Chapter 130 — Chapter 130

ORS 130.360 Limitation on presentation of claims when notice to claimants given. Not later than four months after a petition under ORS 130.355 is entered in the register of the court, the trustee of the trust shall give notice to persons with claims against the trust estate in the manner provided by ORS 130.365 and 130.370. All claims against the trust estate are barred unless those claims are submitted before the later of

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ORS 130.365 Publication of notice. After filing a petition under ORS 130.355, a trustee must cause a notice to claimants to be published once in each of three consecutive weeks in a newspaper of general circulation published in the county in which the petition is filed. The notice must include

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ORS 130.370 Notice to individual claimants. (1) Within three months after a petition is entered in the register of the court under ORS 130.355, or within such longer time as the court allows, a trustee must make reasonably diligent efforts to investigate the financial records and affairs of the settlor and to take such further actions as are reasonably necessary to ascertain the identity and address of each person who has or asserts a claim against the trust estate. The court shall allow the trustee as much time as requested by the trustee for the purpose of determining the claims against the trust estate. The trustee must thereafter cause to be delivered or mailed a notice containing the information required in subsection (2) of this section to the Department of Human Services and the Oregon Health Authority, or as otherwise provided by rule adopted by the authority, and to each person known by the trustee to have or to assert a claim against the trust estate. Notice under this section is not required for any claim that has already been presented, accepted or paid in full or on account of a claim that is merely conjectural

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ORS 130.375 Form of claim; evidence in support. (1) A claim presented under ORS 130.350 to 130.450 must

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ORS 130.380 Claim based on debt due or judgment. (1) If a claim on a debt due is presented and allowed, allowance shall be in the amount of the debt remaining unpaid on the date of allowance

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ORS 130.385 Claim on debts not yet due. A claim on a debt not due, whether or not the creditor holds security for the claim, may be presented under ORS 130.350 to 130.450 as a claim on a debt due. If the claim is allowed, allowance shall be in an amount equal to the value of the debt on the date of allowance. The creditor, after allowance of the claim, may withdraw the claim without prejudice to other remedies. Payment on the basis of the amount allowed discharges the debt and the security, if any, held by the creditor for the claim. [Formerly 128.274]

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ORS 130.390 Claim on secured debt that is due. (1) A claim on a debt due for which the creditor holds security may be presented under ORS 130.350 to 130.450 as a claim on an unsecured debt due, or the creditor may elect to rely entirely on the security without presentation of the claim

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ORS 130.395 Claim on contingent or unliquidated debt. (1) A claim on a contingent or unliquidated debt shall be presented under ORS 130.350 to 130.450 in the same manner as other claims. If the debt becomes absolute or liquidated before distribution of the trust estate, the claim shall be paid in the same manner as a claim on an absolute or liquidated debt

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ORS 130.400 Allowance and disallowance of claims. (1) The trustee may compromise a claim against the trust estate

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ORS 130.405 Creditor may obtain order for payment. A creditor whose claim has been allowed or established by summary determination or separate action, and who has not received payment within six months after the date of the first publication of notice to interested persons, may apply to the court for an order directing the trustee to pay the claim. The trustee may recover amounts owing under the claim from any beneficiary who received a distribution from the trust estate. The right of recovery is limited to the extent the beneficiary’s distribution would have been reduced by timely payment of all allowed or established claims. [Formerly 128.282]

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ORS 130.410 Evidence required to allow court approval of claim disallowed by trustee. A claim that has been disallowed by a trustee under ORS 130.350 to 130.450 may not be allowed by any court except upon some competent, satisfactory evidence other than the testimony of the claimant. [Formerly 128.284]

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ORS 130.415 Waiver of statute of limitations. A claim subject to ORS 130.350 to 130.450 that is barred by a statute of limitations may not be allowed by the trustee or by any court except upon the written direction or consent of those interested persons who would be adversely affected by allowance of the claim. [Formerly 128.286]

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ORS 130.420 Tolling of statute of limitations on claim. If a claim is not barred by the statute of limitations on the date of death of the settlor, the claim is not barred by any statute of limitations until at least one year after the date of death. [Formerly 128.288]

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ORS 130.425 Priority of claims. (1) Claims allowed against the trust estate under ORS 130.350 to 130.450 must be paid by the trustee in the following order of priority

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ORS 130.430 Applicability of time limitations to public bodies. Notwithstanding ORS 12.250, all statutes of limitations and other time limitations imposed under ORS 130.350 to 130.450 apply to actions brought in the name of the state, or brought in the name of any county or public corporation, and to actions brought for the benefit of the state or for the benefit of any county or public corporation. [Formerly 128.292]

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ORS 130.435 Applicability of time limitations to certain claims based on liens against property and liability of settlor or trustee. The statutes of limitations and time limitations provided by ORS 130.350 to 130.450 do not affect

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ORS 130.440 Petition to close case. (1) Not earlier than four months after the publication of notice to claimants, or the date on which all claims against the trust estate have been resolved, whichever is later, a trustee that has filed a petition under ORS 130.355 must file a petition to close the case with a statement that all claims received by the trustee have been paid in full or otherwise resolved in the manner required by ORS 130.350 to 130.450. The trustee must attach to the petition an affidavit attesting to compliance with ORS 130.365 and 130.370. The trustee must attach to the affidavit a copy of the notice published under ORS 130.365 and a copy of any notice delivered or mailed under ORS 130.370. The affidavit must attest to the date on which each notice was delivered or mailed, and the name and address of the person to whom each notice was delivered or mailed

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ORS 130.445 Dismissal for want of prosecution. (1) If the trustee does not file a petition to close the case under ORS 130.440 within one year after filing a petition under ORS 130.355, the court clerk shall mail a notice to the trustee, or the attorney for the trustee if the trustee is represented by counsel, informing the trustee that a judgment of dismissal will be entered in the case for want of prosecution unless an application for a continuance is made to the court and good cause is shown within 60 days after the date of the notice. Good cause for a continuance includes the pendency of a separate action under ORS 130.400 (4)

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ORS 130.450 Consolidation of proceedings. If the proceeding to determine claims against a deceased settlor is pending under ORS 130.350 to 130.450 at the same time as probate proceedings under ORS chapter 115, upon motion of any party or upon the court’s own motion, any of the courts conducting proceedings may

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ORS 130.500 UTC 601. Revocable trusts generally. (1) A person who has capacity to make a will has capacity to create, amend, revoke or add property to a revocable trust, or to direct the actions of the trustee of a revocable trust

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ORS 130.505 UTC 602. Revocation or amendment of revocable trust. (1) Unless the terms of a trust expressly provide that the trust is irrevocable, the settlor of the trust may revoke or amend the trust

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ORS 130.510 UTC 603. Settlor’s powers; powers of withdrawal. (1) While the settlor of a revocable trust is alive, rights of the beneficiaries are subject to the control of the settlor, and the duties of the trustee are owed exclusively to the settlor. Beneficiaries other than the settlor have no right to receive notice, information or reports under this chapter

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ORS 130.515 UTC 604. Limitation on action contesting validity of revocable trust; distribution of trust property. (1) A person must commence a judicial proceeding to contest the validity of a trust that was revocable at the settlor’s death in the manner prescribed by ORS 12.020 within the earlier of

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ORS 130.518 Creditor protections retained upon conveyance of property held as tenants by the entirety to revocable trust. (1) Real property of spouses married to each other that was held as tenants by the entirety and subsequently conveyed to the trustee or trustees of the joint revocable trust of the spouses or of the separate revocable trust of each spouse shall have the same immunity from the claims of a spouse’s creditors as would exist if the spouses had continued to hold the property as tenants by the entirety, if

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ORS 130.520 “Specific distribution” defined for ORS 130.520 to 130.575. For the purposes of ORS 130.520 to 130.575, “specific distribution” means a distribution of specific property to a specific beneficiary that is required under the terms of a trust instrument. [Formerly 128.370]

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ORS 130.525 Applicability of ORS 130.530, 130.535 and 130.540 to 130.575. (1) ORS 130.530 and 130.535 apply only to a trust, or portion of a trust

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ORS 130.530 Effect of marriage. Unless otherwise provided by the terms of the trust instrument, a trust is not revoked by the marriage of the settlor after the trust instrument is executed. [Formerly 128.375]

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ORS 130.535 Revocation by divorce or annulment. (1) Unless otherwise provided by the terms of the trust instrument, a settlor’s divorce or the annulment of the settlor’s marriage, after the trust instrument is executed

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ORS 130.540 Contract of sale of property not revocation. Unless otherwise provided by the terms of the trust instrument, a contract of sale made by a trustee to convey property that is the subject of a specific distribution is not a revocation of the specific distribution. If all or part of the property that is the subject of the contract of sale has not been delivered at the time set in the trust instrument for the specific distribution, the property passes by the specific distribution but is subject to the terms of the contract of sale. [Formerly 128.380]

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ORS 130.545 Encumbrance or disposition of property after trust instrument executed. Unless otherwise provided by the terms of the trust instrument

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ORS 130.550 When trust assets pass to descendants of beneficiary; class gifts. Unless otherwise provided by the terms of the trust instrument, when property is to be distributed under the trust to any beneficiary who is related by blood or adoption to the settlor, and the beneficiary dies leaving lineal descendants either before the settlor dies or before the time set in the trust instrument for distribution, the descendants take by right of representation the property the beneficiary would have taken if the beneficiary had not died. Unless otherwise provided by the terms of the trust instrument, this section applies to a beneficiary who is entitled to receive property under a class gift if the beneficiary dies after the trust instrument is executed. [Formerly 128.385]

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ORS 130.555 Children of settlors; pretermitted children. (1) As used in this section, “pretermitted child” means a child of a settlor who, after the execution of the trust instrument, is born or adopted during the lifetime of the settlor or is in gestation at the time of the settlor’s death, who is not acknowledged or mentioned, either by name or by class, in the trust instrument or in the settlor’s will, and who survives the settlor

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ORS 130.560 Failure of specific distribution. (1) Subject to this section, a specific distribution does not fail by reason of the destruction, damage, sale, condemnation or change in form of the property that is the subject of the specific distribution unless

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ORS 130.565 Effect of failure of specific distribution. If a specific distribution, other than a specific distribution that governs the residue of the trust estate, fails for any reason, the property that is the subject of the specific distribution becomes part of the residue and must be distributed as provided by the terms of the trust instrument for the residue. [Formerly 128.392]

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ORS 130.570 Advancement against share of trust. Property that the settlor gives during the settlor’s lifetime to a beneficiary of the trust is an advancement against the beneficiary’s share of the trust only if either the settlor makes a written statement that the property constitutes an advancement or the beneficiary makes a written statement acknowledging that the property constitutes an advancement. For purposes of applying the property against the beneficiary’s share of the trust, the property must be valued as of the time the beneficiary takes possession or enjoyment of the property, or as of the time of death of the settlor, whichever occurs first. [Formerly 128.395]

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ORS 130.575 Effect of advancement on distribution. (1) If the value of an advancement made to a beneficiary under ORS 130.570 exceeds the beneficiary’s share in the trust estate, the beneficiary shall be excluded from any further share of the trust estate, but the beneficiary is not required to refund any part of the advancement. If the value of the beneficiary’s share in the trust estate is greater than the value of all property received as advancements, the beneficiary is entitled to receive from the trust estate the balance of the share owing to the beneficiary after deducting all amounts received as advancements

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ORS 130.600 UTC 701. Acceptance or rejection of trusteeship. (1) Except as otherwise provided in subsection (3) or (4) of this section, a person designated as trustee accepts the trusteeship

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ORS 130.605 UTC 702. Trustee’s bond. (1) A trustee shall acquire a bond to secure performance of the trustee’s duties only if a bond is required by the terms of the trust or if a court finds that a bond is needed to protect the interests of the beneficiaries. A court may waive a bond required by the terms of a trust if the court finds that a bond is not needed to protect the interests of the beneficiaries

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ORS 130.610 UTC 703. Cotrustees. (1) Cotrustees who are unable to reach a unanimous decision may act by majority decision

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ORS 130.615 UTC 704. Vacancy in trusteeship; appointment of successor. (1) A vacancy in a trusteeship occurs if

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ORS 130.620 UTC 705. Resignation of trustee. (1) A trustee may resign

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ORS 130.625 UTC 706. Removal of trustee. (1) The settlor, a cotrustee or a beneficiary may request that a court remove a trustee, or a trustee may be removed by a court on its own motion

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ORS 130.630 UTC 707. Delivery of property by former trustee; report. (1) Unless a cotrustee remains in office or the court otherwise orders, a trustee who has resigned or been removed has the duties of a trustee and the powers necessary to protect the trust property until the trust property is delivered to a successor trustee or other person who is entitled to the property

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ORS 130.635 UTC 708. Compensation of trustee. (1) If the terms of a trust do not specify the trustee’s compensation, a trustee is entitled to compensation that is reasonable under the circumstances

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ORS 130.640 UTC 709. Reimbursement of expenses. (1) A trustee is entitled to be reimbursed out of the trust property, with reasonable interest if appropriate, for

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ORS 130.650 UTC 801. Duty to administer trust. (1) Upon acceptance of a trusteeship, the trustee shall administer the trust in good faith, in accordance with its terms and purposes and the interests of the beneficiaries, and in accordance with this chapter

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ORS 130.655 UTC 802. Duty of loyalty. (1) A trustee shall administer the trust solely in the interests of the beneficiaries

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ORS 130.660 UTC 803. Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing, managing and distributing the trust property, giving due regard to the beneficiaries’ respective interests. [2005 c.348 §61]

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ORS 130.665 UTC 804. Prudent administration. A trustee shall administer the trust as a prudent person would, by considering the purposes, terms, distributional requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. [2005 c.348 §62]

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ORS 130.670 UTC 805. Costs of administration. In administering a trust, the trustee may incur only costs that are reasonable in relation to the trust property, the purposes of the trust and the skills of the trustee. [2005 c.348 §63]

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