§ 130.215 — UTC 414. Modification or termination of uneconomic trust

Oregon § 130.215

• Jurisdiction: Oregon
• Vol.: 3
• Title 13: Protective Proceedings; Powers of Attorney; Trusts
• Ch. 130: Uniform Trust Code

Text

(1) After notice to the qualified beneficiaries, a trustee may terminate a trust if the trustee concludes that the value of the trust property is insufficient to justify the cost of administration. A trustee may not terminate a trust under this section if the trustee is a qualified beneficiary of the trust or has a duty of support for a qualified beneficiary of the trust.
(2) The court may modify or terminate a trust, or remove the trustee and appoint a different trustee, if the court finds that the value of the trust property is insufficient to justify the cost of administration.
(3) Upon termination of a trust under this section, the trustee shall distribute the trust property in a manner consistent with the purposes of the trust.
(4) This section does not apply to an easement for conservation or preservation.

Legislative History

2005 c.348 §34; 2013 c.529 §6