ORS 129.280
UPIA 303. Apportionment when income interest ends

(1)

In this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.

(2)

When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary’s share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.

(3)

When a trustee’s obligation to pay a fixed annuity or a fixed fraction of the value of the trust’s assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements. [2003 c.279 §9]

Source: Section 129.280 — UPIA 303. Apportionment when income interest 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

§ 129.280’s source at oregon​.gov