reglab/statecodes huggingface dataset:
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.450 - Consolidation of proceedings.

If the proceeding to determine claims against a deceased settlor is pending under ORS 130.350 to 130.450 at the same time as probate proceedings under ORS chapter 115, upon motion of any party or upon the court’s own motion, any of the courts conducting proceedings may:
(1) Order a joint hearing or trial on the common claims;
(2) Order that the proceedings be consolidated; or
(3) Make orders concerning the proceedings to avoid unnecessary costs for delays. [Formerly 128.300]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.500 - UTC 601. Revocable trusts generally.

(1) A person who has capacity to make a will has capacity to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust.
(2) A revocable trust remains a revocable trust for the purposes of ORS 130.520 to 130.575 even though the trust cannot be revoked because:
(a) The settlor becomes financially incapable; or
(b) An event occurs that by the terms of the trust prevents the revocation of the trust. [2005 c.348 §45; 2009 c.275 §16]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.505 - UTC 602. Revocation or amendment of revocable trust.

(1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor of the trust may revoke or amend the trust.
(2) Unless the trust expressly provides otherwise, if a revocable trust is created or funded by more than one settlor:
(a) To the extent the trust consists of community property, the trust may be revoked by either spouse acting alone but may be amended only by joint action of both spouses;
(b) To the extent the trust consists of property other than community property, each settlor may revoke or amend the trust as to the portion of the trust property attributable to that settlor’s contribution; and
(c) Upon the revocation or amendment of the trust by fewer than all of the settlors, the trustee shall promptly notify the other settlors of the revocation or amendment.
(3) The settlor may revoke or amend a revocable trust:
(a) By substantial compliance with a method provided in the terms of the trust; or
(b) If the terms of the trust do not provide a method, by any other method, except for execution of a will or codicil, manifesting clear and convincing evidence of the settlor’s intent.
(4) Upon revocation of a revocable trust, the trustee shall deliver the trust property as the settlor directs.
(5) A settlor’s powers with respect to revocation, amendment or distribution of trust property may be exercised by an agent or attorney-in-fact under a power of attorney only to the extent expressly authorized by the terms of the trust.
(6) The settlor’s conservator, or the settlor’s guardian if a conservator has not been appointed for the settlor, may exercise a settlor’s powers with respect to revocation, amendment or distribution of trust property only with the approval of the court supervising the conservatorship or guardianship.
(7) A trustee who does not know that a trust has been revoked or amended is not liable to the settlor or settlor’s successors in interest for distributions made and other actions taken on the assumption that the trust had not been amended or revoked. [2005 c.348 §46]
Note:
Section 47, chapter 348, Oregon Laws 2005, provides:
Sec. 47.
Section 46 (1) of this 2005 Act [130.505 (1)] does not apply to a trust created under an instrument executed before the effective date of this 2005 Act [January 1, 2006]. [2005 c.348 §47]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.510 - UTC 603. Settlor’s powers; powers of withdrawal.

(1) While the settlor of a revocable trust is alive, rights of the beneficiaries are subject to the control of the settlor, and the duties of the trustee are owed exclusively to the settlor. Beneficiaries other than the settlor have no right to receive notice, information or reports under this chapter.
(2) The rights of the beneficiaries with respect to property that is subject to a power of withdrawal are subject to the control of the holder of the power during the period that the power may be exercised, and the duties of the trustee are owed exclusively to the holder of a power of withdrawal with respect to the property that is subject to the power. [2005 c.348 §48; 2009 c.275 §17]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.515 - UTC 604. Limitation on action contesting validity of revocable trust; distribution of trust property.

(1) A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death in the manner prescribed by ORS 12.020 within the earlier of:
(a) Three years after the settlor’s death; or
(b) Four months after the trustee sends the person a copy of the trust instrument and notice informing the person of the trust’s existence, of the trustee’s name and address and of the time allowed for commencing a proceeding.
(2) Upon the death of the settlor of a trust that was revocable at the settlor’s death, the trustee may proceed to distribute the trust property in accordance with the terms of the trust. The trustee is not subject to liability for distribution of the property unless:
(a) The trustee knows of a pending judicial proceeding contesting the validity of the trust; or
(b) Any person has notified the trustee in writing that the person might commence a judicial proceeding to contest the trust and a judicial proceeding is commenced by the person within 60 days after the person gives the notification.
(3) If a trust is determined to be invalid, any beneficiary who received a distribution from the trust is liable to the person entitled to the distributed property for the amount or value of the distribution. [2005 c.348 §49]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.518 - Creditor protections retained upon conveyance of property held as tenants by the entirety to revocable trust.

(1) Real property of spouses married to each other that was held as tenants by the entirety and subsequently conveyed to the trustee or trustees of the joint revocable trust of the spouses or of the separate revocable trust of each spouse shall have the same immunity from the claims of a spouse’s creditors as would exist if the spouses had continued to hold the property as tenants by the entirety, if:
(a) The spouses remain married to each other;
(b) The real property continues to be held in trust by the trustee or trustees or the successor trustee or trustees; and
(c) Both spouses are beneficiaries of the trust or trusts, including where both spouses are current beneficiaries of one trust that holds the entire property or each spouse is a current beneficiary of a separate trust and the two separate trusts together hold the entire property, whether or not other persons are also current or future beneficiaries of the trust or trusts.
(2) The protection from the claims of separate creditors under this section may be waived as to any specific creditor, including any separate creditor of either spouse, or any specifically described property, including any former tenancy by the entirety property conveyed into trust, by the trustee acting under the express provision of a trust instrument or with the written consent of both spouses. [2021 c.272 §7]
Note:
Section 12, chapter 272, Oregon Laws 2021, provides:
Sec. 12.
Section 7 of this 2021 Act [130.518] and the amendments to ORS 130.315 by section 8 of this 2021 Act apply to tenancy by the entirety property conveyed to a trustee or trustees of a trust or trusts on or after the effective date of this 2021 Act [January 1, 2022]. [2021 c.272 §12]
Note:
130.518 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS chapter 130 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.520 - "Specific distribution" defined for ORS 130.520 to 130.575.

For the purposes of ORS 130.520 to 130.575, "specific distribution" means a distribution of specific property to a specific beneficiary that is required under the terms of a trust instrument. [Formerly 128.370]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.525 - Applicability of ORS 130.530, 130.535 and 130.540 to 130.575.

(1) ORS 130.530 and 130.535 apply only to a trust, or portion of a trust:
(a) That comes into existence during the settlor’s lifetime; and
(b) Is a revocable trust on the occurrence of any of the events described in ORS 130.530 or 130.535.
(2) ORS 130.540 to 130.575 apply only to a trust, or a portion of a trust, that comes into existence during the settlor’s lifetime and that was a revocable trust at the time of the settlor’s death. [2005 c.348 §110; 2013 c.529 §10]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.535 - Revocation by divorce or annulment.

(1) Unless otherwise provided by the terms of the trust instrument, a settlor’s divorce or the annulment of the settlor’s marriage, after the trust instrument is executed:
(a) Revokes all provisions of the trust in favor of the former spouse of the settlor;
(b) Revokes all powers of appointment, general or nongeneral, in the trust that are exercisable by the former spouse; and
(c) Revokes any provision in the trust naming the former spouse as trustee.
(2) Unless otherwise provided by the terms of the trust instrument, a trust shall be construed as though the former spouse predeceased the settlor if, after the trust instrument is executed, the settlor divorces the spouse or the marriage of the settlor to the spouse is annulled. [Formerly 128.378]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.540 - Contract of sale of property not revocation.

Unless otherwise provided by the terms of the trust instrument, a contract of sale made by a trustee to convey property that is the subject of a specific distribution is not a revocation of the specific distribution. If all or part of the property that is the subject of the contract of sale has not been delivered at the time set in the trust instrument for the specific distribution, the property passes by the specific distribution but is subject to the terms of the contract of sale. [Formerly 128.380]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.545 - Encumbrance or disposition of property after trust instrument executed.

Unless otherwise provided by the terms of the trust instrument:
(1) A disposition of a portion of property that is subject to a specific distribution does not affect the operation of the trust upon the remaining portion of the property; and
(2) If property subject to a specific distribution is encumbered, the property passes under the specific distribution but is subject to the encumbrance. [Formerly 128.382]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.550 - When trust assets pass to descendants of beneficiary; class gifts.

Unless otherwise provided by the terms of the trust instrument, when property is to be distributed under the trust to any beneficiary who is related by blood or adoption to the settlor, and the beneficiary dies leaving lineal descendants either before the settlor dies or before the time set in the trust instrument for distribution, the descendants take by right of representation the property the beneficiary would have taken if the beneficiary had not died. Unless otherwise provided by the terms of the trust instrument, this section applies to a beneficiary who is entitled to receive property under a class gift if the beneficiary dies after the trust instrument is executed. [Formerly 128.385]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.565 - Effect of failure of specific distribution.

If a specific distribution, other than a specific distribution that governs the residue of the trust estate, fails for any reason, the property that is the subject of the specific distribution becomes part of the residue and must be distributed as provided by the terms of the trust instrument for the residue. [Formerly 128.392]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.570 - Advancement against share of trust.

Property that the settlor gives during the settlor’s lifetime to a beneficiary of the trust is an advancement against the beneficiary’s share of the trust only if either the settlor makes a written statement that the property constitutes an advancement or the beneficiary makes a written statement acknowledging that the property constitutes an advancement. For purposes of applying the property against the beneficiary’s share of the trust, the property must be valued as of the time the beneficiary takes possession or enjoyment of the property, or as of the time of death of the settlor, whichever occurs first. [Formerly 128.395]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.575 - Effect of advancement on distribution.

(1) If the value of an advancement made to a beneficiary under ORS 130.570 exceeds the beneficiary’s share in the trust estate, the beneficiary shall be excluded from any further share of the trust estate, but the beneficiary is not required to refund any part of the advancement. If the value of the beneficiary’s share in the trust estate is greater than the value of all property received as advancements, the beneficiary is entitled to receive from the trust estate the balance of the share owing to the beneficiary after deducting all amounts received as advancements.
(2) For the purpose of determining the shares of the beneficiaries of either a residuary gift or a class gift under a trust, the value of all advancements made by the settlor to beneficiaries of such gift shall be added to the value of the total property distributed pursuant to the gift, the sum then divided among all beneficiaries of the gift, and the value of the advancement then deducted from the share of the beneficiary to whom the advancement was made. [Formerly 128.397]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.600 - UTC 701. Acceptance or rejection of trusteeship.

(1) Except as otherwise provided in subsection (3) or (4) of this section, a person designated as trustee accepts the trusteeship:
(a) By substantially complying with a method of acceptance provided in the terms of the trust; or
(b) If the terms of the trust do not provide a method of acceptance, or the method provided in the terms of the trust is not expressly made exclusive, by knowingly accepting delivery of the trust property, knowingly exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.
(2) A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.
(3) A person designated as trustee may act to preserve the trust property without accepting the trusteeship. The person must send a rejection of the trusteeship to the settlor within a reasonable time after taking the action. If the settlor is dead or is financially incapable, the person must send the rejection to a qualified beneficiary within a reasonable time after taking the action.
(4) A person designated as trustee may inspect or investigate trust property to determine potential liability under environmental or other law, or for any other purpose, without accepting the trusteeship. [2005 c.348 §50]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.605 - UTC 702. Trustee’s bond.

(1) A trustee shall acquire a bond to secure performance of the trustee’s duties only if a bond is required by the terms of the trust or if a court finds that a bond is needed to protect the interests of the beneficiaries. A court may waive a bond required by the terms of a trust if the court finds that a bond is not needed to protect the interests of the beneficiaries.
(2) The court may specify the amount and terms of a bond. The court may modify or terminate any requirement for a bond at any time.
(3) A trust company as defined in ORS 706.008 need not give a bond, even if required by the terms of the trust. [2005 c.348 §51]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.610 - UTC 703. Cotrustees.

(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision.
(2) If a vacancy occurs in a cotrusteeship, the remaining cotrustee or cotrustees may act for the trust.
(3) A cotrustee must participate in the performance of a trustee’s function unless:
(a) The cotrustee is unavailable to perform the function because of absence, illness or disqualification under other law;
(b) The cotrustee is unavailable to perform the function because the cotrustee is temporarily financially incapable; or
(c) The cotrustee has delegated the performance of the function to another trustee pursuant to subsection (5) of this section.
(4) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law or temporary financial incapability, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(5) Except as prohibited in the terms of the trust, a cotrustee may delegate the performance of a function to another cotrustee, and the other cotrustee may accept the delegation of the performance of the function. The delegation and the acceptance must be in writing. A delegation shall remain in effect until it terminates by its terms, is revoked in writing by the cotrustee making the delegation or is terminated in writing by the cotrustee accepting the delegation.
(6) Except as otherwise provided in subsection (7) of this section, a cotrustee who does not join in an action of another cotrustee is not liable for the action.
(7) Each cotrustee shall exercise reasonable care to:
(a) Prevent a cotrustee from committing a serious breach of trust; and
(b) Compel a cotrustee to redress a serious breach of trust.
(8) A dissenting cotrustee who joins in an action at the direction of the majority of the cotrustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. [2005 c.348 §52; 2013 c.529 §12]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.615 - UTC 704. Vacancy in trusteeship; appointment of successor.

(1) A vacancy in a trusteeship occurs if:
(a) A person designated as trustee rejects the trusteeship;
(b) A person designated as trustee cannot be identified, cannot be located or does not exist;
(c) A trustee resigns;
(d) A trustee is disqualified or removed;
(e) A trustee dies; or
(f) A guardian or conservator is appointed for an individual serving as trustee.
(2) If one or more cotrustees remain in office, a vacancy in a trusteeship need not be filled. A vacancy in a trusteeship must be filled if the trust has no remaining trustee.
(3) A vacancy in a trusteeship of a noncharitable trust that is required to be filled must be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person appointed by unanimous agreement of the qualified beneficiaries; or
(c) By a person appointed by the court.
(4) A vacancy in a trusteeship of a charitable trust that is required to be filled must be filled in the following order of priority:
(a) By a person designated in the terms of the trust to act as successor trustee;
(b) By a person appointed by unanimous agreement of all qualified beneficiaries and the Attorney General; or
(c) By a person appointed by the court.
(5) Whether or not a vacancy in a trusteeship exists or is required to be filled, the court may appoint an additional trustee or special fiduciary whenever the court considers the appointment necessary for the administration of the trust. [2005 c.348 §53; 2013 c.529 §13]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.620 - UTC 705. Resignation of trustee.

(1) A trustee may resign:
(a) After at least 30 days’ notice to the qualified beneficiaries, the settlor, if living, and all cotrustees; or
(b) At any time with the approval of a court.
(2) If a court approves a resignation, the court may issue orders and impose conditions reasonably necessary for the protection of the trust property.
(3) Any liability of a resigning trustee or of any sureties on the trustee’s bond for acts or omissions of the trustee is not discharged or affected by the trustee’s resignation. [2005 c.348 §54]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.625 - UTC 706. Removal of trustee.

(1) The settlor, a cotrustee or a beneficiary may request that a court remove a trustee, or a trustee may be removed by a court on its own motion.
(2) A court may remove a trustee if the court finds:
(a) The trustee has committed a serious breach of trust;
(b) Lack of cooperation among cotrustees substantially impairs the administration of the trust;
(c) Removal of the trustee best serves the interests of the beneficiaries because the trustee is unfit or unwilling, or has persistently failed to administer the trust effectively; or
(d) Removal of the trustee best serves the interests of all of the beneficiaries and:
(A) There has been a substantial change of circumstances or removal has been requested by all of the qualified beneficiaries;
(B) A suitable cotrustee or successor trustee is available; and
(C) The trustee fails to establish by clear and convincing evidence that removal is inconsistent with a material purpose of the trust.
(3) Pending a final decision on a request to remove a trustee, or in lieu of or in addition to removing a trustee, the court may order such appropriate relief under ORS 130.800 (2) as may be necessary to protect the trust property or the interests of the beneficiaries. [2005 c.348 §55; 2013 c.529 §14]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.630 - UTC 707. Delivery of property by former trustee; report.

(1) Unless a cotrustee remains in office or the court otherwise orders, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property until the trust property is delivered to a successor trustee or other person who is entitled to the property.
(2) A trustee who has resigned or been removed shall proceed expeditiously to deliver any trust property in the trustee’s possession to the cotrustee, successor trustee or other person who is entitled to the property.
(3) A successor trustee or the court may require a trustee that has resigned or been removed to send a report as provided in ORS 130.710 (3). Reasonable compensation for preparation of the report, and reasonable fees and costs incurred in the preparation and distribution of the report, shall be paid by the trust. [2005 c.348 §56; 2013 c.529 §15]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.635 - UTC 708. Compensation of trustee.

(1) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances.
(2) If the terms of a trust specify the trustee’s compensation, the trustee is entitled to be compensated as specified, but the court may allow more or less compensation if:
(a) The duties of the trustee are substantially different from those contemplated when the trust was created; or
(b) The compensation specified by the terms of the trust would be unreasonably low or high.
(3) If more than one trustee is serving and the terms of the trust do not specify the trustees’ compensation, the compensation paid to all trustees under this section shall be based on the total services provided by all trustees.
(4) If the terms of a trust do not specify the trustee’s compensation, the fees paid to third parties, including but not limited to financial advisors, who perform trustee functions must be taken into account in determining reasonable trustee compensation under this section. [2005 c.348 §57; 2013 c.529 §16]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.640 - UTC 709. Reimbursement of expenses.

(1) A trustee is entitled to be reimbursed out of the trust property, with reasonable interest if appropriate, for:
(a) Expenses that were properly incurred in the administration of the trust; and
(b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the trust.
(2) A trustee is entitled to be reimbursed out of the trust property or from property that has been distributed from the trust, with reasonable interest, for an advance of money made by the trustee for the protection of the trust. [2005 c.348 §58]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.650 - UTC 801. Duty to administer trust.

(1) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter.
(2) A trustee is not required to object to a modification, reformation or termination of the trust under ORS 130.045, 130.200, 130.205, 130.210, 130.215, 130.220 or 130.225, or a trust combination or division under ORS 130.230, solely because of the existence of the duty to administer the trust under subsection (1) of this section or the duty of loyalty under ORS 130.655 (1). [2005 c.348 §59; 2013 c.529 §17]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.660 - UTC 803. Impartiality.

If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries’ respective interests. [2005 c.348 §61]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.665 - UTC 804. Prudent administration.

A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. [2005 c.348 §62]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.670 - UTC 805. Costs of administration.

In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee. [2005 c.348 §63]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.675 - UTC 806. Trustee’s skills.

A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise in administering the trust. [2005 c.348 §64]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.680 - UTC 807. Delegation by trustee.

(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in:
(a) Selecting an agent;
(b) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and
(c) Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the terms of the delegation.
(2) In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.
(3) A trustee who complies with subsection (1) of this section is not liable to the beneficiaries or to the trust for an action of the agent.
(4) By accepting a delegation of powers or duties from the trustee of a trust that is subject to this state’s law, an agent submits to the jurisdiction of the courts of this state. [2005 c.348 §65]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.685 - UTC 808. Powers to direct.

(1) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust.
(2) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, the trustee shall act in accordance with an exercise of the power unless the exercise is manifestly contrary to the terms of the trust or the trustee knows the attempted exercise would constitute a serious breach of a fiduciary duty that the person holding the power owes to the beneficiaries of the trust.
(3) The terms of a trust may confer upon a trustee or other person a power to direct the modification or termination of the trust.
(4) A person other than a beneficiary who holds a power to direct is rebuttably presumed to be a fiduciary and is required to act in good faith with regard to the purposes of the trust and the interests of the beneficiaries. The holder of a power to direct is liable for any loss that results from breach of a fiduciary duty. [2005 c.348 §66]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.695 - UTC 810. Recordkeeping and identification of trust property.

(1) A trustee shall keep adequate records of the administration of the trust.
(2) A trustee shall keep trust property separate from the trustee’s own property.
(3) Except as otherwise provided in subsection (4) of this section, a trustee shall cause the trust property to be designated so that the interest of the trust, to the extent feasible, appears in records maintained by a party other than a trustee or beneficiary.
(4) If the trustee maintains records clearly indicating the respective interests of the different trusts, a trustee may invest as a whole the property of two or more separate trusts. [2005 c.348 §68]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.705 - UTC 812. Collecting trust property.

A trustee shall take reasonable steps to compel a former trustee or other person to deliver trust property to the trustee, and to remedy a breach of trust known to the trustee to have been committed by a former trustee. [2005 c.348 §70]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.715 - UTC 814. Discretionary powers; tax savings; inclusion of capital gains in income.

(1) A trustee shall exercise a discretionary power in good faith and in a manner that is in accordance with the terms and purposes of the trust and the interests of the beneficiaries. The duty imposed by this subsection is not affected by the grant of discretion in the terms of the trust, even though the terms of the trust provide that the trustee has absolute, sole or uncontrolled discretion or use other words purporting to convey broad discretion.
(2) Subject to subsection (4) of this section, and unless the terms of the trust expressly provide otherwise:
(a) A person other than a settlor who is a beneficiary and trustee of a trust that confers on the trustee a power to make discretionary distributions to or for the trustee’s personal benefit may exercise the power only in accordance with an ascertainable standard; and
(b) A trustee may not exercise a power to make discretionary distributions to satisfy a legal obligation of support that the trustee personally owes another person.
(3) A power the exercise of which is limited or prohibited by subsection (2) of this section may be exercised by a majority of the remaining trustees whose exercise of the power is not so limited or prohibited. If the power of all trustees is so limited or prohibited, the court may appoint a special fiduciary with authority to exercise the power.
(4) Subsection (2) of this section does not apply to:
(a) A power held by the settlor’s spouse who is the trustee of a trust for which a marital deduction, as described in section 2056(b)(5) or 2523(e) of the Internal Revenue Code, as in effect on January 1, 2006, was previously allowed;
(b) Any trust during any period that the trust may be revoked or amended by its settlor; or
(c) A trust if contributions to the trust qualify for the annual exclusion under section 2503(c) of the Internal Revenue Code, as in effect on January 1, 2006.
(5) Unless otherwise provided by the trust, a trustee may include capital gains from the sale or exchange of capital assets in distributable net income to the extent that the gains are, in a reasonable and impartial exercise of discretion by the trustee:
(a) Allocated to income pursuant to the trustee’s power to adjust between principal and income under ORS 129.215;
(b) Allocated to principal and treated consistently by the trustee on the trust’s books, records and tax returns as part of a distribution to a beneficiary; or
(c) Allocated to principal but actually distributed to a beneficiary or utilized by the trustee in determining the amount that is distributed or required to be distributed to a beneficiary. [2005 c.348 §73; 2015 c.126 §3]
Note:
See note under 130.230.
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.720 - UTC 815. General powers of trustee.

(1) A trustee, without authorization by the court, may exercise powers conferred by the terms of the trust and, except as limited by the terms of the trust:
(a) All powers over the trust property that an unmarried financially capable owner has over individually owned property;
(b) Any other powers appropriate to achieve the proper investment, management and distribution of the trust property; and
(c) Any other powers conferred by this chapter.
(2) The exercise of a power is subject to the fiduciary duties prescribed by ORS 130.650 to 130.730. [2005 c.348 §74]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.730 - UTC 817. When interest of beneficiary vests; distribution upon termination.

(1) The interests of a beneficiary under a testamentary trust vest upon the death of the testator, and the interests of a beneficiary under a revocable or irrevocable trust vest when the trust becomes irrevocable, and not later, unless the will or trust clearly indicates a contrary intent.
(2) Unless a will or trust clearly indicates a contrary intent, upon the occurrence of an event, satisfaction of a condition or exercise of a power that terminates or partially terminates a trust or creates an obligation for the trustee to pay or distribute all or any portion of a trust to a beneficiary, the beneficiary’s interest in the terminated trust, portion or distribution indefeasibly vests in the beneficiary as of the event, satisfaction or exercise, subject to ORS 114.600 to 114.725, rights of creditors and the administration and sale of trust property by the trustee. Upon the termination or partial termination of a trust or upon creation of the obligation for the trustee to pay or distribute all or any portion of a trust to a beneficiary under this subsection, the trustee shall proceed expeditiously to distribute the trust property to the persons entitled to the property. The trustee may retain a reasonable reserve for the payment of debts, fees, expenses and taxes.
(3) Incidental to a termination or partial termination of a trust, the trustee may request that a beneficiary execute a release of the trustee from liability for breach of trust. A release under this subsection is invalid to the extent:
(a) The release was induced by improper conduct of the trustee; or
(b) The trustee failed to adequately disclose to the beneficiary, at the time of the release, the material facts relating to the breach or sufficient information to enable the beneficiary to know of a potential claim or to inquire into the existence of a breach or potential claim. [2005 c.348 §76; 2013 c.529 §21; 2015 c.126 §4]
Note:
See note under 130.230.
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.733 - Notice of proposed trustee action to beneficiaries; right of beneficiary to object.

(1) Prior to a proposed action to be taken by a trustee regarding the administration of a trust, the trustee may send the beneficiaries a written notice of the proposed action informing the beneficiaries of the proposed action.
(2) The right of a beneficiary receiving a notice of proposed action under subsection (1) of this section to object to a proposed action described in the notice is barred if the beneficiary does not notify the trustee in writing of an objection within 45 days after the notice was sent, or within such longer time as may be stated in the notice, but only to the extent that the notice of proposed action:
(a) Clearly informs the beneficiary of the right to object, the manner in which to object and the date by which the objection must be received by the trustee;
(b) States that the beneficiary’s right to object may be barred if the beneficiary does not object within the time and in the manner allowed for objection; and
(c) Adequately provides sufficient information regarding the proposed action to enable the beneficiary to make an informed decision.
(3) If a beneficiary receiving notice does not object as provided in this section, the beneficiary will be deemed to have consented to the proposed action and the beneficiary may not thereafter file an action or other civil proceeding based in tort, contract or otherwise if the proposed action is taken by the trustee within a reasonable time after the notice was given under this section. This subsection does not apply to the following:
(a) Allowance of the trustee’s compensation;
(b) Settlement of trust accounts or the trustee’s report;
(c) Sale of trust property to the trustee or sale of the trustee’s property to the trust;
(d) Exchange of trust property for property of the trustee;
(e) Grant of an option to the trustee to purchase trust property;
(f) Allowance, payment or settlement of a trustee’s claim against the trust;
(g) Compromise or settlement of a claim, action or proceeding by the trust against the trustee; or
(h) Extension, renewal or modification of the terms of a debt or other obligation of the trustee owing to or in favor of the trust.
(4) The receipt of an objection by the trustee does not prohibit the trustee from taking the proposed action or sending subsequent notices of proposed actions to the beneficiaries regarding the same or similar proposed actions. [2013 c.529 §25]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.750 - Trustee’s duty to comply with prudent investor rule.

(1) Except as otherwise provided in subsection (2) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in ORS 130.755.
(2) The prudent investor rule is a default rule that may be expanded, restricted, eliminated or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust. [2005 c.348 §77]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.755 - Prudent investor rule.

(1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution.
(2) A trustee’s investment and management decisions respecting individual assets are not evaluated in isolation, but in the context of the trust portfolio as a whole and as a part of the overall investment strategy having risk and return objectives reasonably suited to the trust.
(3) A trustee shall consider all relevant circumstances in investing and managing trust assets, including any of the following that are relevant to the trust or the beneficiaries of the trust:
(a) General economic conditions;
(b) The possible effect of inflation or deflation;
(c) The expected tax consequences of investment decisions or strategies;
(d) The role that each investment or course of action plays within an overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;
(e) The expected total return from income and the appreciation of capital;
(f) Other resources of the beneficiaries;
(g) Needs for liquidity, regularity of income and preservation or appreciation of capital;
(h) An asset’s special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries;
(i) The intent, desire and personal values of the settlor, including the settlor’s desire to engage in sustainable or socially responsible investment strategies that align with the settlor’s social, environmental, governance or other values or beliefs to the extent known by the trustee; and
(j) The needs of the beneficiaries, including but not limited to the beneficiaries’ personal values and desire that the trustee engage in sustainable or socially responsible investing strategies that align with the beneficiaries’ social, environmental, governance or other values or beliefs, as well as the financial needs of the beneficiaries.
(4) A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.
(5) A trustee may invest in any kind of property or type of investment consistent with the standards of ORS 130.750 to 130.775.
(6) A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise in investing and managing trust assets. [2005 c.348 §78; 2019 c.546 §2]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.760 - Diversification of trust investments.

A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. [2005 c.348 §79]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.765 - Trustee duty.

Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the requirements of ORS 130.750 to 130.775 and with the purposes, terms, distribution requirements and other circumstances of the trust. [2005 c.348 §80]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.770 - Determination of compliance with prudent investor rule.

Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. [2005 c.348 §81]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.775 - Trust language authorizing investments permitted under prudent investor rule.

Unless otherwise limited or modified, the following terms or comparable language in the provisions of a trust authorize any investment or strategy permitted under ORS 130.750 to 130.775: "investments permissible by law for investment of trust funds," "legal investments," "authorized investments," "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital," "prudent man rule," "prudent trustee rule" and "prudent investor rule." [2005 c.348 §82]
2023 Oregon Revised Statutes › Volume : 03 - Landlord-Tenant, Domestic Relations, Probate › Chapter 130 - Uniform Trust Code › Section 130.800 - UTC 1001. Remedies for breach of trust.

(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. A breach of trust may occur by reason of an action or by reason of a failure to act.
(2) To remedy a breach of trust that has occurred or to prevent a breach of trust, the court may:
(a) Compel the trustee to perform the trustee’s duties;
(b) Enjoin the trustee from committing a breach of trust;
(c) Compel the trustee to pay money or restore property;
(d) Order a trustee to account;
(e) Appoint a special fiduciary to take possession of the trust property and administer the trust;
(f) Suspend the trustee;
(g) Remove the trustee as provided in ORS 130.625;
(h) Reduce or deny compensation to the trustee;
(i) Subject to ORS 130.855, void an act of the trustee, impose a lien or a constructive trust on trust property, or trace trust property wrongfully disposed of and recover the property or its proceeds; or
(j) Order any other appropriate relief. [2005 c.348 §83]