Oregon Statutes 105.624 – Definitions for ORS 105.623 to 105.649
As used in ORS § 105.623 to 105.649:
Terms Used In Oregon Statutes 105.624
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
- Statute: A law passed by a legislature.
- Trustee: A person or institution holding and administering property in trust.
- United States: includes territories, outlying possessions and the District of Columbia. See Oregon Statutes 174.100
(1) ‘Disclaimant’ means the person to whom a disclaimed interest or power would have passed had the disclaimer not been made.
(2) ‘Disclaimed interest’ means the interest that would have passed to the disclaimant had the disclaimer not been made.
(3) ‘Disclaimer’ means the refusal to accept an interest in property or a power over property.
(4) ‘Fiduciary’ means a personal representative, trustee, agent acting under a power of attorney or other person authorized to act as a fiduciary with respect to the property of another person.
(5) ‘Jointly held property’ means property held in the name of two or more persons under an arrangement pursuant to which:
(a) All holders have concurrent interests; and
(b) The last surviving holder is entitled to the whole of the property.
(6) ‘Person’ means an individual, corporation, business trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency, public corporation or any other legal or commercial entity.
(7) ‘State’ means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band, or Alaska Native village, recognized by federal law or formally acknowledged by another state.
(8) ‘Trust’ means:
(a) A charitable or noncharitable express trust, including any additions made to the trust, whenever and however created; and
(b) A trust created pursuant to a statute or judgment that requires the trust to be administered in the same manner as an express trust. [2001 c.245 § 2; 2003 c.576 § 369; 2009 c.294 § 15; 2021 c.97 § 12]
[1975 c.622 § 8; repealed by 2001 c.245 § 19]