(2) An asset becomes subject to a trust:
(a) On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor’s life;
(b) On the date of a testator’s death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator’s estate; or
(c) On the date of an individual’s death in the case of an asset that is transferred to a fiduciary by a third party because of the individual’s death.
(3) An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection (4) of this section, even if there is an intervening period of administration to wind up the preceding income interest.
(4) An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income. [2003 c.279 §7]
Structure 2021 Oregon Revised Statutes
Volume : 03 - Landlord-Tenant, Domestic Relations, Probate
Chapter 129 - Uniform Principal and Income Act
Section 129.200 - UPIA 101. Short title.
Section 129.205 - UPIA 102. Definitions.
Section 129.210 - UPIA 103. Fiduciary duties; general principles.
Section 129.215 - UPIA 104. Trustee’s power to adjust.
Section 129.220 - UPIA 105. Judicial control of discretionary power.
Section 129.225 - Conversion to unitrust.
Section 129.250 - UPIA 201. Determination and distribution of net income.
Section 129.255 - UPIA 202. Distribution to residuary and remainder beneficiaries.
Section 129.270 - UPIA 301. When right to income begins and ends.
Section 129.280 - UPIA 303. Apportionment when income interest ends.
Section 129.300 - UPIA 401. Character of receipts.
Section 129.308 - UPIA 403. Business and other activities conducted by trustee.
Section 129.310 - UPIA 404. Principal receipts.
Section 129.320 - UPIA 406. Obligation to pay money.
Section 129.325 - UPIA 407. Insurance policies and similar contracts.
Section 129.350 - UPIA 408. Insubstantial allocations not required.
Section 129.355 - UPIA 409. Deferred compensation, annuities and similar payments.
Section 129.360 - UPIA 410. Liquidating asset.
Section 129.365 - UPIA 411. Minerals, water and other natural resources.
Section 129.370 - UPIA 412. Timber.
Section 129.375 - UPIA 413. Property not productive of income.
Section 129.380 - UPIA 414. Derivatives and options.
Section 129.385 - UPIA 415. Asset-backed securities.
Section 129.400 - UPIA 501. Disbursements from income.
Section 129.405 - UPIA 502. Disbursements from principal.
Section 129.410 - UPIA 503. Transfers from income to principal for depreciation.
Section 129.415 - UPIA 504. Transfers from income to reimburse principal.
Section 129.420 - UPIA 505. Income taxes.
Section 129.425 - UPIA 506. Adjustments between principal and income because of taxes.