OAR 441-930-0080
Master Trustee Rules of Conduct
(1)
A master trustee is a fiduciary and has a duty to act solely for the benefit of purchasers of prearrangement sales contracts.(2)
The fees to be charged shall be described in a written agreement between the master trustee and each certified provider that has appointed the master trustee.(3)
A master trustee may delegate administration, record keeping, custody, investment or management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The master trustee may not delegate, and 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;(c)
Periodically reviewing the agent’s actions to monitor and ensure the agent’s performance and compliance with the terms of the delegation; and(d)
Ensuring that all trust funds received are from a certified provider by a sales contract, including, but not limited to ensuring that all contracts are accounted for and ensuring certification of providers from whom they accept trust funds.(4)
A master trustee shall invest and manage trust assets as a prudent investor would. A master trustee that complies with ORS 130.755 (Prudent investor rule) satisfies this requirement.(5)
In investing and managing trust assets, regardless of whether those functions have been delegated, a master trustee may only incur fees and expenses that are appropriate and reasonable in relation to the assets, the purposes of the trust and the skills of the master trustee, not to exceed the maximum specified in ORS 97.943 (Distributions from prearrangement trust fund deposits).
Source:
Rule 441-930-0080 — Master Trustee Rules of Conduct, https://secure.sos.state.or.us/oard/view.action?ruleNumber=441-930-0080.