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 […]
Section 130.750 – Trustee’s duty to comply with prudent investor rule.
(1) Except as otherwise provided in subsection (2) of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in ORS 130.755. (2) The prudent investor rule is a default rule that may be expanded, restricted, eliminated […]
Section 130.755 – Prudent investor rule.
(1) A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill and caution. (2) A trustee’s investment and management decisions respecting individual assets are not evaluated in isolation, […]
Section 130.675 – UTC 806. Trustee’s skills.
A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee’s representation that the trustee has special skills or expertise, shall use those special skills or expertise in administering the trust. [2005 c.348 §64]
Section 130.680 – UTC 807. Delegation by trustee.
(1) A trustee may delegate duties and powers that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill and caution in: (a) Selecting an agent; (b) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (c) […]
Section 130.685 – UTC 808. Powers to direct.
(1) While a trust is revocable, the trustee may follow a direction of the settlor that is contrary to the terms of the trust. (2) If the terms of a trust confer upon a person other than the settlor of a revocable trust power to direct certain actions of the trustee, the trustee shall act […]
Section 130.690 – UTC 809. Control and protection of trust property.
A trustee shall take reasonable steps to take control of and protect the trust property. [2005 c.348 §67]