Oregon Statutes 130.195 – UTC 410. Modification or termination of trust; proceedings for approval or disapproval
(1) In addition to the methods of termination prescribed by ORS § 130.045, 130.200, 130.205, 130.210 and 130.215, a trust terminates:
Terms Used In Oregon Statutes 130.195
- 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
- Trustee: A person or institution holding and administering property in trust.
(a) To the extent the trust is revoked or expires pursuant to the terms of the trust;
(b) If no purpose of the trust remains to be achieved; or
(c) To the extent one or more of the purposes of the trust have become unlawful, contrary to public policy or impossible to achieve.
(2) A proceeding to approve or disapprove a proposed modification or termination under ORS § 130.045, 130.200, 130.205, 130.210, 130.215, 130.220 and 130.225, or trust combination or division under ORS § 130.230, may be commenced by a trustee or beneficiary. A proceeding to approve or disapprove a proposed modification or termination under ORS § 130.200 may be commenced by the settlor. The settlor of a charitable trust may maintain a proceeding to modify the trust under ORS § 130.210. [2005 c.348 § 30; 2009 c.275 § 10; 2013 c.529 § 4]