other interest not provided for in paragraph (a), (b) or (c) of this subsection, 90 percent of the net amount received must be allocated to principal and the balance to income.
(2) An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 90 percent of the amount must be allocated to principal and the balance to income.
(3) This chapter applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.
(4) If a trust owns an interest in minerals, water or other natural resources on January 1, 2004, the trustee may allocate receipts from the interest as provided in this chapter or in the manner used by the trustee before January 1, 2004. If the trust acquires an interest in minerals, water or other natural resources after January 1, 2004, the trustee shall allocate receipts from the interest as provided in this chapter. [2003 c.279 §20]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.370 - UPIA 412. Timber.

(1) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:
(a) To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during the accounting periods in which a beneficiary has a mandatory income interest;
(b) To principal to the extent that the amount of timber removed from the land exceeds the rate of growth of the timber or the net receipts are from the sale of standing timber;
(c) To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs (a) and (b) of this subsection; or
(d) To principal to the extent that advance payments, bonuses and other payments are not allocated pursuant to paragraph (a), (b) or (c) of this subsection.
(2) In determining net receipts to be allocated pursuant to subsection (1) of this section, a trustee shall deduct and transfer to principal a reasonable amount for depletion.
(3) This chapter applies whether or not a decedent or transferor was harvesting timber from the property before it became subject to the trust.
(4) If a trust owns an interest in timberland on January 1, 2004, the trustee may allocate net receipts from the sale of timber and related products as provided in this chapter or in the manner used by the trustee before January 1, 2004. If the trust acquires an interest in timberland after January 1, 2004, the trustee shall allocate net receipts from the sale of timber and related products as provided in this chapter. [2003 c.279 §21]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.375 - UPIA 413. Property not productive of income.

(1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under ORS 129.215 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time or exercise the power conferred by ORS 129.215 (1). The trustee may decide which action or combination of actions to take.
(2) In cases not governed by subsection (1) of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period. [2003 c.279 §22]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.380 - UPIA 414. Derivatives and options.

(1) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.
(2) To the extent that a trustee does not account under ORS 129.308 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.
(3) If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal. [2003 c.279 §23]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.385 - UPIA 415. Asset-backed securities.

(1) In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which ORS 129.300 or 129.355 applies.
(2) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
(3) If a trust receives one or more payments in exchange for the trust’s entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust’s interest in the security over more than one accounting period, the trustee shall allocate 10 percent of the payment to income and the balance to principal. [2003 c.279 §24]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.400 - UPIA 501. Disbursements from income.

(1) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which ORS 129.250 (2)(b) or (c) applies:
(a) Except as provided in subsection (2) of this section, one-half of the regular compensation of the trustee;
(b) Except as provided in subsection (2) of this section, one-half of the regular compensation of any person providing investment advisory or custodial services to the trustee;
(c) One-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests;
(d) All of the other ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest; and
(e) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
(2)(a) If, in the reasonable judgment of the trustee, charging all or a part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee to principal is impracticable because of lack of sufficient cash and readily marketable assets or inadvisable because of the nature of the principal assets, the trustee may pay all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee out of income. Income of the trust is not entitled to reimbursement from principal for payments under this paragraph.
(b) If, in the reasonable judgment of the trustee, charging all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee to income is impracticable because of the lack of sufficient income, or in order to provide increased income to the beneficiary, the trustee may pay all or part of the trustee’s regular compensation or the regular compensation of any person providing investment advisory or custodial services to the trustee out of principal.
(3) Notwithstanding subsection (1) of this section, during the lifetime of the settlor of a revocable trust, the trustee may charge trust expenses, including the trustee’s compensation, as directed by the settlor. [2003 c.279 §25; 2017 c.81 §1]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.405 - UPIA 502. Disbursements from principal.

(1) A trustee shall make the following disbursements from principal:
(a) The remaining portions of the disbursements described in ORS 129.400 (1)(a) to (c);
(b) All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution or termination and disbursements made to prepare property for sale;
(c) Payments on the principal of a trust debt;
(d) Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;
(e) Premiums paid on a policy of insurance not described in ORS 129.400 (1)(e) of which the trust is the owner and beneficiary;
(f) Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and
(g) Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties and defending claims based on environmental matters.
(2) If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation. [2003 c.279 §26; 2017 c.81 §2]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.410 - UPIA 503. Transfers from income to principal for depreciation.

(1) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year.
(2) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:
(a) Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;
(b) During the administration of a decedent’s estate; or
(c) Under this section if the trustee is accounting under ORS 129.308 for the business or activity in which the asset is used.
(3) An amount transferred to principal need not be held as a separate fund. [2003 c.279 §27]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.415 - UPIA 504. Transfers from income to reimburse principal.

(1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.
(2) Principal disbursements to which subsection (1) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:
(a) An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;
(b) A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;
(c) Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements and broker’s commissions;
(d) Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and
(e) Disbursements described in ORS 129.405 (1)(g).
(3) If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection (1) of this section. [2003 c.279 §28]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.420 - UPIA 505. Income taxes.

(1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.
(2) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.
(3) A tax required to be paid by a trustee on the trust’s share of an entity’s taxable income must be paid:
(a) From income to the extent that receipts from the entity are allocated only to income;
(b) From principal to the extent that receipts from the entity are allocated only to principal;
(c) Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and
(d) From principal to the extent that the tax exceeds the total receipts from the entity.
(4) After applying subsections (1) to (3) of this section, the trustee shall adjust income or principal receipts to the extent that the trust’s taxes are reduced because the trust receives a deduction for payments made to a beneficiary. [2003 c.279 §29; 2011 c.307 §3]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.425 - UPIA 506. Adjustments between principal and income because of taxes.

(1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:
(a) Elections and decisions, other than those described in subsection (2) of this section, that the fiduciary makes from time to time regarding tax matters;
(b) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or
(c) The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust or a beneficiary.
(2) If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust or beneficiary are decreased, each estate, trust or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income. [2003 c.279 §30]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 129 - Uniform Principal and Income Act › Section 129.450 - UPIA 601. Uniformity of application and construction.

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. [2003 c.279 §31]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.005 - UTC 102. Scope.

(1) Except as provided in subsection (2) of this section, this chapter applies to express trusts, whether charitable or noncharitable, and to trusts created pursuant to a statute or a judgment that requires that the trust be administered in the manner of an express trust.
(2) This chapter does not apply to:
(a) A trust that is part of an employee benefit arrangement or an individual retirement account.
(b) A trust account established under a qualified tuition savings program pursuant to ORS 178.300 to 178.360.
(c) Trust accounts maintained on behalf of clients or customers by licensed service professionals, including trust accounts maintained by attorneys pursuant to rules of professional conduct adopted under ORS 9.490 and by licensed real estate property managers or principal real estate brokers pursuant to ORS 696.241.
(d) An endowment care fund established by a cemetery authority pursuant to ORS 97.810.
(e) Funds maintained by a public body, as defined in ORS 174.109, or other governmental entities.
(f) Trust funds held for a single business transaction or an escrow arrangement.
(g) Trusts created by a depository agreement with a financial institution.
(h) Trusts created by an account agreement with a regulated financial services entity.
(i) An account maintained under the Oregon Uniform Transfers to Minors Act as set forth in ORS 126.805 to 126.886.
(j) A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding or business liquidation.
(k) A business trust as described in ORS 128.560.
(L) A voting trust as described in ORS 60.254.
(m) Funds maintained to manage proceeds from class actions.
(n) A trust deed as defined in ORS 86.705 or any other trust created solely to secure the performance of an obligation.
(o) A trust established on behalf of a resident of a residential facility under ORS 443.880.
(p) A trust managed by a nonprofit association for persons with disabilities under 42 U.S.C. 1396p(d)(4)(C), as in effect on January 1, 2006, and under the rules of the Department of Human Services.
(q) A resulting or constructive trust.
(r) A trust fund established for a purchaser who enters into a prearrangement sales contract, as defined in ORS 97.923, or a preconstruction sales contract, as defined in ORS 97.923. [2005 c.348 §2; 2007 c.70 §32; 2011 c.158 §5; 2011 c.712 §3]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.015 - UTC 104. Knowledge.

(1) Subject to subsection (2) of this section, a person has knowledge of a fact if the person:
(a) Has actual knowledge of the fact;
(b) Has received a notice or notification of the fact; or
(c) From all the facts and circumstances known to the person at the time in question, has reason to know the fact.
(2) An organization that conducts activities through employees has notice or knowledge of a fact involving a trust only from the time the information was received by an employee having responsibility to act for the trust, or would have been brought to the employee’s attention if the organization had exercised reasonable diligence. An organization exercises reasonable diligence if the organization maintains reasonable routines for communicating significant information to the employee having responsibility to act for the trust and there is reasonable compliance with the routines. Reasonable diligence does not require an employee of the organization to communicate information unless the communication is part of the employee’s regular duties or the employee knows a matter involving the trust would be materially affected by the information. [2005 c.348 §4]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.022 - UTC 108. Principal place of administration.

(1) Terms of a trust designating the principal place of administration are valid and controlling if:
(a) A trustee’s principal place of business is located in the designated state, country or other jurisdiction, or the trustee is a resident of the designated state, country or other jurisdiction;
(b) All or part of the administration occurs in the designated state, country or other jurisdiction; or
(c) Other means exist for establishing a sufficient connection with the designated state, country or other jurisdiction.
(2) A trustee is under a continuing duty to administer the trust at a place appropriate to the trust’s purposes, the trust’s administration and the interests of the beneficiaries. Absent a substantial change of circumstances, the trustee may assume that the original place of administration is also the appropriate place of administration. The duty to administer the trust at an appropriate place may prevent a trustee from moving the place of administration.
(3)(a) A trustee may transfer the trust’s principal place of administration to another state, country or other jurisdiction if the transfer is in furtherance of the duty imposed by subsection (2) of this section.
(b) A trustee shall notify qualified beneficiaries of the trust of a proposed transfer of the trust’s principal place of administration not fewer than 60 days before initiating the transfer. The notice of proposed transfer must include all of the following:
(A) The name of the state, country or other jurisdiction to which the principal place of administration is to be transferred.
(B) The address and telephone number at the new location at which the trustee can be contacted.
(C) An explanation of the reasons for the proposed transfer.
(D) The date on which the proposed transfer is anticipated to occur.
(E) The date by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer. The date for notifying a trustee of an objection may not be fewer than 60 days after the date on which the notice is given.
(c) The authority of a trustee under this subsection to transfer a trust’s principal place of administration terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
(d) The trustee may transfer some or all of the trust property to a successor trustee designated in the terms of the trust or appointed pursuant to ORS 130.615 in connection with a transfer of the trust’s principal place of administration. [2005 c.348 §8]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.030 - UTC 107. Governing law.

The meaning and effect of the terms of a trust are determined by:
(1) The law of the state, country or other jurisdiction designated in the terms of the trust unless the designation of the law of that state, country or other jurisdiction is contrary to a strong public policy of the state, country or other jurisdiction having the most significant relationship to the matter at issue; or
(2) In the absence of a controlling designation in the terms of the trust, the law of the state, country or other jurisdiction having the most significant relationship to the matter at issue. [2005 c.348 §7]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.035 - UTC 109. Methods of giving notice; waiver of notice.

(1) If any provision of this chapter requires that a trustee or other person give notice or requires that the trustee or other person send a document, the trustee or other person must give the notice or send the document in a manner reasonably suitable under the circumstances and likely to result in receipt of the notice or document. Permissible methods of giving notice and sending documents under this chapter include first class mail, personal delivery, delivery to a person’s last known place of residence or place of business, or properly directed electronic mail.
(2) If any provision of this chapter requires that a trustee or other person give notice or requires that the trustee or other person send a document to another person, the trustee or other person need not give the notice or send the document to any person whose identity or location is unknown and not reasonably ascertainable. If the trustee or other person cannot give notice or send a document, the trustee or other person shall prepare an affidavit setting forth the efforts made to find the person. The trustee must file the affidavit in any pending court proceeding or hold the affidavit as part of the trust records if a court proceeding is not pending.
(3) Any person entitled to receive a notice or a document under this chapter may waive receipt of the notice or document.
(4) Subsections (1) to (3) of this section do not apply to notices of judicial proceedings. Except as provided in subsection (5) of this section, notice of a judicial proceeding shall be given in the manner required by statute for the approval of the final account in a decedent’s estate. Notice of a judicial proceeding must be given by the petitioner to the following persons:
(a) To the trustee and all persons whose interests are affected by the requested action or relief.
(b) If a person who is entitled to notice is a minor, to the minor’s conservator or to another appropriate representative under ORS 130.100 to 130.120 if the minor does not have a conservator. If the minor is 14 years of age or older, notice must also be given to the minor.
(c) If a person who is entitled to notice is financially incapable, to the person and to the person’s conservator or another appropriate representative under ORS 130.100 to 130.120 if the person does not have a conservator.
(d) To any other person the court requires.
(5) A judicial proceeding to contest the validity of a revocable trust must be commenced by the service of a summons in the manner required by ORCP 7. Notice of any other judicial proceeding must be given in the manner prescribed by subsection (4) of this section. [2005 c.348 §9; 2009 c.275 §4]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.040 - UTC 110. Other persons treated as qualified beneficiaries.

(1) A charitable organization expressly designated to receive distributions under the terms of a charitable trust has the rights of a qualified beneficiary under this chapter if the charitable organization is otherwise a qualified beneficiary as defined in ORS 130.010.
(2) A person appointed to enforce a trust created for the care of an animal or another noncharitable purpose as provided in ORS 130.185 or 130.190 has the rights of a qualified beneficiary under this chapter.
(3) A person appointed as a trust enforcer of a stewardship trust as provided in ORS 130.193 has the rights of a qualified beneficiary under this chapter.
(4) The Attorney General has the rights of a qualified beneficiary with respect to a charitable trust having its principal place of administration in Oregon. [2005 c.348 §10; 2009 c.275 §5; 2019 c.162 §3]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.050 - UTC 201. Role of court in administration of trust.

(1) A court may intervene in the administration of a trust to the extent the court’s jurisdiction is invoked by an interested person or as provided by law.
(2) A trust is not subject to continuing judicial supervision unless ordered by a court.
(3) A judicial proceeding may relate to any matter involving a trust’s administration, including a request for instructions or a declaratory judgment action. [2005 c.348 §12]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.055 - UTC 202. Jurisdiction over trustee and beneficiary.

(1) By accepting the trusteeship of a trust having its principal place of administration in Oregon or by moving the principal place of administration to this state, the trustee submits personally to the jurisdiction of the courts of this state regarding any matter involving the trust.
(2) The beneficiaries of a trust having its principal place of administration in Oregon are subject to the jurisdiction of the courts of Oregon regarding any matter involving the beneficiaries’ interests in the trust. By accepting a distribution from such a trust, the recipient submits personally to the jurisdiction of the courts of this state regarding any matter involving the trust.
(3) This section does not preclude other methods of obtaining jurisdiction over a trustee, beneficiary or other person receiving property from the trust. [2005 c.348 §13]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.060 - UTC 203. Subject-matter jurisdiction.

Except as provided in ORS 130.355, the circuit court has jurisdiction of proceedings in this state concerning the administration of a trust. [2005 c.348 §14; 2009 c.275 §7]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.065 - UTC 204. Venue.

(1) Except as otherwise provided in this section, venue for a judicial proceeding involving a trust is in the county in which the trust’s principal place of administration is or will be located.
(2) If a trust is created by will and the estate is not yet closed, venue for a judicial proceeding involving a trust is in the county in which the decedent’s estate is being administered.
(3) If a trust has no trustee, venue for a judicial proceeding for the appointment of a trustee is in a county in which a beneficiary resides, in a county in which any trust property is located and, if the trust is created by will, in the county in which the decedent’s estate was or is being administered. [2005 c.348 §15]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.100 - UTC 301. Representation; basic effect.

(1) Notice to a person who may represent and bind another person under ORS 130.100 to 130.120 has the same effect as if notice were given directly to the other person. Notice to a representative must comply with ORS 130.035 (4).
(2) The consent of a person who may represent and bind another person under ORS 130.100 to 130.120 is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(3) Except as otherwise provided in ORS 130.200 and 130.505, a person who is authorized to represent a financially incapable settlor under ORS 130.100 to 130.120 may receive notice and give binding consent on the settlor’s behalf.
(4) A settlor may not represent and bind a beneficiary under ORS 130.100 to 130.120 with respect to the termination or modification of an irrevocable trust under ORS 130.200 (1). [2005 c.348 §16]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.105 - UTC 302. Representation by holder of testamentary power of appointment.

To the extent there is no conflict of interest between the holder of a testamentary power of appointment and the persons represented with respect to the particular question or dispute, the holder may represent and bind persons whose interests are subject to the power as permissible appointees, as takers in default or by other reason. [2005 c.348 §17; 2007 c.33 §1]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.110 - UTC 303. Representation by fiduciaries and parents.

To the extent there is no conflict of interest between the representative and the person represented or among those being represented with respect to a particular question or dispute:
(1) A conservator may represent and bind the estate that the conservator controls;
(2) An agent having authority to act with respect to the particular question or dispute may represent and bind the principal;
(3) A trustee may represent and bind the beneficiaries of the trust;
(4) A personal representative of a decedent’s estate may represent and bind persons interested in the estate; and
(5) A parent may represent and bind the parent’s minor or unborn child if a conservator for the child has not been appointed. [2005 c.348 §18]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.115 - UTC 304. Representation by person having substantially identical interest.

Unless otherwise represented, a minor, financially incapable individual or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable, may be represented by and bound by another person having a substantially identical interest with respect to the particular question or dispute, but only to the extent there is no conflict of interest between the representative and the person represented. [2005 c.348 §19]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.120 - UTC 305. Appointment of special representative.

(1) If the court determines that the interest of a person is not represented under ORS 130.100 to 130.120, or that the otherwise available representation might be inadequate, the court may appoint a special representative to receive notice, give consent and otherwise represent, bind and act on behalf of a minor, financially incapable individual or unborn individual, or a person whose identity or location is unknown and not reasonably ascertainable. A special representative may be appointed to represent several persons or interests, if the interests of the persons represented do not conflict.
(2) A special representative may act on behalf of the individual represented with respect to any matter that the court has authorized, whether or not a judicial proceeding concerning the trust is pending.
(3) In making decisions, a special representative may consider general benefit accruing to the living members of the individual’s family.
(4) A person appointed as special representative must have appropriate skills and experience necessary to adequately represent the individual in the matter for which the special representative is appointed. A special representative may not have an interest in the trust that is the subject of the appointment of the special representative. A special representative may not be related to a personal representative of an estate with an interest in the trust, or to a trustee, beneficiary or other person with an interest in the trust.
(5) A person requesting the appointment of a special representative must file a petition with the court describing the proposed special representative, the need for a special representative, the qualifications of the special representative, the person or persons who will be represented, the actions that the special representative will take and the approximate date or event when the authority of the special representative will terminate. The person seeking to serve as special representative must file a consent to serve.
(6) A special representative appointed under this section is entitled to reasonable compensation for services. The trustee shall pay compensation to the special representative from the principal of the trust that is attributable to those beneficiaries who are represented. If the beneficiaries who are represented do not have principal that is attributable to them, compensation is an administrative expense of the trust.
(7) Upon completion of the responsibilities of the special representative, the special representative shall move the court for an order discharging the special representative. Upon order of the court, a special representative appointed under this section shall be discharged from any further responsibility with respect to the trust. [2005 c.348 §20]