Bill Text: OR HB2629 | 2013 | Regular Session | Introduced

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Bill Title: Relating to termination of revocable trust upon change of marital status.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2629 Detail]

Download: Oregon-2013-HB2629-Introduced.html

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     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 2569

                         House Bill 2629

Sponsored by Representative HICKS (Presession filed.)

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Provides for automatic termination of revocable trust when
settlor is divorced or settlor's marriage is annulled, if trust
names settlor and settlor's former spouse as sole cotrustees and
sole primary beneficiaries.

                        A BILL FOR AN ACT
Relating to termination of revocable trust upon change of marital
  status; creating new provisions; and amending ORS 130.535.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 130.535 is amended to read:
  130.535. (1) Unless otherwise provided by the terms of the
trust instrument, a settlor's divorce or the annulment of the
settlor's marriage, after the trust instrument is executed:
  (a) Revokes all provisions of the trust in favor of the former
spouse of the settlor;
  (b) Revokes all powers of appointment, general or nongeneral,
in the trust that are exercisable by the former spouse; and
  (c) Revokes any provision in the trust naming the former spouse
as trustee.
  (2) Unless otherwise provided by the terms of the trust
instrument, a trust shall be construed as though the former
spouse predeceased the settlor if, after the trust instrument is
executed, the settlor divorces the spouse or the marriage of the
settlor to the spouse is annulled.
   { +  (3) Notwithstanding subsections (1) and (2) of this
section and ORS 130.195 and 130.505, a revocable trust is
terminated, unless otherwise provided by the terms of the trust
instrument, upon the settlor's divorce or the annulment of the
settlor's marriage after the trust instrument is executed, if the
trust names the settlor and the former spouse of the settlor as
sole cotrustees and sole primary beneficiaries of the trust. + }
  SECTION 2.  { + The amendments to ORS 130.535 by section 1 of
this 2013 Act apply to revocable trusts when the settlor is
divorced or the settlor's marriage is annulled on or after the
effective date of this 2013 Act. + }
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