# ORS § 129.205: 129.205 UPIA 102. Definitions > Oregon · Statutes · In force URL: https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.205 ## Section - **Citation:** ORS § 129.205 - **Heading:** 129.205 UPIA 102. Definitions - **Jurisdiction:** Oregon - **Kind:** Statutes - **Status:** In force - **Text as of:** August 14, 2026 - **Source:** Compiled text - **Location:** OR Code / Title 13 / Chapter 129 / Section 129.205 ## Text In this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (2) “Beneficiary” includes, in the case of a decedent’s estate, an heir and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary. (3) “Fiduciary” means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator and a person performing substantially the same function. (4) “Income” means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange or liquidation of a principal asset, to the extent provided in ORS 129.300 (UPIA 401. Character of receipts) to 129.385 (UPIA 415. Asset-backed securities) . (5) “Income beneficiary” means a person to whom net income of a trust is or may be payable. (6) “Income interest” means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee’s discretion. (7) “Mandatory income interest” means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute. (8) “Net income” means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. (9) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government, governmental subdivision, agency or instrumentality, public corporation or any other legal or commercial entity. (10) “Principal” means property held in trust for distribution to a remainder beneficiary when the trust terminates. (11) “Remainder beneficiary” means a person entitled to receive principal when an income interest ends. (12) “Terms of a trust” means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct. (13) “Trustee” includes an original, additional or successor trustee, whether or not appointed or confirmed by a court. [2003 c.279 §2] Source: Section 129.205 — UPIA 102. Definitions , https://www.­oregonlegislature.­gov/bills_laws/ors/ors129.­html (accessed May 26, 2025). ## Nearby sections - [ORS § 129.200 129.200 UPIA 101. Short title](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.200.md) - [ORS § 129.205 129.205 UPIA 102. Definitions](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.205.md) - [ORS § 129.210 129.210 UPIA 103. Fiduciary duties](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.210.md) - [ORS § 129.215 129.215 UPIA 104. Trustee’s power to adjust](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.215.md) - [ORS § 129.220 129.220 UPIA 105. Judicial control of discretionary power](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.220.md) - [ORS § 129.225 129.225 Conversion to unitrust](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.225.md) - [ORS § 129.250 129.250 UPIA 201. Determination and distribution of net income](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.250.md) - [ORS § 129.255 129.255 UPIA 202. Distribution to residuary and remainder beneficiaries](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.255.md) - [ORS § 129.270 129.270 UPIA 301. When right to income begins and ends](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.270.md) - [ORS § 129.275 129.275 UPIA 302. Apportionment of receipts and disbursements when decedent dies or income interest begins](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.275.md) - [ORS § 129.280 129.280 UPIA 303. Apportionment when income interest ends](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.280.md) - [ORS § 129.300 129.300 UPIA 401. Character of receipts](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.300.md) - [ORS § 129.305 129.305 UPIA 402. Distribution from trust or estate](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.305.md) - [ORS § 129.308 129.308 UPIA 403. Business and other activities conducted by trustee](https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.308.md) --- Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_OR_T13_C129_S129.205. Check the current official text before relying on it. Not legal advice.