ORS 130.005
UTC 102. Scope
(1)
Except as provided in subsection (2) of this section, this chapter applies to express trusts, whether charitable or noncharitable, and to trusts created pursuant to a statute or a judgment that requires that the trust be administered in the manner of an express trust.(2)
This chapter does not apply to:(a)
A trust that is part of an employee benefit arrangement or an individual retirement account.(b)
A trust account established under a qualified tuition savings program pursuant to ORS 178.300 (Definitions for ORS 178.300 to 178.360) to 178.360 (Consideration of amounts in accounts for higher education expenses in benefit eligibility determinations).(c)
Trust accounts maintained on behalf of clients or customers by licensed service professionals, including trust accounts maintained by attorneys pursuant to rules of professional conduct adopted under ORS 9.490 (Formulation of rules of professional conduct) and by licensed real estate property managers or principal real estate brokers pursuant to ORS 696.241 (Clients’ trust accounts).(d)
An endowment care fund established by a cemetery authority pursuant to ORS 97.810 (Endowment care and nonendowed care cemeteries).(e)
Funds maintained by a public body, as defined in ORS 174.109 (“Public body” defined), or other governmental entities.(f)
Trust funds held for a single business transaction or an escrow arrangement.(g)
Trusts created by a depository agreement with a financial institution.(h)
Trusts created by an account agreement with a regulated financial services entity.(i)
An account maintained under the Oregon Uniform Transfers to Minors Act as set forth in ORS 126.805 (Definitions for ORS 126.805 to 126.886) to 126.886 (Short title).(j)
A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding or business liquidation.(k)
A business trust as described in ORS 128.560 (“Business trust” described).(L)
A voting trust as described in ORS 60.254 (Voting trusts).(m)
Funds maintained to manage proceeds from class actions.(n)
A trust deed as defined in ORS 86.705 (Definitions for ORS 86.705 to 86.815) or any other trust created solely to secure the performance of an obligation.(o)
A trust established on behalf of a resident of a residential facility under ORS 443.880 (Responsibilities of residential facility regarding property of resident).(p)
A trust managed by a nonprofit association for persons with disabilities under 42 U.S.C. 1396p(d)(4)(C), as in effect on January 1, 2006, and under the rules of the Department of Human Services.(q)
A resulting or constructive trust.(r)
A trust fund established for a purchaser who enters into a prearrangement sales contract, as defined in ORS 97.923 (Definitions for ORS 97.923 to 97.949), or a preconstruction sales contract, as defined in ORS 97.923 (Definitions for ORS 97.923 to 97.949). [2005 c.348 §2; 2007 c.70 §32; 2011 c.158 §5; 2011 c.712 §3]
Source:
Section 130.005 — UTC 102. Scope, https://www.oregonlegislature.gov/bills_laws/ors/ors130.html.
Law Review Citations
42 WLR 187 (2006)
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