Oregon Law Review : Vol. 89, No. 1, p. 385-414 : Making Pet Trusts Instruments of Settlors and Not of Courts
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Date
2010
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Publisher
University of Oregon Law School
Abstract
This Comment examines how the Uniform Law Commission can
essentially eradicate the excess funds provision from state statutes
simply by amending the uniform pet trust statutes (specifically section
408 of the Uniform Trust Code and section 2-907 of the Uniform
Probate Code). Due to the influence the Commission’s codes have on
state legislatures when drafting statutes, such a change will certainly
trickle down throughout the states, whether or not each state has
adopted the uniform code’s pet trust statute. Part I of this Comment
discusses how pet trusts generally operate and describes the kinds of
pet trusts that can be implemented in most states. Part II describes the
Uniform Law Commission, the creation of the Uniform Trust Code
and the Uniform Probate Code, and the effect those codes have on
statutory pet trusts. Part III analyzes section 408 of the Uniform Trust
Code and section 2-907 of the Uniform Probate Code—two uniform
sections that have had the greatest effect on state pet trust statutes.
Part III also describes a typical excess funds provision.
Part IV analyzes the four main reasons the excess funds provision
should be removed from uniform laws.
Description
30 p.
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Citation
89 Or. L. Rev. 385 (2010)