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71st OREGON LEGISLATIVE ASSEMBLY--2001 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 2746

A-Engrossed

House Bill 2739

Ordered by the House April 20

Including House Amendments dated April 20

Sponsored by Representative SHETTERLY (at the request of Oregon Humane Society)

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.

Authorizes creation of pet trusts. Authorizes court appointment of trustee and of person to enforce terms and conditions of pet trust. { + Provides for disposition of trust property upon termination of trust. + }

A BILL FOR AN ACT

Relating to pet trusts.

Be It Enacted by the People of the State of Oregon:

SECTION 1. { + (1) Any person may establish a pet trust for the care of designated domestic or pet animals. A pet trust may provide for the care of individually named animals or for a class of animals, but any animal provided for under the trust must be living at the time of the trustor's death. Wills and other instruments shall be liberally construed in favor of finding the creation of a pet trust, and there is a presumption against merely precatory or honorary disposition on behalf of domestic and pet animals.

(2) The terms and conditions of a pet trust may be enforced by an individual designated for that purpose in the trust instrument. If the trust instrument does not designate a person to enforce the terms and conditions of the pet trust, the circuit court may appoint a person for that purpose. Reasonable compensation for a person appointed by the court may be paid from the assets of the trust.

(3) If a trustee is not designated in a pet trust or the person designated to act as trustee is unwilling or unable to serve, the circuit court shall name a trustee. A pet trust may designate one or more persons to serve as successor trustee. The court may order the transfer of the property to a person other than the designated trustee or successor trustee if the transfer is required to ensure that the trustor's intent is carried out. The court may also make such other orders as the court deems necessary to carry out the intent of the trustor and the purposes of this section.

(4) Upon termination of a pet trust, the trustee shall transfer the unexpended trust property in the following order:

(a) As directed by the trust instrument;

(b) If the trust was created in a nonresiduary clause in the trustor's will, under the residuary clause in the trustor's will;

or

(c) If paragraphs (a) and (b) of this subsection do not apply, to the persons to whom the estate of the trustor would pass by intestate succession under ORS 112.025 to 112.055.

(5) Except as ordered by a circuit court or required by the trust instrument, no filing, report, registration, periodic accounting, separate maintenance of funds, appointment or fee is required by reason of the existence of the fiduciary relationship of the trustee.

(6) A pet trust terminates as provided by the terms of the trust instrument. If the trust instrument makes no provision for termination of the trust, the trust terminates when no living animal is covered by the trust or when all trust assets are exhausted, whichever occurs first. + }

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