Section 130.820 – UTC 1005. Limitation of action against trustee.
(1) Notwithstanding ORS chapter 12 or any other provision of law, but subject to subsection (2) of this section, a civil action against a trustee based on any act or omission of the trustee, whether based in tort, contract or other theory of recovery, must be commenced within six years after the date the act […]
Section 130.825 – UTC 1006. Reliance on trust instrument.
A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. [2005 c.348 §88]
Section 130.830 – UTC 1007. Event affecting administration or distribution.
A trustee is not liable for failing to determine whether a marriage, a divorce, a death, the performance of educational requirements or another event affecting the administration or distribution of a trust has occurred if the trustee has exercised reasonable care in attempting to determine whether the event has occurred. [2005 c.348 §89]
Section 130.835 – UTC 1008. Exculpation of trustee.
(1) A term of a trust relieving a trustee of liability for breach of trust is unenforceable to the extent that the term: (a) Relieves the trustee of liability for breach of trust committed in bad faith or with reckless indifference to the purposes of the trust or the interests of the beneficiaries; or (b) […]
Section 130.840 – UTC 1009. Beneficiary’s consent, release or ratification.
If a beneficiary consents to conduct of a trustee that constitutes a breach of trust, releases a trustee from liability for a breach of trust or ratifies a transaction entered into by a trustee that constitutes a breach of trust, the trustee is not liable to the beneficiary for the breach of trust unless: (1) […]
Section 130.845 – UTC 1010. Limitation on personal liability of trustee.
(1) Except as otherwise provided in the contract, a trustee is not personally liable on a contract properly entered into in the trustee’s fiduciary capacity in the course of administering the trust if the trustee disclosed the trustee’s fiduciary capacity in the contract. (2) A trustee is personally liable for torts committed in the course […]
Section 130.765 – Trustee duty.
Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the requirements of ORS 130.750 to 130.775 and with the purposes, terms, distribution requirements […]
Section 130.770 – Determination of compliance with prudent investor rule.
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee’s decision or action and not by hindsight. [2005 c.348 §81]
Section 130.775 – Trust language authorizing investments permitted under prudent investor rule.
Unless otherwise limited or modified, the following terms or comparable language in the provisions of a trust authorize any investment or strategy permitted under ORS 130.750 to 130.775: “investments permissible by law for investment of trust funds,” “legal investments,” “authorized investments,” “using the judgment and care under the circumstances then prevailing that persons of prudence, […]
Section 130.725 – UTC 816. Specific powers of trustee.
Without limiting the authority conferred by ORS 130.720, a trustee may do any of the following: (1) Collect trust property and accept or reject additions to the trust property from a settlor or any other person. (2) Acquire or sell property, for cash or on credit, at public or private sale. (3) Exchange, partition or […]