ORS 130.855
UTC 1012. Protection of person dealing with trustee

(1)

A person other than a beneficiary who in good faith assists a trustee, or who in good faith and for value deals with a trustee, is not liable for acts of the trustee that exceed the trustee’s powers or for the improper exercise of the trustee’s powers, unless the person knows that the trustee has exceeded the trustee’s powers or improperly exercised those powers.

(2)

A person other than a beneficiary who deals with a trustee in good faith is not required to inquire about the extent of the trustee’s powers or about the propriety of the trustee’s exercise of those powers.

(3)

A person who in good faith delivers assets to a trustee need not ensure that the assets are properly applied.

(4)

Any person other than a beneficiary who in good faith assists a former trustee, or who in good faith and for value deals with a former trustee, without knowledge that the trusteeship has terminated, is not liable solely because the former trustee is no longer a trustee.

(5)

Comparable protective provisions of other laws relating to commercial transactions or transfer of securities by fiduciaries prevail over the protection provided by this section. [2005 c.348 §94]

Source: Section 130.855 — UTC 1012. Protection of person dealing with trustee, https://www.­oregonlegislature.­gov/bills_laws/ors/ors130.­html.

Law Review Citations

42 WLR 187 (2006)

130.001
UTC 101. Short title 130.005
UTC 102. Scope 130.010
UTC 103. Definitions 130.015
UTC 104. Knowledge 130.020
UTC 105. Default and mandatory rules 130.022
UTC 108. Principal place of administration 130.025
UTC 106. Common law of trusts 130.030
UTC 107. Governing law 130.035
UTC 109. Methods of giving notice 130.040
UTC 110. Other persons treated as qualified beneficiaries 130.045
UTC 111. Nonjudicial settlement agreements 130.050
UTC 201. Role of court in administration of trust 130.055
UTC 202. Jurisdiction over trustee and beneficiary 130.060
UTC 203. Subject-matter jurisdiction 130.065
UTC 204. Venue 130.100
UTC 301. Representation 130.105
UTC 302. Representation by holder of testamentary power of appointment 130.110
UTC 303. Representation by fiduciaries and parents 130.115
UTC 304. Representation by person having substantially identical interest 130.120
UTC 305. Appointment of special representative 130.150
UTC 401. Methods of creating trust 130.155
UTC 402. Requirements for creation 130.160
UTC 403. Trusts created in other states, countries or jurisdictions 130.165
UTC 404. Trust purposes 130.170
UTC 405. Charitable trusts 130.175
UTC 406. Creation of trust induced by fraud, duress or undue influence 130.180
UTC 407. Evidence of oral trust 130.185
UTC 408. Pet trust 130.190
UTC 409. Noncharitable trust without ascertainable beneficiary 130.193
Stewardship trust 130.195
UTC 410. Modification or termination of trust 130.200
UTC 411. Modification or termination of irrevocable trust by consent 130.205
UTC 412. Modifications or termination because of unanticipated circumstances or inability to administer trust effectively 130.210
UTC 413. Cy pres 130.215
UTC 414. Modification or termination of uneconomic trust 130.220
UTC 415. Reformation to correct mistakes 130.225
UTC 416. Modification to achieve settlor’s tax objectives 130.230
UTC 417 130.232
Division of trust into separate shares or portions 130.235
In terrorem clause 130.237
Abatement due to insufficiency of trust property 130.240
Marital deduction gifts 130.300
UTC 501. Rights of beneficiary’s creditor or assignee 130.305
UTC 502. Spendthrift provision 130.310
UTC 503. Exceptions to spendthrift provisions 130.315
UTC 505. Creditor’s claim against settlor 130.320
UTC 506. Overdue distribution 130.325
UTC 507. Personal obligations of trustee 130.350
Statute of limitations 130.355
Commencement of proceeding 130.360
Limitation on presentation of claims when notice to claimants given 130.365
Publication of notice 130.370
Notice to individual claimants 130.375
Form of claim 130.380
Claim based on debt due or judgment 130.385
Claim on debts not yet due 130.390
Claim on secured debt that is due 130.395
Claim on contingent or unliquidated debt 130.400
Allowance and disallowance of claims 130.405
Creditor may obtain order for payment 130.410
Evidence required to allow court approval of claim disallowed by trustee 130.415
Waiver of statute of limitations 130.420
Tolling of statute of limitations on claim 130.425
Priority of claims 130.430
Applicability of time limitations to public bodies 130.435
Applicability of time limitations to certain claims based on liens against property and liability of settlor or trustee 130.440
Petition to close case 130.445
Dismissal for want of prosecution 130.450
Consolidation of proceedings 130.500
UTC 601. Revocable trusts generally 130.505
UTC 602. Revocation or amendment of revocable trust 130.510
UTC 603. Settlor’s powers 130.515
UTC 604. Limitation on action contesting validity of revocable trust 130.518
Creditor protections retained upon conveyance of property held as tenants by the entirety to revocable trust 130.520
“Specific distribution” defined for ORS 130.520 to 130.575 130.525
Applicability of ORS 130.530, 130.535 and 130.540 to 130.575 130.530
Effect of marriage 130.535
Revocation by divorce or annulment 130.540
Contract of sale of property not revocation 130.545
Encumbrance or disposition of property after trust instrument executed 130.550
When trust assets pass to descendants of beneficiary 130.555
Children of settlors 130.560
Failure of specific distribution 130.565
Effect of failure of specific distribution 130.570
Advancement against share of trust 130.575
Effect of advancement on distribution 130.600
UTC 701. Acceptance or rejection of trusteeship 130.605
UTC 702. Trustee’s bond 130.610
UTC 703. Cotrustees 130.615
UTC 704. Vacancy in trusteeship 130.620
UTC 705. Resignation of trustee 130.625
UTC 706. Removal of trustee 130.630
UTC 707. Delivery of property by former trustee 130.635
UTC 708. Compensation of trustee 130.640
UTC 709. Reimbursement of expenses 130.650
UTC 801. Duty to administer trust 130.655
UTC 802. Duty of loyalty 130.660
UTC 803. Impartiality 130.665
UTC 804. Prudent administration 130.670
UTC 805. Costs of administration 130.675
UTC 806. Trustee’s skills 130.680
UTC 807. Delegation by trustee 130.685
UTC 808. Powers to direct 130.690
UTC 809. Control and protection of trust property 130.695
UTC 810. Recordkeeping and identification of trust property 130.700
UTC 811. Enforcement and defense of claims 130.705
UTC 812. Collecting trust property 130.710
UTC 813. Duty to inform and report 130.715
UTC 814. Discretionary powers 130.720
UTC 815. General powers of trustee 130.725
UTC 816. Specific powers of trustee 130.730
UTC 817. When interest of beneficiary vests 130.733
Notice of proposed trustee action to beneficiaries 130.735
Appointment of adviser 130.750
Trustee’s duty to comply with prudent investor rule 130.755
Prudent investor rule 130.760
Diversification of trust investments 130.765
Trustee duty 130.770
Determination of compliance with prudent investor rule 130.775
Trust language authorizing investments permitted under prudent investor rule 130.800
UTC 1001. Remedies for breach of trust 130.805
UTC 1002. Damages for breach of trust 130.810
UTC 1003. Damages in absence of breach 130.815
UTC 1004. Attorney fees and costs 130.820
UTC 1005. Limitation of action against trustee 130.825
UTC 1006. Reliance on trust instrument 130.830
UTC 1007. Event affecting administration or distribution 130.835
UTC 1008. Exculpation of trustee 130.840
UTC 1009. Beneficiary’s consent, release or ratification 130.845
UTC 1010. Limitation on personal liability of trustee 130.850
UTC 1011. Interest as general partner 130.855
UTC 1012. Protection of person dealing with trustee 130.860
UTC 1013. Certification of trust 130.900
Uniformity of application and construction 130.905
UTC 1102. Electronic records and signatures 130.910
UTC 1106. Application
Green check means up to date. Up to date

Current through early 2024

§ 130.855’s source at oregon​.gov