Uniform Trust Code

ORS 130.155
UTC 402. Requirements for creation


(1)

A trust is created only if all of the following requirements are met:

(a)

The settlor has capacity to create a trust.

(b)

The settlor indicates an intention to create the trust.

(c)

The trust has a definite beneficiary or is:

(A)

A charitable trust;

(B)

A trust for the care of an animal, as provided in ORS 130.185 (UTC 408. Pet trust);

(C)

A trust for a noncharitable purpose, as provided in ORS 130.190 (UTC 409. Noncharitable trust without ascertainable beneficiary); or

(D)

A stewardship trust, as provided in ORS 130.193 (Stewardship trust).

(d)

The trustee has duties to perform.

(e)

The same person is not the sole trustee and sole beneficiary.

(2)

A beneficiary is definite for the purposes of subsection (1)(c) of this section if the beneficiary can be ascertained when the trust is created or at any time thereafter, subject to any applicable rule against perpetuities.

(3)

A power of a trustee to select a beneficiary from an indefinite class is valid. If the power is not exercised within a reasonable time, the power fails and the property subject to the power passes to the persons who would have taken the property had the power not been conferred. [2005 c.348 §22; 2019 c.162 §5]

Law Review Citations

42 WLR 187 (2006)

Chapter 130

Law Review Citations

42 WLR 187 (2006)


Source

Last accessed
Jun. 26, 2021