Oregon Statutes 130.840 – UTC 1009. Beneficiarys consent, release or ratification
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If a beneficiary consents to conduct of a trustee that constitutes a breach of trust, releases a trustee from liability for a breach of trust or ratifies a transaction entered into by a trustee that constitutes a breach of trust, the trustee is not liable to the beneficiary for the breach of trust unless:
Terms Used In Oregon Statutes 130.840
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(1) The consent, release or ratification of the beneficiary was induced by improper conduct of the trustee; or
(2) At the time of the consent, release or ratification, the beneficiary did not know of the beneficiary’s rights or know of the material facts relating to the breach. [2005 c.348 § 91]