Oregon Revised Statutes Chapter 130 § 130.045 — UTC

UTC 111. Nonjudicial settlement agreements. (1) For purposes of this section, “interested persons” means: (a) Any settlor of a trust who is living; (b) All qualified beneficiaries; (c) Any acting trustee of the trust; (d) The Attorney General if the trust is a charitable trust; and (e) All members of a trust stewardship committee acting pursuant to ORS 130.193. (2) If the trust or a portion of the trust is a charitable trust and is irrevocable, and the settlor retains a power to change the beneficiaries of the charitable trust during the settlor’s lifetime or upon the settlor’s death, the Attorney General shall be substituted as the sole interested person to represent all charitable trust beneficiaries whose beneficial interests are subject to the settlor’s retained power. (3)(a) Except as otherwise provided in subsection (4) of this section, interested persons may enter into a nonjudicial settlement agreement with respect to any matter involving a trust. (b) If the agreement is not filed with the court under subsection (6) of this section, the agreement is binding on all parties to the agreement. (c) If the agreement is filed with the court, the agreement is binding as provided in subsections (6) and (7) of this section unless, after the filing of objections and a hearing, the court does not approve the agreement. If the court does not approve the agreement, the agreement is not binding on any beneficiary or party to the agreement. (4) A nonjudicial settlement agreement is valid only to the extent the agreement does not violate a material purpose of the trust and includes terms and conditions that could be properly approved by the court under this chapter or other applicable law. (5) Matters that may be resolved by a nonjudicial settlement agreement include: (a) The interpretation or construction of the terms of the trust or other writings that affect the trust. (b) The approval of a trustee’s report or accounting. (c) Direction to a trustee to refrain from performing a particular act or the grant to a trustee of any necessary or desirable power. (d) The resignation or appointment of a trustee or cotrustee and the determination of a trustee’s compensation. (e) Transfer of a trust’s principal place of administration. (f) Liability of a trustee for an action or failure to act relating to the trust. (g) Determining classes of creditors, beneficiaries, heirs, next of kin or other persons. (h) Resolving disputes arising out of the administration or distribution of the trust. (i) Modifying the terms of the trust, including extending or reducing the period during which the trust operates. (6)(a) Any interested person may file a settlement agreement entered into under this section, or a memorandum summarizing the provisions of the agreement, with the circuit court for any county where trust assets are located or where the trustee administers the trust. (b) After collecting the fee provided for in subsection (8) of this section, the clerk shall enter the agreement or memorandum of record in the court’s register. (c) Within five days after the filing of an agreement or memorandum under this subsection, the person making the filing must serve a notice of the filing and a copy of the agreement or memorandum on each beneficiary of the trust whose address is known at the time of the filing and who is not a party to the agreement. Service may be made personally, or by registered or certified mail, return receipt requested. The notice of filing shall be substantially in the following form: ______________________________________________________________________________ CAPTION      NOTICE OF FILING OF OF CASE        SETTLEMENT AGREEMENT OR MEMORANDUM OF SETTLEMENT AGREEMENT You are hereby notified that the attached document was filed by the undersigned in the above entitled court on the _____ day of ______, ___. Unless you file objections to the agreement within 60 days after that date, the agreement will be approved and will be binding on all beneficiaries and parties to the agreement. If you file objections within the 60-day period, the court will fix a time and place for a hearing. At least 10 days before the date of that hearing, you must serve a copy of your objections and give notice of the time and place of the hearing to all beneficiaries and parties to the agreement. See ORS 130.045. _____________________ Signature ______________________________________________________________________________ (d) Proof of mailing of the notices required under this subsection must be filed with the court. Proof of service may be made by a certificate of service in the form provided by ORCP 7 F, by a signed acceptance of service or by a return receipt from the postal authorities. (e) If no objections are filed with the court within 60 days after the filing of the agreement or memorandum, the agreement is effective and binding on all beneficiaries who received notic