Oregon Statutes 105.960 – Reformation
Upon the petition of an interested person, a court shall reform a disposition in the manner that most closely approximates the transferor’s manifested plan of distribution and is within the 90 years allowed by ORS § 105.950 (1)(b), (2)(b) and (3)(b) if:
Terms Used In Oregon Statutes 105.960
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(1) A nonvested property interest or a power of appointment becomes invalid under ORS § 105.950, statutory rule against perpetuities;
(2) A class gift is not but might become invalid under ORS § 105.950, statutory rule against perpetuities, and the time has arrived when the share of any class member is to take effect in possession or enjoyment; or
(3) A nonvested property interest that is not validated by ORS § 105.950 (1)(a) can vest but not within 90 years after its creation. [1989 c.208 § 3]