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2017 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 130 - Uniform Trust Code
Section 130.215 - UTC 414. Modification or termination of uneconomic trust.
Universal Citation: OR Rev Stat § 130.215 (2017)
(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. [2005 c.348 §34; 2013 c.529 §6]
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