Oregon Law
Law as of Jan 1, 2024
Chapter contents
130.001UTC 101 130.005UTC 102 130.010UTC 103 130.015UTC 104 130.020UTC 105 130.022UTC 108 130.025UTC 106 130.030UTC 107 130.035UTC 109 130.040UTC 110 130.045UTC 111 130.050UTC 201 130.055UTC 202 130.060UTC 203 130.065UTC 204 130.100UTC 301 130.105UTC 302 130.110UTC 303 130.115UTC 304 130.120UTC 305 130.150UTC 401 130.155UTC 402 130.160UTC 403 130.165UTC 404 130.170UTC 405 130.175UTC 406 130.180UTC 407 130.185UTC 408 130.190UTC 409 130.193Stewardship trust 130.195UTC 410 130.200UTC 411 130.205UTC 412 130.210UTC 413 130.215UTC 414 130.220UTC 415 130.225UTC 416 130.230UTC 417 130.232Division of trust into separate shares or portions; legal effect 130.235In terrorem clause 130.237Abatement due to insufficiency of trust property 130.240Marital deduction gifts 130.300UTC 501 130.305UTC 502 130.310UTC 503 130.315UTC 505 130.320UTC 506 130.325UTC 507 130.350Statute of limitations 130.355Commencement of proceeding 130.360Limitation on presentation of claims when notice to claimants given 130.365Publication of notice 130.370Notice to individual claimants 130.375Form of claim; evidence in support 130.380Claim based on debt due or judgment 130.385Claim on debts not yet due 130.390Claim on secured debt that is due 130.395Claim on contingent or unliquidated debt 130.400Allowance and disallowance of claims 130.405Creditor may obtain order for payment 130.410Evidence required to allow court approval of claim disallowed by trustee 130.415Waiver of statute of limitations 130.420Tolling of statute of limitations on claim 130.425Priority of claims 130.430Applicability of time limitations to public bodies 130.435Applicability of time limitations to certain claims based on liens against property and liability of settlor or trustee 130.440Petition to close case 130.445Dismissal for want of prosecution

Chapter 130 — Uniform Trust Code

ORS 130.155 UTC 402

Requirements for creation. (1) A trust is created only if all of the following requirements are met:

(a)

The settlor has capacity to create a trust.

(b)

The settlor indicates an intention to create the trust.

(c)

The trust has a definite beneficiary or is:

(A)

A charitable trust;

(B)

A trust for the care of an animal, as provided in ORS 130.185;

(C)

A trust for a noncharitable purpose, as provided in ORS 130.190; or

(D)

A stewardship trust, as provided in

ORS 130.193.

(d)

The trustee has duties to perform.

(e)

The same person is not the sole trustee and sole beneficiary.

(2)

A beneficiary is definite for the purposes of subsection (1)(c) of this section if the beneficiary can be ascertained when the trust is created or at any time thereafter, subject to any applicable rule against perpetuities.

(3)

A power of a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred.

Official sources · 2Tap to view provenance and version history

Online copy of the published ORS edition

Provenance

Version history

Prior statutory text is not available in the ingested published editions. Consult an earlier official ORS edition or the cited Oregon Laws chapter.