ORS Chapter 130

Chapter 130 — UniformTrust Code

2009 EDITION

UNIFORMTRUST CODE

PROTECTIVEPROCEEDINGS; POWERS OF ATTORNEY; TRUSTS

GENERALPROVISIONS AND DEFINITIONS

130.001 UTC101. Short title

130.005 UTC102. Scope

130.010 UTC103. Definitions

130.015 UTC104. Knowledge

130.020 UTC105. Default and mandatory rules

130.022 UTC108. Principal place of administration

130.025 UTC106. Common law of trusts; principles of equity

130.030 UTC107. Governing law

130.035 UTC109. Methods of giving notice; waiver of notice

130.040 UTC110. Other persons treated as qualified beneficiaries

130.045 UTC111. Nonjudicial settlement agreements

JUDICIALPROCEEDINGS

130.050 UTC201. Role of court in administration of trust

130.055 UTC202. Jurisdiction over trustee and beneficiary

130.060 UTC203. Subject-matter jurisdiction

130.065 UTC204. Venue

REPRESENTATION

130.100 UTC301. Representation; basic effect

130.105 UTC302. Representation by holder of testamentary power of appointment

130.110 UTC303. Representation by fiduciaries and parents

130.115 UTC304. Representation by person having substantially identical interest

130.120 UTC305. Appointment of special representative

CREATION,VALIDITY, MODIFICATION AND TERMINATION OF TRUST

130.150 UTC401. Methods of creating trust

130.155 UTC402. Requirements for creation

130.160 UTC403. Trusts created in other states, countries or jurisdictions

130.165 UTC404. Trust purposes

130.170 UTC405. Charitable purposes; enforcement

130.175 UTC406. Creation of trust induced by fraud, duress or undue influence

130.180 UTC407. Evidence of oral trust

130.185 UTC408. Pet trust

130.190 UTC409. Noncharitable trust without ascertainable beneficiary

130.195 UTC410. Modification or termination of trust; proceedings for approval ordisapproval

130.200 UTC411. Modification or termination of irrevocable trust by consent

130.205 UTC412. Modifications or termination because of unanticipated circumstances orinability to administer trust effectively

130.210 UTC413. Cy pres

130.215 UTC414. Modification or termination of uneconomic trust

130.220 UTC415. Reformation to correct mistakes

130.225 UTC416. Modification to achieve settlor’s tax objectives

130.230 UTC417. Combination and division of trusts

130.235 Interrorem clause

130.240 Maritaldeduction gifts

CREDITOR’SCLAIMS; SPENDTHRIFT AND DISCRETIONARY TRUSTS

130.300 UTC501. Rights of beneficiary’s creditor or assignee

130.305 UTC502. Spendthrift provision

130.310 UTC503. Exceptions to spendthrift provisions

130.315 UTC505. Creditor’s claim against settlor

130.320 UTC506. Overdue distribution

130.325 UTC507. Personal obligations of trustee

CLAIMSAGAINST TRUST BASED ON DEBTS OF SETTLOR

130.350 Statuteof limitations

130.355 Commencementof proceeding

130.360 Limitationon presentation of claims when notice to claimants given

130.365 Publicationof notice

130.370 Noticeto individual claimants

130.375 Formof claim; evidence in support

130.380 Claimbased on debt due or judgment

130.385 Claimon debts not yet due

130.390 Claimon secured debt that is due

130.395 Claimon contingent or unliquidated debt

130.400 Allowanceand disallowance of claims

130.405 Creditormay obtain order for payment

130.410 Evidencerequired to allow court approval of claim disallowed by trustee

130.415 Waiverof statute of limitations

130.420 Tollingof statute of limitations on claim

130.425 Priorityof claims

130.430 Applicabilityof time limitations to public bodies

130.435 Applicabilityof time limitations to certain claims based on liens against property andliability of settlor or trustee

130.440 Petitionto close case

130.445 Dismissalfor want of prosecution

130.450 Consolidationof proceedings

REVOCABLETRUSTS

130.500 UTC601. Revocable trusts generally

130.505 UTC602. Revocation or amendment of revocable trust

130.510 UTC603. Settlor’s powers; powers of withdrawal

130.515 UTC604. Limitation on action contesting validity of revocable trust; distributionof trust property

RULESGOVERNING REVOCABLE TRUSTS

130.520 Definitionfor ORS 130.520 to 130.575

130.525 Applicabilityof ORS 130.520 to 130.575

130.530 Effectof marriage

130.535 Revocationby divorce or annulment

130.540 Contractof sale of property not revocation

130.545 Encumbranceor disposition of property after trust instrument executed

130.550 Whentrust assets pass to descendants of beneficiary; class gifts

130.555 Childrenborn or adopted after execution of trust instrument

130.560 Failureof specific distribution

130.565 Effectof failure of specific distribution

130.570 Advancementagainst share of trust

130.575 Effectof advancement on distribution

OFFICEOF TRUSTEE

130.600 UTC701. Acceptance or rejection of trusteeship

130.605 UTC702. Trustee’s bond

130.610 UTC703. Cotrustees

130.615 UTC704. Vacancy in trusteeship; appointment of successor

130.620 UTC705. Resignation of trustee

130.625 UTC706. Removal of trustee

130.630 UTC707. Delivery of property by former trustee

130.635 UTC708. Compensation of trustee

130.640 UTC709. Reimbursement of expenses