Chapter 128 — Chapter 128

ORS 128.001 Limitations on accepting payment for preparation of trust. (1) Except as provided in this section, a person may not accept anything of value in exchange for the preparation of a trust

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ORS 128.003 [1977 c.614 §10; repealed by 2005 c.348 §128]

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ORS 128.005 [1977 c.614 §1; 2003 c.576 §384; repealed by 2005 c.348 §128]

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ORS 128.007 [1977 c.614 §2; 1995 c.157 §18; repealed by 2005 c.348 §128]

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ORS 128.009 [1977 c.614 §3; 1981 c.915 §1; 1989 c.73 §1; 1993 c.228 §1; 1995 c.157 §19; 2003 c.84 §13; repealed by 2005 c.348 §128]

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ORS 128.010 [Renumbered 128.055]

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ORS 128.015 [1977 c.614 §4; 1993 c.228 §2; repealed by 2005 c.348 §128]

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ORS 128.020 [Amended by 1969 c.267 §1; renumbered 128.057]

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ORS 128.021 [1977 c.614 §5; 1995 c.157 §20; repealed by 2005 c.348 §128]

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ORS 128.025 [1969 c.267 §3; renumbered 128.061]

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ORS 128.026 [1977 c.614 §6; 1995 c.157 §21; repealed by 2005 c.348 §128]

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ORS 128.030 [Amended by 1977 c.614 §13; renumbered 128.065]

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ORS 128.031 [1977 c.614 §7; repealed by 2005 c.348 §128]

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ORS 128.035 [1977 c.614 §8; repealed by 2005 c.348 §128]

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ORS 128.040 [Repealed by 1977 c.614 §14]

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ORS 128.041 [1977 c.614 §9; repealed by 2005 c.348 §128]

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ORS 128.045 [1977 c.614 §11; repealed by 2005 c.348 §128]

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ORS 128.047 [1993 c.226 §3; repealed by 2005 c.348 §128]

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ORS 128.050 [Repealed by 1977 c.614 §14]

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ORS 128.051 [1977 c.614 §12; repealed by 2005 c.348 §128]

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ORS 128.055 [Formerly 128.010; repealed by 2005 c.348 §128]

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ORS 128.057 [Formerly 128.020; 1979 c.382 §1; repealed by 1995 c.157 §26]

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ORS 128.060 [Amended by 1973 c.827 §19; repealed by 1977 c.614 §14]

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ORS 128.061 [1969 c.267 §3; formerly 128.025; repealed by 1979 c.382 §2]

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ORS 128.065 [Formerly 128.030; 1995 c.157 §22; repealed by 2005 c.348 §128]

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ORS 128.070 [Repealed by 1973 c.506 §46]

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ORS 128.075 [1973 c.367 §16; renumbered 128.595]

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ORS 128.080 [Amended by 1973 c.177 §2; repealed by 1973 c.506 §46]

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ORS 128.085 Limitations on trustee’s administration of “private foundation” trust. Notwithstanding any provision to the contrary in the governing instrument or any law of this state, the trustee of a trust which is a “private foundation” as defined in section 509 of the Internal Revenue Code of 1954 (including nonexempt charitable trusts as defined in section 4947 (a) (1) of the Internal Revenue Code of 1954) shall not engage in any act of self dealing as defined in section 4941 (d) of the Internal Revenue Code of 1954; shall distribute its income and, when necessary, amounts from principal at such time and in such manner as not to subject the trust to the taxes on failure to distribute income imposed by section 4942 of the Internal Revenue Code of 1954; shall not retain any excess business holdings as defined in section 4943 (c) of the Internal Revenue Code of 1954; shall not make any investments in such manner as to subject the trust to the taxes on investments which jeopardize charitable purpose imposed by section 4944 of the Internal Revenue Code of 1954; and shall not make any taxable expenditures as defined in section 4945 (d) of the Internal Revenue Code of 1954. [1971 c.197 §1]

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ORS 128.090 Limitations on trustee’s administration of “split-interest” trust. (1) Notwithstanding any provision to the contrary in the governing instrument or any law of this state, the trustee of a trust which is a “split-interest trust” as defined in section 4947 (a) (2) of the Internal Revenue Code of 1954, shall not engage in any act of self dealing as defined in section 4941 (d) of the Internal Revenue Code of 1954; shall not retain any excess business holdings as defined in section 4943 (c) of the Internal Revenue Code of 1954, unless the trust is one exempted from the requirements of section 4943 by section 4947 (b) (3) of the Internal Revenue Code of 1954; shall not make any investment in such manner as to subject the trust to the taxes on investments which jeopardize charitable purpose imposed by section 4944 of the Internal Revenue Code of 1954, unless the trust is one exempted from the requirements of section 4944 by section 4947 (b) (3) of the Internal Revenue Code of 1954; and shall not make any taxable expenditures as defined in section 4945 (d) of the Internal Revenue Code of 1954

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ORS 128.095 Trustee may amend governing instrument of “private foundation” or “split-interest” trust with prior consent of Attorney General and benefited organizations. The trustee of a trust which is a private foundation to which ORS 128.085 applies or a split-interest trust to which ORS 128.090 applies may, with the prior consent of the Attorney General, amend the terms of the governing instrument to the extent necessary (1) to assure conformity of the governing instrument with the requirements for exemption from the taxes imposed by sections 4941 to 4945 of the Internal Revenue Code of 1954, including amendments which broaden, extend, reduce or limit the charitable purposes for which the trust is administered, or (2) to terminate the status of the trust as a private foundation in a manner described in section 507 (b) (1) of the Internal Revenue Code of 1954. Prior to giving consent, the Attorney General shall determine that the proposed amendments are necessary or appropriate to achieve the charitable purposes of the trust. If the trust is for the exclusive benefit of one or more charitable organizations, the trustee shall also obtain the prior consent of such organizations prior to amending the terms of the governing instrument in the manner set forth in this section. [1971 c.197 §3]

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ORS 128.100 Authority of fiduciary to deposit securities in clearing corporation. (1) Notwithstanding any other provision of law, any fiduciary holding securities in a fiduciary capacity, any financial institution or trust company holding securities as a custodian or managing agent, and any financial institution or trust company holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation as defined in ORS 78.1020. When the securities are deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities of the same class deposited in the clearing corporation by any person regardless of the ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of the financial institution or trust company acting as custodian, as managing agent or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are deposited. Ownership of, and other interests in, the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. A financial institution or trust company depositing securities pursuant to this section shall be subject to the rules and regulations as, in the case of state-chartered institutions, the Department of Consumer and Business Services and, in the case of national banking associations, the Comptroller of the Currency may from time to time issue. A financial institution or a trust company acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities deposited by the financial institution or trust company in the clearing corporation for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary’s account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary

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ORS 128.102 [1993 c.226 §5; 1997 c.659 §1; repealed by 2005 c.348 §128]

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ORS 128.110 [Amended by 1979 c.284 §108; repealed by 1981 c.66 §8]

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ORS 128.115 [1981 c.66 §1; repealed by 2005 c.348 §128]

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ORS 128.120 [Repealed by 1981 c.66 §8]

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ORS 128.125 [1981 c.66 §2; repealed by 2005 c.348 §128]

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ORS 128.130 [Amended by 1979 c. 284 §109; repealed by 1981 c.66 §8]

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ORS 128.135 [1981 c.66 §3; 1993 c.222 §6; 2003 c.279 §33a; repealed by 2005 c.348 §128]

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ORS 128.140 [Repealed by 1981 c.66 §8]

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ORS 128.145 [1981 c.66 §4; repealed by 2005 c.348 §128]

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ORS 128.150 [Repealed by 1981 c.66 §8]

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ORS 128.155 [1981 c.66 §5; 1991 c.331 §42; 1997 c.631 §415; repealed by 2005 c.348 §128]

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ORS 128.160 [Repealed by 1981 c.66 §8]

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ORS 128.165 [1981 c.66 §6; repealed by 2005 c.348 §128]

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ORS 128.170 [Repealed by 1981 c.66 §8]

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ORS 128.175 [1981 c.66 §7; repealed by 2005 c.348 §128]

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ORS 128.177 [1993 c.222 §2; repealed by 2005 c.348 §128]

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ORS 128.179 [1993 c.222 §3; repealed by 2005 c.348 §128]

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ORS 128.180 [Repealed by 1981 c.66 §8]

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