ORS 129.270
UPIA 301. When right to income begins and ends

(1)

An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.

(2)

An asset becomes subject to a trust:

(a)

On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;

(b)

On the date of a testator’s death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator’s estate; or

(c)

On the date of an individual’s death in the case of an asset that is transferred to a fiduciary by a third party because of the individual’s death.

(3)

An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4) of this section, even if there is an intervening period of administration to wind up the preceding income interest.

(4)

An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income. [2003 c.279 §7]

Source: Section 129.270 — UPIA 301. When right to income begins and ends, https://www.­oregonlegislature.­gov/bills_laws/ors/ors129.­html.

129.200
UPIA 101. Short title 129.205
UPIA 102. Definitions 129.210
UPIA 103. Fiduciary duties 129.215
UPIA 104. Trustee’s power to adjust 129.220
UPIA 105. Judicial control of discretionary power 129.225
Conversion to unitrust 129.250
UPIA 201. Determination and distribution of net income 129.255
UPIA 202. Distribution to residuary and remainder beneficiaries 129.270
UPIA 301. When right to income begins and ends 129.275
UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins 129.280
UPIA 303. Apportionment when income interest ends 129.300
UPIA 401. Character of receipts 129.305
UPIA 402. Distribution from trust or estate 129.308
UPIA 403. Business and other activities conducted by trustee 129.310
UPIA 404. Principal receipts 129.315
UPIA 405. Rental property 129.320
UPIA 406. Obligation to pay money 129.325
UPIA 407. Insurance policies and similar contracts 129.350
UPIA 408. Insubstantial allocations not required 129.355
UPIA 409. Deferred compensation, annuities and similar payments 129.360
UPIA 410. Liquidating asset 129.365
UPIA 411. Minerals, water and other natural resources 129.370
UPIA 412. Timber 129.375
UPIA 413. Property not productive of income 129.380
UPIA 414. Derivatives and options 129.385
UPIA 415. Asset-backed securities 129.400
UPIA 501. Disbursements from income 129.405
UPIA 502. Disbursements from principal 129.410
UPIA 503. Transfers from income to principal for depreciation 129.415
UPIA 504. Transfers from income to reimburse principal 129.420
UPIA 505. Income taxes 129.425
UPIA 506. Adjustments between principal and income because of taxes 129.450
UPIA 601. Uniformity of application and construction
Green check means up to date. Up to date

Current through early 2024

§ 129.270’s source at oregon​.gov