UTC 703. Cotrustees
(1) Cotrustees who are unable to reach a unanimous decision may act by majority decision.
(2) If a vacancy occurs in a cotrusteeship, the remaining cotrustee or cotrustees may act for the trust.
(3) A cotrustee must participate in the performance of a trustees function unless:
(a) The cotrustee is unavailable to perform the function because of absence, illness or disqualification under other law;
(b) The cotrustee is unavailable to perform the function because the cotrustee is temporarily financially incapable; or
(c) The cotrustee has delegated the performance of the function to another trustee pursuant to subsection (5) of this section.
(4) If a cotrustee is unavailable to perform duties because of absence, illness, disqualification under other law or temporary financial incapability, and prompt action is necessary to achieve the purposes of the trust or to avoid injury to the trust property, the remaining cotrustee or a majority of the remaining cotrustees may act for the trust.
(5) Except as prohibited in the terms of the trust, a cotrustee may delegate the performance of a function to another cotrustee, and the other cotrustee may accept the delegation of the performance of the function. The delegation and the acceptance must be in writing. A delegation shall remain in effect until it terminates by its terms, is revoked in writing by the cotrustee making the delegation or is terminated in writing by the cotrustee accepting the delegation.
(6) Except as otherwise provided in subsection (7) of this section, a cotrustee who does not join in an action of another cotrustee is not liable for the action.
(7) Each cotrustee shall exercise reasonable care to:
(a) Prevent a cotrustee from committing a serious breach of trust; and
(b) Compel a cotrustee to redress a serious breach of trust.
(8) A dissenting cotrustee who joins in an action at the direction of the majority of the cotrustees and who notified any cotrustee of the dissent at or before the time of the action is not liable for the action unless the action is a serious breach of trust. [2005 c.348 §52; 2013 c.529 §12]
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. Currency Information