Terms Used In Oregon Statutes > Chapter 316 > Estates and Trusts > Resident Estates and Trusts

• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Contract: A legal written agreement that becomes binding when signed.
• County court: includes board of county commissioners. See Oregon Statutes 174.100
• Department: means the Department of Revenue. See Oregon Statutes 316.022
• Docket: A log containing brief entries of court proceedings.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Fiduciary: A trustee, executor, or administrator.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• nonresident: means an individual who is not a resident of this state. See Oregon Statutes 316.022
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Person: includes individuals, corporations, associations, firms, partnerships, limited liability companies and joint stock companies. See Oregon Statutes 174.100
• Personal property: All property that is not real property.
• Qualified funeral trust: has the meaning given that term in section 685 of the Internal Revenue Code. See Oregon Statutes 316.282
• Resident estate: means an estate of which the fiduciary is appointed by an Oregon court or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
• Resident funeral trust: means a qualified funeral trust that, at the time of the initial funding of the trust:

  (A) Is required to be established under the laws of this state; or

  (B) Is established by a contract, the terms of which state that a service or merchandise is to be provided by a funeral home or cemetery located in this state. See Oregon Statutes 316.282

• Resident trust: means a trust, other than a qualified funeral trust, of which the fiduciary is a resident of Oregon or the administration of which is carried on in Oregon. See Oregon Statutes 316.282
• Taxable income: means the taxable income as defined in subsection (a) or (b), section 63 of the Internal Revenue Code, with such additions, subtractions and adjustments as are prescribed by this chapter. See Oregon Statutes 316.022
• Trial jury: A group of citizens who hear the evidence presented by both sides at trial and determine the facts in dispute. Federal criminal juries consist of 12 persons. Federal civil juries consist of six persons.
• Trustee: A person or institution holding and administering property in trust.