Oregon Statutes 130.100 – UTC 301. Representation; basic effect
(1) Notice to a person who may represent and bind another person under ORS § 130.100 to 130.120 has the same effect as if notice were given directly to the other person. Notice to a representative must comply with ORS § 130.035 (4).
Terms Used In Oregon Statutes 130.100
- 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
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
(2) The consent of a person who may represent and bind another person under ORS § 130.100 to 130.120 is binding on the person represented unless the person represented objects to the representation before the consent would otherwise have become effective.
(3) Except as otherwise provided in ORS § 130.200 and 130.505, a person who is authorized to represent a financially incapable settlor under ORS § 130.100 to 130.120 may receive notice and give binding consent on the settlor’s behalf.
(4) A settlor may not represent and bind a beneficiary under ORS § 130.100 to 130.120 with respect to the termination or modification of an irrevocable trust under ORS § 130.200 (1). [2005 c.348 § 16]