Notice of proposed trustee action to beneficiaries
- • right of beneficiary to object
(1) Prior to a proposed action to be taken by a trustee regarding the administration of a trust, the trustee may send the beneficiaries a written notice of the proposed action informing the beneficiaries of the proposed action.
(2) The right of a beneficiary receiving a notice of proposed action under subsection (1) of this section to object to a proposed action described in the notice is barred if the beneficiary does not notify the trustee in writing of an objection within 45 days after the notice was sent, or within such longer time as may be stated in the notice, but only to the extent that the notice of proposed action:
(a) Clearly informs the beneficiary of the right to object, the manner in which to object and the date by which the objection must be received by the trustee;
(b) States that the beneficiary’s right to object may be barred if the beneficiary does not object within the time and in the manner allowed for objection; and
(c) Adequately provides sufficient information regarding the proposed action to enable the beneficiary to make an informed decision.
(3) If a beneficiary receiving notice does not object as provided in this section, the beneficiary will be deemed to have consented to the proposed action and the beneficiary may not thereafter file an action or other civil proceeding based in tort, contract or otherwise if the proposed action is taken by the trustee within a reasonable time after the notice was given under this section. This subsection does not apply to the following:
(a) Allowance of the trustee’s compensation;
(b) Settlement of trust accounts or the trustee’s report;
(c) Sale of trust property to the trustee or sale of the trustee’s property to the trust;
(d) Exchange of trust property for property of the trustee;
(e) Grant of an option to the trustee to purchase trust property;
(f) Allowance, payment or settlement of a trustee’s claim against the trust;
(g) Compromise or settlement of a claim, action or proceeding by the trust against the trustee; or
(h) Extension, renewal or modification of the terms of a debt or other obligation of the trustee owing to or in favor of the trust.
(4) The receipt of an objection by the trustee does not prohibit the trustee from taking the proposed action or sending subsequent notices of proposed actions to the beneficiaries regarding the same or similar proposed actions. [2013 c.529 §25]
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.