(1)(a) A person nominated as a fiduciary shall inform the court of the circumstances of an event before the person is appointed if the person:
(A) Has been convicted of a crime;
(B) Has filed for or received protection under the bankruptcy laws;
(C) Has caused any loss resulting in a surcharge under ORS 125.025 (3)(e) or a similar statute of another jurisdiction;
(D) Has been removed as a fiduciary under ORS 125.225; or
(E) Has had a license revoked or canceled that was required by the laws of any state for the practice of a profession or occupation.
(b) If the person nominated as a fiduciary is also the petitioner, the information required by this subsection may be provided in the petition for appointment of a fiduciary in the manner specified by ORS 125.055.
(2) A person who is appointed as a fiduciary shall inform the court of the circumstances of an event immediately if the person:
(a) Is convicted of a crime;
(b) Files for or receives protection under the bankruptcy laws;
(c) Causes any loss resulting in a surcharge under ORS 125.025 (3)(e) or a similar statute of another jurisdiction;
(d) Is removed as a fiduciary under ORS 125.225; or
(e) Has a license revoked or canceled that is required by the laws of any state for the practice of a profession or occupation.
(3) A person who is required to give notice to the court under subsection (2) of this section shall also give notice to those persons listed in ORS 125.060 (3).
(4) The court may decline to appoint a person as a fiduciary, or may remove a person as a fiduciary, if the person fails to comply with the provisions of this section.