Notwithstanding any other provision of this chapter, an action against the trustee of an express trust, whether in contract, tort or otherwise, arising from any act or omission of the trustee constituting a breach of duty shall be commenced within six years from the date the act or omission is discovered or in the exercise of reasonable diligence should have been discovered. However, no such action shall be commenced more than 10 years from the date of the act or omission complained of, or two years from the termination of any fiduciary account established under the trust, whichever date is later. [1991 c.968 § 4]

Terms Used In Oregon Statutes 12.274

  • Contract: A legal written agreement that becomes binding when signed.
  • Fiduciary: A trustee, executor, or administrator.
  • Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
  • Trustee: A person or institution holding and administering property in trust.