Oregon Statutes - Chapter 129 - Uniform Principal and Income Act

• 129.005   [1975 c.717 §12 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.010   [Repealed by 1975 c.717 §1]
• 129.015   [1975 c.717 §11 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.020   [Repealed by 1975 c.717 §1]
• 129.025   [1975 c.717 §2 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §47; repealed by 2003 c.279 §36]
• 129.030   [Repealed by 1975 c.717 §1]
• 129.035   [1975 c.717 §4 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §48; repealed by 2003 c.279 §36]
• 129.040   [Repealed by 1975 c.717 §1]
• 129.045   [1975 c.717 §3 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2001 c.104 §41; 2003 c.14 §49; repealed by 2003 c.279 §36]
• 129.050   [Amended by 1963 c.437 §1; 1973 c.272 §1; repealed by 1975 c.717 §1]
• 129.055   [1975 c.717 §5 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.060   [Repealed by 1975 c.717 §1]
• 129.065   [1975 c.717 §6 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.070   [Repealed by 1975 c.717 §1]
• 129.075   [1975 c.717 §7 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 1991 c.620 §1; repealed by 2003 c.279 §36]
• 129.080   [Repealed by 1975 c.717 §1]
• 129.085   [1975 c.717 §8 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.090   [Amended by 1975 c.717 §16; repealed by 2003 c.279 §36]
• 129.100   [Amended by 1975 c.717 §17; repealed by 2003 c.279 §36]
• 129.105   [1975 c.717 §9 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.110   [Repealed by 1975 c.717 §1]
• 129.115   [1975 c.717 §10 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); 2003 c.14 §50; repealed by 2003 c.279 §36]
• 129.120   [Repealed by 1975 c.717 §1]
• 129.125   [1975 c.717 §13 (enacted in lieu of 129.010 to 129.080 and 129.110 to 129.140); repealed by 2003 c.279 §36]
• 129.130   [Repealed by 1975 c.717 §1]
• 129.140   [Repealed by 1975 c.717 §1]
• 129.200   Short title.
  This chapter may be cited as the Uniform Principal and Income Act. [2003 c.279 §1] Note: Section 34, chapter 279, Oregon Laws 2003, provides: Sec....
• 129.205   Definitions.
  In this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of...
• 129.210   Fiduciary duties; general principles.
  (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of ORS 129.250 to...
• 129.215   Trustee’s power to adjust.
  (1) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as...
• 129.220   Judicial control of discretionary power.
  (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this chapter...
• 129.225   Conversion to unitrust.
  (1) As used in this section, “beneficiary” means a person who has an interest in the trust to be converted and who has the legal...
• 129.250   Determination and distribution of net income.
  After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A...
• 129.255   Distribution to residuary and remainder beneficiaries.
  (1) Each beneficiary described in ORS 129.250 (4) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in...
• 129.270   When right to income begins and ends.
  (1) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date...
• 129.275   Apportionment of receipts and disbursements when decedent dies or income interest begins.
  (1) A trustee shall allocate an income receipt or disbursement other than one to which ORS 129.250 (1) applies to principal if its due date...
• 129.280   Apportionment when income interest ends.
  (1) In this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an...
• 129.300   Character of receipts.
  (1) In this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund or any other...
• 129.305   Distribution from trust or estate.
  A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has...
• 129.308   Business and other activities conducted by trustee.
  (1) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account...
• 129.310   Principal receipts.
  A trustee shall allocate to principal: (1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor’s...
• 129.315   Rental property.
  To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received...
• 129.320   Obligation to pay money.
  (1) An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including...
• 129.325   Insurance policies and similar contracts.
  (1) Except as otherwise provided in subsection (2) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or...
• 129.350   Insubstantial allocations not required.
  If a trustee determines that an allocation between principal and income required by ORS 129.355, 129.360, 129.365, 129.370 or 129.385 is insubstantial, the trustee may...
• 129.355   Deferred compensation, annuities and similar payments.
  (1) In this section, “payment” means a payment that a trustee may receive over a fixed number of years or during the life of one...
• 129.360   Liquidating asset.
  (1) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a...
• 129.365   Minerals, water and other natural resources.
  (1) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee...
• 129.370   Timber.
  (1) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall...
• 129.375   Property not productive of income.
  (1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the...
• 129.380   Derivatives and options.
  (1) In this section, “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right...
• 129.385   Asset-backed securities.
  (1) In this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the...
• 129.400   Disbursements from income.
  A trustee shall make the following disbursements from income to the extent that they are not disbursements to which ORS 129.250 (2)(b) or (c) applies:...
• 129.405   Disbursements from principal.
  (1) A trustee shall make the following disbursements from principal: (a) The remaining one-half of the disbursements described in ORS 129.400 (1) and (2); (b)...
• 129.410   Transfers from income to principal for depreciation.
  (1) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a...
• 129.415   Transfers from income to reimburse principal.
  (1) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income...
• 129.420   Income taxes.
  (1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (2) A tax required...
• 129.425   Adjustments between principal and income because of taxes.
  (1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder...
• 129.450   Uniformity of application and construction.
  In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter...

Last modified: August 7, 2008