Section 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: (a) Expenses that were properly incurred in the administration of the trust; and (b) To the extent necessary to prevent unjust enrichment of the trust, expenses that were not properly incurred in the administration of the […]
Section 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. (2) A trustee is not required to object to a modification, reformation or termination of the trust under ORS 130.045, 130.200, […]
Section 130.655 – UTC 802. Duty of loyalty.
(1) A trustee shall administer the trust solely in the interests of the beneficiaries. (2) Subject to the rights of persons dealing with or assisting the trustee as provided in ORS 130.855, a sale, encumbrance or other transaction involving the investment or management of trust property entered into by the trustee for the trustee’s own […]
Section 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]
Section 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]
Section 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]
Section 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 […]
Section 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: (a) By substantially complying with a method of acceptance provided in the terms of the trust; or (b) If the terms of the trust do not provide a method of acceptance, or the method […]
Section 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 […]
Section 130.610 – UTC 703. Cotrustees.
(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision. (2) If a vacancy occurs in a cotrusteeship, the remaining cotrustee or cotrustees may act for the trust. (3) A cotrustee must participate in the performance of a trustee’s function unless: (a) The cotrustee is unavailable to perform the function […]