Oregon Statutes 129.205 – UPIA 102. Definitions
In this chapter:
Terms Used In Oregon Statutes 129.205
- 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
- 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.
- Decedent: A deceased person.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- 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
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.
(1) ‘Accounting period’ means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.
(2) ‘Beneficiary’ includes, in the case of a decedent‘s estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.
(3) ‘Fiduciary’ means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.
(4) ‘Income’ means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in ORS § 129.300 to 129.385.
(5) ‘Income beneficiary’ means a person to whom net income of a trust is or may be payable.
(6) ‘Income interest’ means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee’s discretion.
(7) ‘Mandatory income interest’ means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
(8) ‘Net income’ means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.
(9) ‘Person’ means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity.
(10) ‘Principal’ means property held in trust for distribution to a remainder beneficiary when the trust terminates.
(11) ‘Remainder beneficiary’ means a person entitled to receive principal when an income interest ends.
(12) ‘Terms of a trust’ means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.
(13) ‘Trustee’ includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. [2003 c.279 § 2]