Chapter 129 — Chapter 129
59 sections in this chapter.
ORS 129.380 UPIA 414. Derivatives and options. (1) In this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets
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(2) To the extent that a trustee does not account under ORS 129.308 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions. (3) If a trustee grants an option to buy property from the trus…
ORS 129.385 UPIA 415. Asset-backed securities. (1) In this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which ORS 129.300 or 129.355 applies
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(2) If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall …
ORS 129.400 UPIA 501. Disbursements from income. (1) A trustee shall make the following disbursements from income to the extent that they are not disbursements to which ORS 129.250 (2)(b) or (c) applies
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(a) Except as provided in subsection (2) of this section, one-half of the regular compensation of the trustee; (b) Except as provided in subsection (2) of this section, one-half of the regular compensation of any person providing investment advisory or custodial services to the t…
ORS 129.405 UPIA 502. Disbursements from principal. (1) A trustee shall make the following disbursements from principal
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(a) The remaining portions of the disbursements described in ORS 129.400 (1)(a) to (c); (b) All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution or termination and disbursements made to prepare property for sale; (c) Payments on the prin…
ORS 129.410 UPIA 503. Transfers from income to principal for depreciation. (1) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year
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(2) A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation: (a) Of that portion of real property used or available for use by a beneficiary as a resi…
ORS 129.415 UPIA 504. Transfers from income to reimburse principal. (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements
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(2) Principal disbursements to which subsection (1) of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party: (a) An amount chargeable to income but paid from principal because it is …
ORS 129.420 UPIA 505. Income taxes. (1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income
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(2) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority. (3) A tax required to be paid by a trustee on the trust’s share of an entity’s taxable income must be …
ORS 129.425 UPIA 506. Adjustments between principal and income because of taxes. (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from
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(a) Elections and decisions, other than those described in subsection (2) of this section, that the fiduciary makes from time to time regarding tax matters; (b) An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involvi…
ORS 129.450 UPIA 601. Uniformity of application and construction. In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. [2003 c.279 §31]
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