Section 130.020 - UTC 105. Default and mandatory rules(1) Except as otherwise provided in the terms of the trust, this chapter governs the duties and powers of a trustee, relations among trustees, and the rights and interests of a beneficiary.(2) Except as provided in subsection (3) of this section, the terms of a trust may expand, restrict, eliminate or otherwise vary any laws of general application to trustees pertaining to the manner in which the trustee should invest assets, including whether to engage in one or more sustainable or socially responsible investment strategies in addition to or in place of other investment strategies, with or without regard to investment performance.(3) The terms of a trust prevail over the provisions of this chapter except:(a) The requirements of ORS 130.150 to 130.190 governing the creation of a trust.(b) The duty of a trustee to act in good faith and in accordance with the purposes of the trust.(c) The requirement that a trust and the terms of a trust be for the benefit of the trust beneficiaries, and that the trust have a purpose that is lawful, not contrary to public policy and possible to achieve.(d) The power of the court to modify or terminate a trust under ORS 130.195 to 130.225.(e) The effect of a spendthrift provision and the rights of creditors and assignees to reach interests in a trust as provided in ORS 130.300 to 130.325.(f) The power of the court under ORS 130.605 to require, dispense with, modify or terminate a bond.(g) The power of the court under ORS 130.635(2) to adjust a trustee's compensation specified in the terms of the trust if the compensation is unreasonably low or high.(h) Subject to subsection (4) of this section, the duty under ORS 130.710(2)(b) and (c) to notify qualified beneficiaries of an irrevocable trust of the existence of the trust, of the identity of the trustee and of their right to request trustee reports.(i) Subject to subsection (4) of this section, the duty under ORS 130.710(1) to respond to the request of a qualified beneficiary of an irrevocable trust for trustee reports and other information reasonably related to the administration of a trust.(j) The effect of an exculpatory term under ORS 130.835.(k) The rights under ORS 130.845, 130.850, 130.855 and 130.860 of a person other than a trustee or beneficiary.(l) Periods of limitation for commencing a judicial proceeding.(m) The power of the court to take such action and exercise such jurisdiction as may be necessary in the interests of justice.(n) The subject-matter jurisdiction of the court and venue for commencing a proceeding as provided in ORS 130.060 and 130.065.(4) Except as provided in subsection (5) of this section, the settlor, in the trust instrument or in another writing delivered to the trustee, may waive or modify the duties of a trustee under ORS 130.710 to give notice, information and reports to qualified beneficiaries by: (a) Waiving or modifying those duties during the period that either the settlor is alive and financially capable, or the settlor's spouse, if a qualified beneficiary, is alive and financially capable; or(b) Designating a person or persons to act in good faith to protect the interests of qualified beneficiaries and to receive any notice, information or reports required under ORS 130.710(1), (2)(b) to (d) and (3) in lieu of providing the notice, information or reports to the qualified beneficiaries.(5) All reports under ORS 130.710(3) that contain information relating to termination of the trust must be provided to the qualified beneficiaries and to any person or persons designated under subsection (4)(b) of this section.Amended by 2019 Ch. 546,§ 1, eff. 1/1/2020. 2005 c. 348, § 5; 2009 c. 275, § 2