Oregon Statutes 130.005 – UTC 102. Scope
(1) Except as provided in subsection (2) of this section, this chapter applies to express trusts, whether charitable or noncharitable, and to trusts created pursuant to a statute or a judgment that requires that the trust be administered in the manner of an express trust.
Terms Used In Oregon Statutes 130.005
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- public body: means state government bodies, local government bodies and special government bodies. See Oregon Statutes 174.109
- Statute: A law passed by a legislature.
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
(2) This chapter does not apply to:
(a) A trust that is part of an employee benefit arrangement or an individual retirement account.
(b) A trust account established under a qualified tuition savings program pursuant to ORS § 178.300 to 178.360.
(c) Trust accounts maintained on behalf of clients or customers by licensed service professionals, including trust accounts maintained by attorneys pursuant to rules of professional conduct adopted under ORS § 9.490 and by licensed real estate property managers or principal real estate brokers pursuant to ORS § 696.241.
(d) An endowment care fund established by a cemetery authority pursuant to ORS § 97.810.
(e) Funds maintained by a public body, as defined in ORS § 174.109, or other governmental entities.
(f) Trust funds held for a single business transaction or an escrow arrangement.
(g) Trusts created by a depository agreement with a financial institution.
(h) Trusts created by an account agreement with a regulated financial services entity.
(i) An account maintained under the Oregon Uniform Transfers to Minors Act as set forth in ORS § 126.805 to 126.886.
(j) A fund maintained pursuant to court order in conjunction with a bankruptcy proceeding or business liquidation.
(k) A business trust as described in ORS § 128.560.
(L) A voting trust as described in ORS § 60.254.
(m) Funds maintained to manage proceeds from class actions.
(n) A trust deed as defined in ORS § 86.705 or any other trust created solely to secure the performance of an obligation.
(o) A trust established on behalf of a resident of a residential facility under ORS § 443.880.
(p) A trust managed by a nonprofit association for persons with disabilities under 42 U.S.C. § 1396p(d)(4)(C), as in effect on January 1, 2006, and under the rules of the Department of Human Services.
(q) A resulting or constructive trust.
(r) A trust fund established for a purchaser who enters into a prearrangement sales contract, as defined in ORS § 97.923, or a preconstruction sales contract, as defined in ORS § 97.923. [2005 c.348 § 2; 2007 c.70 § 32; 2011 c.158 § 5; 2011 c.712 § 3]