(1) Claims against a trust described in subsection (2) of this section that are not presented within the time limitations established under ORS § 130.360 or within the statute of limitations applicable to the claim, whichever is earlier, are barred from payment from the trust estate.

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Terms Used In Oregon Statutes 130.350

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Revocable trust: A trust agreement that can be canceled, rescinded, revoked, or repealed by the grantor (person who establishes the trust).
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.

(2) ORS § 130.350 to 130.450 apply only if:

(a) A claim is made against assets of a trust;

(b) The trust came into existence during the settlor’s lifetime and was a revocable trust at any time after the trust was created and before the death of the settlor;

(c) The claim is based on the debts or liabilities of the settlor; and

(d) The claim is made against the assets of the trust after the death of the settlor.

(3) ORS § 130.350 to 130.450 apply to all claims against a trust described in subsection (2) of this section, without regard to whether the claims are contingent, unliquidated or not yet due. [Formerly 128.256]

 

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