This form is a Release and Cancellation of Trust Agreement / Trust Indenture. All liens and encumberances created thereby are certified to be satisfied and released. Adapt to fit your circumstances.
The Oregon Release and Cancellation of Trust Agreement, also known as the Trust Indenture, is a legal document used to terminate or dissolve a trust established in the state of Oregon. This agreement signifies the agreement between the trust or (the person who created the trust) and the trustee (the person or entity managing the trust) to release all parties involved from their respective obligations and responsibilities. The purpose of the Oregon Release and Cancellation of Trust Agreement is to formally declare the intention of the trust or to revoke, cancel, or terminate the trust. This agreement acknowledges that all terms and conditions of the trust have been fulfilled and grants permission for the trustee to distribute the remaining assets and property according to the trust's instructions and laws governing trust dissolution. There may be variations or types of Oregon Release and Cancellation of Trust Agreement — Trust Indenture depending on the specific circumstances or requirements. Some of these variations include: 1. Living Trust Release and Cancellation Agreement: This type of agreement is used when the trust or revokes a living trust during their lifetime. It typically details the process of distributing assets, settling debts, and terminating the trust. 2. Testamentary Trust Release and Cancellation Agreement: This agreement is utilized when a trust or, through their last will and testament, establishes a trust that only comes into effect after their death. The Testamentary Trust Release and Cancellation Agreement clarify the procedures for winding up the trust and distributing assets to beneficiaries. 3. Irrevocable Trust Release and Cancellation Agreement: Irrevocable trusts are typically more difficult to terminate as they are designed to be permanent. However, certain circumstances may allow for the release and cancellation of an irrevocable trust, such as the consent of all involved parties or a court order. This type of agreement outlines the process and conditions under which an irrevocable trust can be dissolved. Regardless of the specific type, the Oregon Release and Cancellation of Trust Agreement is a crucial legal document that formally terminates a trust and establishes the steps for distributing the trust's assets. It ensures that all parties involved are released from their obligations and responsibilities after fulfilling the terms of the trust.
