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 130.800 – UTC 1001. Remedies for breach of trust.
(1) A violation by a trustee of a duty the trustee owes to a beneficiary is a breach of trust. A breach of trust may occur by reason of an action or by reason of a failure to act. (2) To remedy a breach of trust that has occurred or to prevent a breach of […]
Section 130.805 – UTC 1002. Damages for breach of trust.
(1) A trustee who commits a breach of trust is liable to the beneficiaries affected for the greatest of: (a) The amount of damages caused by the breach; (b) The amount required to restore the value of the trust property and trust distributions to what they would have been had the breach not occurred; or […]
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 […]
Section 130.730 – UTC 817. When interest of beneficiary vests; distribution upon termination.
(1) The interests of a beneficiary under a testamentary trust vest upon the death of the testator, and the interests of a beneficiary under a revocable or irrevocable trust vest when the trust becomes irrevocable, and not later, unless the will or trust clearly indicates a contrary intent. (2) Unless a will or trust clearly […]
Section 130.733 – Notice of proposed trustee action to beneficiaries; right of beneficiary to object.
(1) Prior to a proposed action to be taken by a trustee regarding the administration of a trust, the trustee may send the beneficiaries a written notice of the proposed action informing the beneficiaries of the proposed action. (2) The right of a beneficiary receiving a notice of proposed action under subsection (1) of this […]
Section 130.735 – Appointment of adviser; liability of trustee.
(1) A trust instrument may appoint a person to act as an adviser for the purpose of directing or approving decisions made by the trustee, including decisions related to distribution of trust assets and to the purchase, sale or exchange of trust investments. The appointment must be made by a provision of the trust that […]