Oregon Statutes 709.330 – Sale or transfer of assets or liabilities; effect on fiduciary relations
(1) When a sale or transfer of assets or liabilities becomes effective, the purchasing corporation succeeds to all the rights, obligations and relations of the selling corporation to or in respect to any person, estate, creditor, depositor, trustee or beneficiary of any trust and in respect to any fiduciary relation, and the rights, obligations and relations remain unencumbered.
Terms Used In Oregon Statutes 709.330
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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.
- Fiduciary: A trustee, executor, or administrator.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
- Summons: Another word for subpoena used by the criminal justice system.
- Trustee: A person or institution holding and administering property in trust.
(2) The sale or transfer of assets or liabilities does not effect a renunciation or revocation of any letters of administration, letters testamentary, letters of guardianship or any other fiduciary relationship.
(3) If any trust, estate, conservatorship or other fiduciary relationship of the selling corporation requires a court to approve a change of the fiduciary, within 90 days after the change becomes effective the successor fiduciary shall file notice of the change with the court that has jurisdiction and serve notice of the change upon each beneficiary. The successor fiduciary may serve the notice in the manner provided in ORCP 9 or, if the residence of a beneficiary is not known, the successor fiduciary may publish the notice in the manner provided for the publication of summons.
(4) A beneficiary or other person that is interested in the trust, estate, conservatorship or other fiduciary relationship may, within 90 days after the service of the notice described in subsection (3) of this section, apply to the appropriate court for a change of fiduciary or such other relief as may be proper. [Amended by 1973 c.797 § 206; 1979 c.284 § 195; 1997 c.631 § 219a; 2015 c.244 § 78]