ORS 129.205
UPIA 102. 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 a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends.

(2)

“Beneficiary” includes, in the case of a decedent’s estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary.

(3)

“Fiduciary” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function.

(4)

“Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in ORS 129.300 (UPIA 401. Character of receipts) to 129.385 (UPIA 415. Asset-backed securities).

(5)

“Income beneficiary” means a person to whom net income of a trust is or may be payable.

(6)

“Income interest” means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee’s discretion.

(7)

“Mandatory income interest” means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.

(8)

“Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period.

(9)

“Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity.

(10)

“Principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates.

(11)

“Remainder beneficiary” means a person entitled to receive principal when an income interest ends.

(12)

“Terms of a trust” means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct.

(13)

“Trustee” includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. [2003 c.279 §2]

Source: Section 129.205 — UPIA 102. Definitions, https://www.­oregonlegislature.­gov/bills_laws/ors/ors129.­html.

129.200
UPIA 101. Short title
129.205
UPIA 102. Definitions
129.210
UPIA 103. Fiduciary duties
129.215
UPIA 104. Trustee’s power to adjust
129.220
UPIA 105. Judicial control of discretionary power
129.225
Conversion to unitrust
129.250
UPIA 201. Determination and distribution of net income
129.255
UPIA 202. Distribution to residuary and remainder beneficiaries
129.270
UPIA 301. When right to income begins and ends
129.275
UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins
129.280
UPIA 303. Apportionment when income interest ends
129.300
UPIA 401. Character of receipts
129.305
UPIA 402. Distribution from trust or estate
129.308
UPIA 403. Business and other activities conducted by trustee
129.310
UPIA 404. Principal receipts
129.315
UPIA 405. Rental property
129.320
UPIA 406. Obligation to pay money
129.325
UPIA 407. Insurance policies and similar contracts
129.350
UPIA 408. Insubstantial allocations not required
129.355
UPIA 409. Deferred compensation, annuities and similar payments
129.360
UPIA 410. Liquidating asset
129.365
UPIA 411. Minerals, water and other natural resources
129.370
UPIA 412. Timber
129.375
UPIA 413. Property not productive of income
129.380
UPIA 414. Derivatives and options
129.385
UPIA 415. Asset-backed securities
129.400
UPIA 501. Disbursements from income
129.405
UPIA 502. Disbursements from principal
129.410
UPIA 503. Transfers from income to principal for depreciation
129.415
UPIA 504. Transfers from income to reimburse principal
129.420
UPIA 505. Income taxes
129.425
UPIA 506. Adjustments between principal and income because of taxes
129.450
UPIA 601. Uniformity of application and construction
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