Chapter 128 — Chapter 128
243 sections in this chapter.
ORS 128.296 [2001 c.593 §13; renumbered 130.440 in 2005]
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[Repealed or reserved.]
ORS 128.298 [2001 c.593 §14; renumbered 130.445 in 2005]
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[Repealed or reserved.]
ORS 128.300 [2001 c.593 §15; 2005 c.348 §107; renumbered 130.450 in 2005]
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UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT
ORS 128.305 Short title. ORS 128.305 to 128.336 may be cited as the Uniform Prudent Management of Institutional Funds Act. [2007 c.554 §10]
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[Repealed or reserved.]
ORS 128.308 [2001 c.636 §1; repealed by 2005 c.348 §128]
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[Repealed or reserved.]
ORS 128.310 [1975 c.707 §11; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.315 [1975 c.707 §2; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.316 Definitions for ORS 128.305 to 128.336. As used in ORS 128.305 to 128.336
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(1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose or any other purpose the achievement of which is beneficial to the community. (2) “Endowment fund” means an institution…
ORS 128.318 Standard of conduct in managing and investing institutional fund. (1) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution and the purposes of the institutional fund
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(2) In addition to complying with the duty of loyalty imposed by law other than ORS 128.305 to 128.336, each person responsible for managing and investing an institutional fund shall manage and invest the fund in good faith and with the care an ordinarily prudent person in a like…
ORS 128.320 [1975 c.707 §3; 1995 c.79 §47; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.322 Appropriation for expenditure or accumulation of endowment fund; rules of construction. (1) Subject to subsection (4) of this section and the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors
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(a) The duration and preservation of the endowment fund; (b) The purposes of the institution and the endowment fund; (c) General economic conditions; (d) The possible effect of inflation or deflation; (e) The expected total return from income and the appreciation of investments; …
ORS 128.325 [1975 c.707 §4; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.326 Delegation of management and investment functions. (1) Subject to any specific limitation set forth in a gift instrument or in law other than ORS 128.305 to 128.336, an institution may delegate to an external agent the management and investment of an institutional fund to the extent that an institution could prudently delegate under the circumstances. An institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, in
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(a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the purposes of the institution and the institutional fund; and (c) Periodically reviewing the agent’s actions in order to monitor the agent’s performance and compliance with the scope…
ORS 128.328 Release or modification of restrictions on management, investment or purpose. (1) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution
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(2) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, the restriction impairs the management or investment…
ORS 128.330 [1975 c.707 §5; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.332 Reviewing compliance. Compliance with ORS 128.305 to 128.336 is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. [2007 c.554 §6]
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[Repealed or reserved.]
ORS 128.334 Relation to Electronic Signatures in Global and National Commerce Act. ORS 128.305 to 128.336 modify, limit and supersede the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., but do not modify, limit or supersede 15 U.S.C. 7001(a), or authorize electronic delivery of any of the notices described in 15 U.S.C. 7003(b). [2007 c.554 §8]
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[Repealed or reserved.]
ORS 128.335 [1975 c.707 §6; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.336 Uniformity of application and construction. In applying and construing ORS 128.305 to 128.336, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact the Uniform Prudent Management of Institutional Funds Act. [2007 c.554 §9]
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[Repealed or reserved.]
ORS 128.340 [1975 c.707 §7; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.345 [1975 c.707 §8; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.350 [1975 c.707 §10; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.355 [1975 c.707 §9; repealed by 2007 c.554 §11]
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[Repealed or reserved.]
ORS 128.370 [2003 c.84 §1; 2005 c.348 §108; renumbered 130.520 in 2005]
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[Repealed or reserved.]
ORS 128.375 [2003 c.84 §2; 2005 c.348 §111; renumbered 130.530 in 2005]
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[Repealed or reserved.]
ORS 128.378 [2003 c.84 §3; 2005 c.348 §112; renumbered 130.535 in 2005]
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[Repealed or reserved.]
ORS 128.380 [2003 c.84 §4; renumbered 130.540 in 2005]
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[Repealed or reserved.]
ORS 128.382 [2003 c.84 §5; renumbered 130.545 in 2005]
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[Repealed or reserved.]
ORS 128.385 [2003 c.84 §6; 2005 c.348 §113; renumbered 130.550 in 2005]
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[Repealed or reserved.]
ORS 128.388 [2003 c.84 §7; 2005 c.348 §114; renumbered 130.555 in 2005]
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[Repealed or reserved.]
ORS 128.390 [2003 c.84 §8; 2005 c.348 §115; renumbered 130.560 in 2005]
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[Repealed or reserved.]
ORS 128.392 [2003 c.84 §9; renumbered 130.565 in 2005]
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[Repealed or reserved.]
ORS 128.395 [2003 c.84 §10; 2005 c.348 §116; renumbered 130.570 in 2005]
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[Repealed or reserved.]
ORS 128.397 [2003 c.84 §11; 2005 c.348 §117; renumbered 130.575 in 2005]
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[Repealed or reserved.]
ORS 128.398 [2003 c.84 §12; 2005 c.22 §99; 2005 c.348 §118; renumbered 130.240 in 2005]
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[Repealed or reserved.]
ORS 128.400 [1987 c.813 §3; 1997 c.631 §416; 2001 c.796 §7; renumbered 97.923 in 2001]
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[Repealed or reserved.]
ORS 128.405 [1987 c.813 §1; 2001 c.796 §16; renumbered 97.925 in 2001]
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[Repealed or reserved.]
ORS 128.407 [1987 c.813 §2; 2001 c.796 §17; renumbered 97.927 in 2001]
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[Repealed or reserved.]
ORS 128.410 [1953 c.639 §1; 1955 c.524 §1; 1959 c.691 §1; 1965 c.611 §14; 1967 c.359 §681; 1979 c.661 §1; repealed by 1987 c.813 §17]
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[Repealed or reserved.]
ORS 128.412 [1959 c.691 §2; 1967 c.359 §682; 1985 c.207 §23; 1987 c.813 §11; 1991 c.331 §43; 1997 c.631 §417; 1999 c.68 §1; 2001 c.796 §8; renumbered 97.929 in 2001]
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[Repealed or reserved.]
ORS 128.414 [1993 c.467 §3; 1995 c.325 §2; 2001 c.796 §9; renumbered 97.931 in 2001]
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[Repealed or reserved.]
ORS 128.415 [1953 c.639 §2; 1955 c.524 §2; 1959 c.691 §3; 1981 c.484 §1; 1985 c.207 §24; 1987 c.214 §1; 1987 c.813 §12; 1989 c.171 §14; 2001 c.796 §10; renumbered 97.937 in 2001]
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[Repealed or reserved.]
ORS 128.420 [1981 c.719 §9a; 1983 c.810 §26; 1987 c.158 §18b; repealed by 1987 c.813 §17]
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[Repealed or reserved.]
ORS 128.421 [1987 c.813 §4; 1989 c.1048 §3; 2001 c.796 §11; renumbered 97.939 in 2001]
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[Repealed or reserved.]
ORS 128.423 [1987 c.813 §5; 1989 c.1048 §1; 1995 c.720 §1; 2001 c.796 §12; renumbered 97.941 in 2001]
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[Repealed or reserved.]
ORS 128.425 [1987 c.813 §6; 1989 c.1048 §2; 1995 c.720 §2; 2001 c.796 §13; renumbered 97.943 in 2001]
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[Repealed or reserved.]
ORS 128.430 [1987 c.813 §7; 2001 c.796 §14; renumbered 97.944 in 2001]
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[Repealed or reserved.]
ORS 128.435 [1987 c.813 §8; 1995 c.144 §8; 2001 c.796 §15; renumbered 97.945 in 2001]
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[Repealed or reserved.]
ORS 128.440 [1987 c.813 §8a; 2001 c.796 §18; renumbered 97.946 in 2001]
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[Repealed or reserved.]
ORS 128.460 [1971 c.182 §1; repealed by 2005 c.348 §128]
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[Repealed or reserved.]