Oregon Statutes 118.280 – Power to sell for payment of tax; tax lien transferred to proceeds when property of estate sold or mortgaged
(1) Every executor, administrator or trustee has power to sell as much of the property embraced in any inheritance, devise, bequest or legacy, as will enable the executor, administrator or trustee to pay the tax imposed by ORS § 118.005 to 118.540, in the same manner as the executor, administrator or trustee is authorized to do for the payment of the debts of a decedent.
Terms Used In Oregon Statutes 118.280
- Bequest: Property gifted by will.
- Decedent: A deceased person.
- Devise: To gift property by will.
- Executor: A male person named in a will to carry out the decedent
- Gross estate: The total fair market value of all property and property interests, real and personal, tangible and intangible, of which a decedent had beneficial ownership at the time of death before subtractions for deductions, debts, administrative expenses, and casualty losses suffered during estate administration.
- Legacy: A gift of property made by will.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Trustee: A person or institution holding and administering property in trust.
(2) Any part of the gross estate sold for the payment of claims against the estate and expenses of administration, for the payment of the tax imposed by ORS § 118.005 to 118.540, or for purposes of distribution, shall be divested of the lien of such tax, and such lien shall be transferred to the proceeds of such sale. A mortgage on property executed for payment of claims against the estate and expenses of administration and for payment of the tax imposed by ORS § 118.005 to 118.540 shall constitute a lien upon said property prior and superior to the estate tax lien, which estate tax lien shall attach to the proceeds of such mortgage. [Amended by 1957 c.362 § 1; 1969 c.591 § 215; 2011 c.526 § 12]