Chapter 129 — Chapter 129

ORS 129.005 [1975 c.717 §12 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.010 [Repealed by 1975 c.717 §1]

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ORS 129.015 [1975 c.717 §11 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.020 [Repealed by 1975 c.717 §1]

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ORS 129.025 [1975 c.717 §2 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §47; repealed by 2003 c.279 §36]

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ORS 129.030 [Repealed by 1975 c.717 §1]

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ORS 129.035 [1975 c.717 §4 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §48; repealed by 2003 c.279 §36]

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ORS 129.040 [Repealed by 1975 c.717 §1]

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ORS 129.045 [1975 c.717 §3 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2001 c.104 §41; 2003 c.14 §49; repealed by 2003 c.279 §36]

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ORS 129.050 [Amended by 1963 c.437 §1; 1973 c.272 §1; repealed by 1975 c.717 §1]

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ORS 129.055 [1975 c.717 §5 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.060 [Repealed by 1975 c.717 §1]

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ORS 129.065 [1975 c.717 §6 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.070 [Repealed by 1975 c.717 §1]

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ORS 129.075 [1975 c.717 §7 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 1991 c.620 §1; repealed by 2003 c.279 §36]

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ORS 129.080 [Repealed by 1975 c.717 §1]

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ORS 129.085 [1975 c.717 §8 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.090 [Amended by 1975 c.717 §16; repealed by 2003 c.279 §36]

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ORS 129.100 [Amended by 1975 c.717 §17; repealed by 2003 c.279 §36]

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ORS 129.105 [1975 c.717 §9 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.110 [Repealed by 1975 c.717 §1]

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ORS 129.115 [1975 c.717 §10 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §50; repealed by 2003 c.279 §36]

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ORS 129.120 [Repealed by 1975 c.717 §1]

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ORS 129.125 [1975 c.717 §13 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]

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ORS 129.130 [Repealed by 1975 c.717 §1]

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ORS 129.140 [Repealed by 1975 c.717 §1]

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ORS 129.200 UPIA 101. Short title. This chapter may be cited as the Uniform Principal and Income Act. [2003 c.279 §1]

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ORS 129.205 UPIA 102. Definitions. In this chapter

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ORS 129.210 UPIA 103. Fiduciary duties; general principles. (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of ORS 129.250 to 129.280, a fiduciary

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ORS 129.215 UPIA 104. Trustee’s power to adjust. (1) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the trust’s income and the trustee determines, after applying the rules in ORS 129.210 (1), that the trustee is unable to comply with ORS 129.210 (2)

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ORS 129.220 UPIA 105. Judicial control of discretionary power. (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary’s discretion. A fiduciary’s decision is not an abuse of discretion merely because the court would have exercised the power in a different manner or would not have exercised the power

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ORS 129.225 Conversion to unitrust. (1) As used in this section, “beneficiary” means a person who has an interest in the trust to be converted and who has the legal capacity to take all actions authorized under this section

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ORS 129.250 UPIA 201. Determination and distribution of net income. After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply

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ORS 129.255 UPIA 202. Distribution to residuary and remainder beneficiaries. (1) Each beneficiary described in ORS 129.250 (4) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date

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ORS 129.270 UPIA 301. When right to income begins and ends. (1) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest

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ORS 129.275 UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins. (1) A trustee shall allocate an income receipt or disbursement other than one to which ORS 129.250 (1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest

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ORS 129.280 UPIA 303. Apportionment when income interest ends. (1) In this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust

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ORS 129.300 UPIA 401. Character of receipts. (1) In this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other organization in which a trustee has an interest other than a trust or estate to which ORS 129.305 applies, a business or activity to which ORS 129.308 applies or an asset-backed security to which ORS 129.385 applies

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ORS 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]

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ORS 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

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ORS 129.310 UPIA 404. Principal receipts. A trustee shall allocate to principal

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ORS 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]

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ORS 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

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ORS 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

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ORS 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

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ORS 129.355 UPIA 409. Deferred compensation, annuities and similar payments. (1) In this section, the following terms have the following meanings

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ORS 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

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ORS 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

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ORS 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

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ORS 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

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