UTC 417. Combination and division of trusts
UTC 417. (1) Subject to subsection (2) of this section, a trustee may:
(a) Combine two or more trusts into a single trust by taking into account the pro rata economic interests of each beneficiary of each trust; or
(b) Divide a trust into two or more separate trusts.
(2) In taking any of the actions under subsection (1) of this section, the trustee shall:
(a) Provide notice to all qualified beneficiaries in accordance with ORS 130.733 (Notice of proposed trustee action to beneficiaries);
(b) Consider the individual rights of each beneficiary;
(c) Exercise due care and prudent judgment;
(d) Consider the terms of the trust instrument and amendments, if any, as well as all applicable statutory law; and
(e) Take the action only if the result does not materially impair the rights of any beneficiary or adversely affect achievement of the intent of the trustor. [2005 c.348 §37; 2015 c.126 §2]
Note: Section 5, chapter 126, Oregon Laws 2015, provides:
Sec. 5. The amendments to ORS 130.230 (UTC 417. Combination and division of trusts), 130.232 (Division of trust into separate shares or portions), 130.715 (UTC 814. Discretionary powers) and 130.730 (UTC 817. When interest of beneficiary vests) by sections 1 to 4, chapter 126, Oregon Laws 2015, apply only to trusts executed on or after January 1, 2016, and to trust proceedings commenced on or after the effective date of this 2017 Act [May 15, 2017], regardless of when the trust at issue was executed. [2015 c.126 §5; 2017 c.54 §1]
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.