Chapter 472 Oregon Laws 2005
AN ACT
SB 881
Relating to trustees.
Be It Enacted by the People of the State of
Oregon:
SECTION
1. (1) Before appointing any
person to serve as trustee, a court shall require that the person submit a
statement that includes:
(a)
The full name of the person, including any business name used by the person;
(b)
The address and telephone number of the person;
(c)
The educational credentials and professional experience of the person;
(d)
Identification of any other trusts administered by the person;
(e)
The aggregate dollar value of all assets currently under the person’s
supervision;
(f)
A disclosure of whether the person has ever been removed by a court as trustee
for cause or has resigned as court appointed trustee in a specific case and, if
so, the circumstances of the removal or resignation, the case name and number
and the address of the court; and
(g)
Other information required by court rule.
(2)
Any person who is required to provide a statement under this section must
notify the court within 30 days of any change to the information contained in
the statement.
(3)
If the person provides false information in a statement required under this
section, or fails to comply with subsection (2) of this section, the court may
remove the person as trustee and impose such sanction as may be appropriate.
(4)
The provisions of this section do not apply to:
(a)
A trust company as defined in ORS 706.008, or an employee of the trust company
while the employee is employed by the trust company.
(b)
An institution insured by the Federal Deposit Insurance Corporation, a holding
company or affiliate of the institution or an employee of the institution while
the employee is employed by the institution.
(c) Any other trust identified by a rule of the Chief Justice of the Supreme Court.
SECTION 2. Upon removing any person as trustee who was required to provide a statement under section 1 of this 2005 Act, a court shall give written notice to the State Court Administrator of the removal and provide such other information as may be required by the State Court Administrator. The State Court Administrator shall maintain a record of the information in a format that is easily accessible by judges of this state and members of the public. The State Court Administrator shall retain information submitted under this section for at least five years.
SECTION 3. Sections 1 and 2 of this 2005 Act do not affect the ability of the Chief Justice of the Supreme Court, by rule or order, to require that courts of this state provide information to the State Court Administrator relating to guardians, conservators and other court appointed fiduciaries.
SECTION 4. Notwithstanding section 2 of this 2005 Act, upon the repeal of sections 1, 2 and 3 of this 2005 Act by section 5 of this 2005 Act, the State Court Administrator may destroy all records maintained by the State Court Administrator under section 2 of this 2005 Act.
SECTION 5. Sections 1, 2 and 3 of this 2005 Act are repealed January 2, 2010.
Approved by the Governor July 7, 2005
Filed in the office of Secretary of State July 7, 2005
Effective date January 1, 2006
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