(1) Claims against a trust described in subsection (2) of this section that are not presented within the time limitations established under ORS 130.360 or within the statute of limitations applicable to the claim, whichever is earlier, are barred from payment from the trust estate. (2) ORS 130.350 to 130.450 apply only if: (a) A claim is made against assets of a trust; (b) The trust came into existence during the settlors lifetime and was a revocable trust at any time after the trust was created and before the death of the settlor; (c) The claim is based on the debts or liabilities of the settlor; and (d) The claim is made against the assets of the trust after the death of the settlor. (3) ORS 130.350 to 130.450 apply to all claims against a trust described in subsection (2) of this section, without regard to whether the claims are contingent, unliquidated or not yet due. [Formerly 128.256]
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