Uniform Trust Code

ORS 130.600
UTC 701. Acceptance or rejection of trusteeship


(1)

Except as otherwise provided in subsection (3) or (4) of this section, a person designated as trustee accepts the trusteeship:

(a)

By substantially complying with a method of acceptance provided in the terms of the trust; or

(b)

If the terms of the trust do not provide a method of acceptance, or the method provided in the terms of the trust is not expressly made exclusive, by knowingly accepting delivery of the trust property, knowingly exercising powers or performing duties as trustee, or otherwise indicating acceptance of the trusteeship.

(2)

A person designated as trustee who has not yet accepted the trusteeship may reject the trusteeship. A designated trustee who does not accept the trusteeship within a reasonable time after knowing of the designation is deemed to have rejected the trusteeship.

(3)

A person designated as trustee may act to preserve the trust property without accepting the trusteeship. The person must send a rejection of the trusteeship to the settlor within a reasonable time after taking the action. If the settlor is dead or is financially incapable, the person must send the rejection to a qualified beneficiary within a reasonable time after taking the action.

(4)

A person designated as trustee may inspect or investigate trust property to determine potential liability under environmental or other law, or for any other purpose, without accepting the trusteeship. [2005 c.348 §50]

Law Review Citations

42 WLR 187 (2006)

Chapter 130

Law Review Citations

42 WLR 187 (2006)


Source

Last accessed
Jun. 26, 2021