128.095 Trustee may amend governing instrument of “private foundation” or “split-interest” trust with prior consent of Attorney General and benefited organizations

DEPOSIT OF SECURITIES IN CLEARING CORPORATIONS

128.100 Authority of fiduciary to deposit securities in clearing corporation

UNIFORM PRUDENT MANAGEMENT OF INSTITUTIONAL FUNDS ACT

128.305 Short title

128.316 Definitions for ORS 128.305 to 128.336

128.318 Standard of conduct in managing and investing institutional fund

128.322 Appropriation for expenditure or accumulation of endowment fund; rules of construction

128.326 Delegation of management and investment functions

128.328 Release or modification of restrictions on management, investment or purpose

128.332 Reviewing compliance

128.334 Relation to Electronic Signatures in Global and National Commerce Act

128.336 Uniformity of application and construction

EMPLOYEES’ TRUSTS

128.510 Definitions for ORS 128.520

128.520 Employees’ trust may be in perpetuity; accumulation of income

BUSINESS TRUSTS

128.560 “Business trust” described

128.565 Business trust permitted

128.570 Business trusts and trustees not subject to bank and trust company regulations

128.573 Forms; rules

128.575 Filing with Office of Secretary of State required; fees; amendments

128.580 Business trusts subject to certain corporate laws

128.585 Personal liability of trustees, shareholders or beneficiaries of business trust

128.590 Filing of trust instrument as conclusive evidence of compliance with laws; exception

128.595 Annual report; due date; content; notice of requirement; effect of failure to file

128.597 Inactivation of business trust

128.599 Reinstatement of business trust following inactivation

128.600 Filing, service, copying and certification fees

CHARITABLE TRUST AND CORPORATION ACT

128.610 Short title

128.620 Definitions for ORS 128.610 to 128.750

128.630 Application of ORS 128.610 to 128.750

128.640 Exemptions from application of ORS 128.610 to 128.750

128.650 Register of charitable organizations; authority of Attorney General to maintain register

128.660 Filing of articles of incorporation or other instrument with Attorney General

128.670 Filing of reports; rules; fees; authority of Attorney General relating to reports; civil penalty

128.680 Investigatory authority of Attorney General

128.690 Order for attendance by Attorney General; effect

128.710 Enforcement; jurisdiction of court

128.720 Copies of certain documents and notice to be provided Attorney General

128.730 List of certain claims for exemptions from taxation to be provided Attorney General

128.735 Attorney fees in action to enforce fiduciary or other duty

128.750 Uniformity of interpretation

CHARITABLE SOLICITATIONS ACT

128.801 Definitions for ORS 128.801 to 128.898

128.802 Registration of professional fund raising firms required; fee; renewal; notice of change of information

128.804 Fund raising notice; contents

128.807 Required submission of financial plan to nonprofit beneficiary

128.809 Required disclosure of agency by solicitors

128.812 Required submission of financial report after campaign

128.814 Presumption of breach of fiduciary duty by officer or director of nonprofit beneficiary

128.821 Registration of commercial fund raising firms required; fee; renewal; notice of change in information

128.823 Designation of amount to be paid to beneficiaries; manner of specification; minimum amount payable

128.824 Disclosures required in commercial fund raising solicitations

128.826 Commercial fund raising contracts and notice; filing

128.841 Commercial fund raising firm financial reports; contents; filing

128.846 Maintenance of records by commercial fund raising firm

128.848 Accountings required of commercial coventurer

128.856 Written consent by beneficiary to use of name

128.861 Written consent required for representations about use of tickets

128.866 Injunction by Attorney General

128.871 Denial or revocation of registration

128.876 Rules

128.881 Deposit of fees and penalties; use

128.886 False or misleading representations prohibited

128.891 Prohibited representations; written notice

128.893 Use of in-state address

128.898 Short title

CIVIL PENALTIES

128.899 Civil penalties for violation of ORS 128.610 to 128.750

CRIMINAL PENALTIES

128.992 Penalties for ORS 128.610 to 128.750

128.995 Penalties for ORS 128.801 to 128.898

(Temporary provisions relating to court-appointed trustees)

Note: Sections 1 to 5, chapter 472, Oregon Laws 2005, provide:

Sec. 1. (1) Before appointing any person to serve as trustee, a court shall require that the person submit a statement that includes:

(a) The full name of the person, including any business name used by the person;

(b) The address and telephone number of the person;

(d) Identification of any other trusts administered by the person;

(e) The aggregate dollar value of all assets currently under the person’s supervision;

(f) A disclosure of whether the person has ever been removed by a court as trustee for cause or has resigned as court appointed trustee in a specific case and, if so, the circumstances of the removal or resignation, the case name and number and the address of the court; and

(g) Other information required by court rule.

(2) Any person who is required to provide a statement under this section must notify the court within 30 days of any change to the information contained in the statement.

(3) If the person provides false information in a statement required under this section, or fails to comply with subsection (2) of this section, the court may remove the person as trustee and impose such sanction as may be appropriate.

(4) The provisions of this section do not apply to:

(a) A trust company as defined in ORS 706.008, or an employee of the trust company while the employee is employed by the trust company.

(b) An institution insured by the Federal Deposit Insurance Corporation, a holding company or affiliate of the institution or an employee of the institution while the employee is employed by the institution.

Sec. 2. Upon removing any person as trustee who was required to provide a statement under section 1 of this 2005 Act, a court shall give written notice to the State Court Administrator of the removal and provide such other information as may be required by the State Court Administrator. The State Court Administrator shall maintain a record of the information in a format that is easily accessible by judges of this state and members of the public. The State Court Administrator shall retain information submitted under this section for at least five years. [2005 c.472 §2]

Sec. 3. Sections 1 and 2 of this 2005 Act do not affect the ability of the Chief Justice of the Supreme Court, by rule or order, to require that courts of this state provide information to the State Court Administrator relating to guardians, conservators and other court appointed fiduciaries. [2005 c.472 §3]

Sec. 4. Notwithstanding section 2 of this 2005 Act, upon the repeal of sections 1, 2 and 3 of this 2005 Act by section 5 of this 2005 Act, the State Court Administrator may destroy all records maintained by the State Court Administrator under section 2 of this 2005 Act. [2005 c.472 §4]

Sec. 5. Sections 1, 2 and 3 of this 2005 Act are repealed January 2, 2010. [2005 c.472 §5]

PREPARATION OF TRUSTS

128.001 Limitations on accepting payment for preparation of trust. (1) Except as provided in this section, a person may not accept anything of value in exchange for the preparation of a trust.

(2) Subsection (1) of this section does not apply to an attorney who charges and accepts a fee for the preparation of a trust for a client in the course of representing that client.

(3) Subsection (1) of this section does not apply to any trust company or financial institution as defined in ORS chapter 706.

(4) Subsection (1) of this section does not apply to a resulting or constructive trust, a business trust that provides for certificates to be issued to the beneficiary, an investment trust, a voting trust, a security instrument, a trust created by the judgment of a court, a liquidation trust, a trust for the primary purpose of paying dividends, interests, interest coupons, salaries, wages, pensions, profits or employee benefits of any kind, an instrument in which a person is nominee or escrowee for another person or a trust created in deposits in any financial institution.

(5) Nothing in this section authorizes any person to engage in the practice of law in violation of ORS 9.160. [1997 c.806 §1; 2003 c.576 §383]

128.003 [1977 c.614 §10; repealed by 2005 c.348 §128]

128.005 [1977 c.614 §1; 2003 c.576 §384; repealed by 2005 c.348 §128]

128.007 [1977 c.614 §2; 1995 c.157 §18; repealed by 2005 c.348 §128]

128.009 [1977 c.614 §3; 1981 c.915 §1; 1989 c.73 §1; 1993 c.228 §1; 1995 c.157 §19; 2003 c.84 §13; repealed by 2005 c.348 §128]

128.010 [Renumbered 128.055]

128.015 [1977 c.614 §4; 1993 c.228 §2; repealed by 2005 c.348 §128]

128.020 [Amended by 1969 c.267 §1; renumbered 128.057]

128.021 [1977 c.614 §5; 1995 c.157 §20; repealed by 2005 c.348 §128]

128.025 [1969 c.267 §3; renumbered 128.061]

128.026 [1977 c.614 §6; 1995 c.157 §21; repealed by 2005 c.348 §128]

128.030 [Amended by 1977 c.614 §13; renumbered 128.065]

128.031 [1977 c.614 §7; repealed by 2005 c.348 §128]

128.035 [1977 c.614 §8; repealed by 2005 c.348 §128]

128.040 [Repealed by 1977 c.614 §14]

128.041 [1977 c.614 §9; repealed by 2005 c.348 §128]

128.045 [1977 c.614 §11; repealed by 2005 c.348 §128]

128.047 [1993 c.226 §3; repealed by 2005 c.348 §128]

128.050 [Repealed by 1977 c.614 §14]

128.051 [1977 c.614 §12; repealed by 2005 c.348 §128]

128.055 [Formerly 128.010; repealed by 2005 c.348 §128]

128.057 [Formerly 128.020; 1979 c.382 §1; repealed by 1995 c.157 §26]

128.060 [Amended by 1973 c.827 §19; repealed by 1977 c.614 §14]

128.061 [1969 c.267 §3; formerly 128.025; repealed by 1979 c.382 §2]

128.065 [Formerly 128.030; 1995 c.157 §22; repealed by 2005 c.348 §128]

128.070 [Repealed by 1973 c.506 §46]

128.075 [1973 c.367 §16; renumbered 128.595]

128.080 [Amended by 1973 c.177 §2; repealed by 1973 c.506 §46]

PRIVATE FOUNDATION AND SPLIT INTEREST TRUSTS

128.085 Limitations on trustee’s administration of “private foundation” trust. Notwithstanding any provision to the contrary in the governing instrument or any law of this state, the trustee of a trust which is a “private foundation” as defined in section 509 of the Internal Revenue Code of 1954 (including nonexempt charitable trusts as defined in section 4947 (a) (1) of the Internal Revenue Code of 1954) shall not engage in any act of self dealing as defined in section 4941 (d) of the Internal Revenue Code of 1954; shall distribute its income and, when necessary, amounts from principal at such time and in such manner as not to subject the trust to the taxes on failure to distribute income imposed by section 4942 of the Internal Revenue Code of 1954; shall not retain any excess business holdings as defined in section 4943 (c) of the Internal Revenue Code of 1954; shall not make any investments in such manner as to subject the trust to the taxes on investments which jeopardize charitable purpose imposed by section 4944 of the Internal Revenue Code of 1954; and shall not make any taxable expenditures as defined in section 4945 (d) of the Internal Revenue Code of 1954. [1971 c.197 §1]

128.090 Limitations on trustee’s administration of “split-interest” trust. (1) Notwithstanding any provision to the contrary in the governing instrument or any law of this state, the trustee of a trust which is a “split-interest trust” as defined in section 4947 (a) (2) of the Internal Revenue Code of 1954, shall not engage in any act of self dealing as defined in section 4941 (d) of the Internal Revenue Code of 1954; shall not retain any excess business holdings as defined in section 4943 (c) of the Internal Revenue Code of 1954, unless the trust is one exempted from the requirements of section 4943 by section 4947 (b) (3) of the Internal Revenue Code of 1954; shall not make any investment in such manner as to subject the trust to the taxes on investments which jeopardize charitable purpose imposed by section 4944 of the Internal Revenue Code of 1954, unless the trust is one exempted from the requirements of section 4944 by section 4947 (b) (3) of the Internal Revenue Code of 1954; and shall not make any taxable expenditures as defined in section 4945 (d) of the Internal Revenue Code of 1954.

(2) This section shall not apply with respect to:

(a) Any amounts payable under the terms of a trust to income beneficiaries, unless a deduction was allowed under section 170 (f) (2) (B), section 2055 (e) (2) (B), or section 2522 (c) (2) (B) of the Internal Revenue Code of 1954;

(b) Any amounts in trust other than amounts for which a deduction was allowed under section 170, section 545 (b) (2), section 556 (b) (2), section 642 (c), section 2055, section 2106 (a) (2) or section 2522 of the Internal Revenue Code of 1954, if such other amounts are segregated from amounts for which no deduction was allowable; or

128.095 Trustee may amend governing instrument of “private foundation” or “split-interest” trust with prior consent of Attorney General and benefited organizations. The trustee of a trust which is a private foundation to which ORS 128.085 applies or a split-interest trust to which ORS 128.090 applies may, with the prior consent of the Attorney General, amend the terms of the governing instrument to the extent necessary (1) to assure conformity of the governing instrument with the requirements for exemption from the taxes imposed by sections 4941 to 4945 of the Internal Revenue Code of 1954, including amendments which broaden, extend, reduce or limit the charitable purposes for which the trust is administered, or (2) to terminate the status of the trust as a private foundation in a manner described in section 507 (b) (1) of the Internal Revenue Code of 1954. Prior to giving consent, the Attorney General shall determine that the proposed amendments are necessary or appropriate to achieve the charitable purposes of the trust. If the trust is for the exclusive benefit of one or more charitable organizations, the trustee shall also obtain the prior consent of such organizations prior to amending the terms of the governing instrument in the manner set forth in this section. [1971 c.197 §3]

DEPOSIT OF SECURITIES IN CLEARING CORPORATIONS

128.100 Authority of fiduciary to deposit securities in clearing corporation. (1) Notwithstanding any other provision of law, any fiduciary holding securities in a fiduciary capacity, any financial institution or trust company holding securities as a custodian or managing agent, and any financial institution or trust company holding securities as custodian for a fiduciary is authorized to deposit or arrange for the deposit of the securities in a clearing corporation as defined in ORS 78.1020. When the securities are deposited, certificates representing securities of the same class of the same issuer may be merged and held in bulk in the name of the nominee of the clearing corporation with any other securities of the same class deposited in the clearing corporation by any person regardless of the ownership of the securities, and certificates of small denomination may be merged into one or more certificates of larger denomination. The records of the fiduciary and the records of the financial institution or trust company acting as custodian, as managing agent or as custodian for a fiduciary shall at all times show the name of the party for whose account the securities are deposited. Ownership of, and other interests in, the securities may be transferred by bookkeeping entry on the books of the clearing corporation without physical delivery of certificates representing the securities. A financial institution or trust company depositing securities pursuant to this section shall be subject to the rules and regulations as, in the case of state-chartered institutions, the Department of Consumer and Business Services and, in the case of national banking associations, the Comptroller of the Currency may from time to time issue. A financial institution or a trust company acting as custodian for a fiduciary shall, on demand by the fiduciary, certify in writing to the fiduciary the securities deposited by the financial institution or trust company in the clearing corporation for the account of the fiduciary. A fiduciary shall, on demand by any party to a judicial proceeding for the settlement of the fiduciary’s account or on demand by the attorney for the party, certify in writing to the party the securities deposited by the fiduciary in the clearing corporation for its account as the fiduciary.

(2) This section shall apply to any fiduciary holding securities in a fiduciary capacity, and to any financial institution or trust company holding securities as a custodian, managing agent or custodian for a fiduciary, acting on October 5, 1973, or who thereafter may act regardless of the date of the agreement, instrument or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent or custodian for a fiduciary owns capital stock of the clearing corporation. [1973 c.365 §§1,2; 1985 c.676 §59; 1985 c.762 §177; 1997 c.631 §414]

128.102 [1993 c.226 §5; 1997 c.659 §1; repealed by 2005 c.348 §128]

128.110 [Amended by 1979 c.284 §108; repealed by 1981 c.66 §8]

128.115 [1981 c.66 §1; repealed by 2005 c.348 §128]

128.120 [Repealed by 1981 c.66 §8]

128.125 [1981 c.66 §2; repealed by 2005 c.348 §128]

128.130 [Amended by 1979 c. 284 §109; repealed by 1981 c.66 §8]

128.135 [1981 c.66 §3; 1993 c.222 §6; 2003 c.279 §33a; repealed by 2005 c.348 §128]

128.140 [Repealed by 1981 c.66 §8]

128.145 [1981 c.66 §4; repealed by 2005 c.348 §128]

128.150 [Repealed by 1981 c.66 §8]

128.155 [1981 c.66 §5; 1991 c.331 §42; 1997 c.631 §415; repealed by 2005 c.348 §128]

128.160 [Repealed by 1981 c.66 §8]

128.165 [1981 c.66 §6; repealed by 2005 c.348 §128]

128.170 [Repealed by 1981 c.66 §8]

128.175 [1981 c.66 §7; repealed by 2005 c.348 §128]

128.177 [1993 c.222 §2; repealed by 2005 c.348 §128]

128.179 [1993 c.222 §3; repealed by 2005 c.348 §128]

128.180 [Repealed by 1981 c.66 §8]

128.181 [1993 c.222 §4; repealed by 2005 c.348 §128]

128.183 [1993 c.222 §5; repealed by 2005 c.348 §128]

128.185 [1993 c.222 §7; repealed by 2005 c.348 §128]

128.190 [Repealed by 1981 c.66 §8]

128.192 [1995 c.157 §1; repealed by 2005 c.348 §128]

128.194 [1995 c.157 §2; repealed by 2005 c.348 §128]

128.196 [1995 c.157 §3; repealed by 2005 c.348 §128]

128.198 [1995 c.157 §4; repealed by 2005 c.348 §128]

128.200 [Repealed by 1981 c.66 §8]

128.202 [1995 c.157 §5; repealed by 2005 c.348 §128]

128.204 [1995 c.157 §§6,7; repealed by 2005 c.348 §128]

128.206 [1995 c.157 §8; repealed by 2005 c.348 §128]

128.208 [1995 c.157 §9; repealed by 2005 c.348 §128]

128.210 [Repealed by 1981 c.66 §8]

128.212 [1995 c.157 §10; repealed by 2005 c.348 §128]

128.214 [1995 c.157 §11; repealed by 2005 c.348 §128]

128.216 [1995 c.157 §§12,14; repealed by 2005 c.348 §128]

128.218 [1995 c.157 §13; repealed by 2005 c.348 §128]

128.220 [Repealed by 1981 c.66 §8]

128.230 [Repealed by 1981 c.66 §8]

128.232 [1995 c.679 §1; repealed by 2005 c.348 §128]

128.234 [1995 c.679 §2; repealed by 2005 c.348 §128]

128.236 [1995 c.679 §3; repealed by 2005 c.348 §128]

128.238 [1995 c.679 §4; repealed by 2005 c.348 §128]

128.240 [Repealed by 1981 c.66 §8]

128.242 [1995 c.679 §5; repealed by 2005 c.348 §128]

128.244 [1995 c.679 §6; repealed by 2005 c.348 §128]

128.246 [1995 c.679 §7; repealed by 2005 c.348 §128]

128.250 [Amended by 1979 c.284 §110; repealed by 1981 c.66 §8]

128.255 [1997 c.151 §4; repealed by 2005 c.348 §128]

128.256 [2001 c.593 §1; 2005 c.348 §99; renumbered 130.350 in 2005]

128.258 [2001 c.593 §1a; 2005 c.348 §100; renumbered 130.355 in 2005]

128.260 [Amended by 1979 c.284 §111; repealed by 1981 c.66 §8]

128.262 [2001 c.593 §2; renumbered 130.360 in 2005]

128.264 [2001 c.593 §3; 2005 c.348 §101; renumbered 130.365 in 2005]

128.266 [2001 c.593 §4; 2003 c.14 §45; 2005 c.348 §102; renumbered 130.370 in 2005]

128.268 [2001 c.593 §5; renumbered 130.375 in 2005]

128.270 [Repealed by 1981 c.66 §8]

128.272 [2001 c.593 §6; 2005 c.348 §103; renumbered 130.380 in 2005]

128.274 [2001 c.593 §7; renumbered 130.385 in 2005]

128.276 [2001 c.593 §7a; renumbered 130.390 in 2005]

128.278 [2001 c.593 §8; renumbered 130.395 in 2005]

128.280 [2001 c.593 §9; 2005 c.348 §121; renumbered 130.400 in 2005]

128.282 [2001 c.593 §9a; renumbered 130.405 in 2005]

128.284 [2001 c.593 §9b; renumbered 130.410 in 2005]

128.286 [2001 c.593 §9c; renumbered 130.415 in 2005]

128.288 [2001 c.593 §9d; 2005 c.348 §104; renumbered 130.420 in 2005]

128.290 [2001 c.593 §10; 2005 c.348 §105; renumbered 130.425 in 2005]

128.292 [2001 c.593 §11; renumbered 130.430 in 2005]

US Laws, Codes, Statutes & Cases

Oregon Chapter 128

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