Oregon Law
Law as of Jan 1, 2026
Chapter contents
130.001UTC 101. Short title 130.005UTC 102. Scope 130.010UTC 103. Definitions 130.015UTC 104. Knowledge 130.020UTC 105. Default and mandatory rules 130.022UTC 108. Principal place of administration 130.025UTC 106. Common law of trusts; principles of equity 130.030UTC 107. Governing law 130.035UTC 109. Methods of giving notice; waiver of notice 130.040UTC 110. Other persons treated as qualified beneficiaries 130.045UTC 111. Nonjudicial settlement agreements 130.050UTC 201. Role of court in administration of trust 130.055UTC 202. Jurisdiction over trustee and beneficiary 130.060UTC 203. Subject-matter jurisdiction 130.065UTC 204. Venue 130.100UTC 301. Representation; basic effect 130.105UTC 302. Representation by holder of testamentary power of appointment 130.110UTC 303. Representation by fiduciaries and parents 130.115UTC 304. Representation by person having substantially identical interest 130.120UTC 305. Appointment of special representative 130.150UTC 401. Methods of creating trust 130.155UTC 402. Requirements for creation 130.160UTC 403. Trusts created in other states, countries or jurisdictions 130.165UTC 404. Trust purposes 130.170UTC 405. Charitable trusts; enforcement 130.175UTC 406. Creation of trust induced by fraud, duress or undue influence 130.180UTC 407. Evidence of oral trust 130.185UTC 408. Pet trust 130.190UTC 409. Noncharitable trust without ascertainable beneficiary 130.193Stewardship trust 130.195UTC 410. Modification or termination of trust; proceedings for approval or disapproval 130.200UTC 411. Modification or termination of irrevocable trust by consent 130.205UTC 412. Modifications or termination because of unanticipated circumstances or inability to administer trust effectively 130.210UTC 413. Cy pres 130.215UTC 414. Modification or termination of uneconomic trust 130.220UTC 415. Reformation to correct mistakes 130.225UTC 416. Modification to achieve settlor’s tax objectives 130.230UTC 417. Combination and division of trusts 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. Rights of beneficiary’s creditor or assignee 130.305UTC 502. Spendthrift provision 130.310UTC 503. Exceptions to spendthrift provisions 130.315UTC 505. Creditor’s claim against settlor 130.320UTC 506. Overdue distribution 130.325UTC 507. Personal obligations of trustee 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 130.450Consolidation of proceedings 130.500UTC 601. Revocable trusts generally 130.505UTC 602. Revocation or amendment of revocable trust 130.510UTC 603. Settlor’s powers; powers of withdrawal 130.515UTC 604. Limitation on action contesting validity of revocable trust; distribution of trust property 130.518Creditor protections retained upon conveyance of property held as tenants by the entirety to revocable trust 130.520“Specific distribution” defined for ORS 130.520 to 130.575 130.525Applicability of ORS 130.530, 130.535 and 130.540 to 130.575 130.530Effect of marriage 130.535Revocation by divorce or annulment 130.540Contract of sale of property not revocation 130.545Encumbrance or disposition of property after trust instrument executed 130.550When trust assets pass to descendants of beneficiary; class gifts 130.555Children of settlors; pretermitted children 130.560Failure of specific distribution 130.565Effect of failure of specific distribution 130.570Advancement against share of trust 130.575Effect of advancement on distribution 130.600UTC 701. Acceptance or rejection of trusteeship 130.605UTC 702. Trustee’s bond 130.610UTC 703. Cotrustees 130.615UTC 704. Vacancy in trusteeship; appointment of successor 130.620UTC 705. Resignation of trustee 130.625UTC 706. Removal of trustee 130.630UTC 707. Delivery of property by former trustee; report 130.635UTC 708. Compensation of trustee 130.640UTC 709. Reimbursement of expenses 130.650UTC 801. Duty to administer trust 130.655UTC 802. Duty of loyalty 130.660UTC 803. Impartiality 130.665UTC 804. Prudent administration 130.670UTC 805. Costs of administration 130.675UTC 806. Trustee’s skills 130.680UTC 807. Delegation by trustee 130.685UTC 808. Powers to direct 130.690UTC 809. Control and protection of trust property 130.695UTC 810. Recordkeeping and identification of trust property 130.700UTC 811. Enforcement and defense of claims 130.705UTC 812. Collecting trust property 130.710UTC 813. Duty to inform and report 130.715UTC 814. Discretionary powers; tax savings; inclusion of capital gains in income 130.720UTC 815. General powers of trustee 130.725UTC 816. Specific powers of trustee 130.730UTC 817. When interest of beneficiary vests; distribution upon termination 130.733Notice of proposed trustee action to beneficiaries; right of beneficiary to object 130.735Appointment of adviser; liability of trustee 130.750Trustee’s duty to comply with prudent investor rule 130.755Prudent investor rule 130.760Diversification of trust investments 130.765Trustee duty 130.770Determination of compliance with prudent investor rule 130.775Trust language authorizing investments permitted under prudent investor rule 130.800UTC 1001. Remedies for breach of trust 130.805UTC 1002. Damages for breach of trust 130.810UTC 1003. Damages in absence of breach 130.815UTC 1004. Attorney fees and costs 130.820UTC 1005. Limitation of action against trustee 130.825UTC 1006. Reliance on trust instrument 130.830UTC 1007. Event affecting administration or distribution 130.835UTC 1008. Exculpation of trustee 130.840UTC 1009. Beneficiary’s consent, release or ratification 130.845UTC 1010. Limitation on personal liability of trustee 130.850UTC 1011. Interest as general partner 130.855UTC 1012. Protection of person dealing with trustee 130.860UTC 1013. Certification of trust 130.900Uniformity of application and construction 130.905UTC 1102. Electronic records and signatures 130.910UTC 1106. Application

Chapter 130 — Uniform Trust Code

ORS 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 and other circumstances of the trust.

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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.