Title 60 — Title 60 — Property

A. A trustee shall keep adequate records of the administration of the trust. B. A trustee shall keep trust property separate from the trustee's own property. C. Except as otherwise provided in subsection D of this section, a trustee shall cause the trust property to be designated…

Except as otherwise provided in subsections A and B of Section 175.57 of Title 60 of the Oklahoma Statutes, if more than one trustee is liable to the beneficiaries for a breach of trust, a trustee is entitled to contribution from the other trustee or trustees. A trustee is not en…

A. A trustee is accountable to an affected beneficiary for any profit made by the trustee arising from the administration of the trust, even absent a breach of trust. B. Absent a breach of trust, a trustee is not liable to a beneficiary for a loss or depreciation in the value of …

A trustee who acts in reasonable reliance on the terms of the trust as expressed in the trust instrument is not liable to a beneficiary for a breach of trust to the extent the breach resulted from the reliance. Added by Laws 2025, c. 254, § 67, eff. Nov. 1, 2025.

If the happening of an event, including marriage, divorce, performance of educational requirements, or death, affects the administration or distribution of a trust, a trustee who has exercised reasonable care to ascertain the happening of the event is not liable for a loss result…

A. The limitations on personal liability of a trustee as set forth in subsection H of Section 175.57 of Title 60 of the Oklahoma Statutes and in subsection H of Section 42 of this act shall apply. B. A claim based on a contract entered into by a trustee in the trustee's fiduciary…

A. Except as otherwise provided in subsection C of this section or unless personal liability is imposed in the contract, a trustee who holds an interest as a general partner in a general or limited partnership is not personally liable on a contract entered into by the partnership…

A. Instead of furnishing a copy of the trust instrument to a person other than a beneficiary, and in lieu of or in addition to a memorandum of trust under subsection A of Section 175.6 of Title 60 of the Oklahoma Statutes, the trustee may furnish to the person a certification of …

required. Unless otherwise authorized, directed or restricted by order of court or by the will, trust agreement, or other document which is the source of the trust, the trustee may invest trust funds in any property, real, personal or mixed, in which an individual may invest the …

The provisions of this act governing the legal effect, validity, or enforceability of electronic records or electronic signatures, and of contracts formed or performed with the use of such records or signatures, conform to the requirements of Section 102 of the Electronic Signatu…

If any provision of this act or its application to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and to this end the provisions of th…

A. Except as otherwise provided in this act, on the effective date of this act: 1. This act applies to all trusts created before, on, or after its effective date; 2. This act applies to all judicial proceedings concerning trusts commenced on or after its effective date; 3. This a…

60 O.S. § 162 Repealed by Laws 1995, c. 351, § 27, eff. Nov. 1, 1995

A trustee may retain in trust any property originally received into the trust and any substitution therefor without liability for such retention. Laws 1949, p. 413, § 3.

The uses and purposes of the said Oklahoma Ordinance Works Authority Trust are hereby declared to be in furtherance of a public function and purpose and vital to the public welfare of the people of Oklahoma, and all actions heretofore taken by said authority are hereby in all res…

It is hereby declared to be the intention and desire of the State of Oklahoma that the Oklahoma Ordinance Works Authority, as an agency of the State of Oklahoma, continue its negotiations with the General Services Administration and complete the acquisition of said property for t…

It is hereby directed that the State Contingency and Emergency Fund Board allocate and pay over to the Oklahoma Ordinance Works Authority Trust the sum of One Thousand Dollars ($1,000.00) in aid of such acquisition, to be expended by said Oklahoma Ordinance Works Authority Trust …

Express trusts may be created in real or personal property or both, with power in the trustee, or a majority of the trustees, if there be more than one, to receive title to, hold, buy, sell, exchange, transfer and convey real and personal property for the use of such trust; to ta…

duration - Extension of term. No such express trust shall be valid unless created first, by a written instrument subscribed by the grantor or grantors duly acknowledged, as conveyances of real estate are acknowledged, and recorded in the office of the county clerk of each county …

Instruments creating express trusts may provide for succession to any trustee, in case of the death, resignation, removal, or incapacity of such trustee. In case of any such succession, the title to the trust property shall at once vest in the succeeding trustee. Laws 1919, c. 16…

Liability to third persons for any act, omission, or obligation of a trustee or trustees of an express trust when acting in such capacity, shall extend to the whole of the trust estate held by such trustee or trustees, or so much thereof as may be necessary to discharge such liab…

contain certain provisions - Amendment without judicial proceedings. A. Notwithstanding any provision of Oklahoma law or in the governing instrument to the contrary, except as provided in subsection C hereof, the governing instrument of each trust which is a private foundation as…

provisions - Amendment. A. Notwithstanding any provisions of Oklahoma law or in the articles of incorporation to the contrary, except as provided in subsection B hereof, the articles of incorporation of each corporation which is a private foundation as described in Section 509 of…

Annulment or divorce - Exemptions. A. If, after making an express trust, the trustor is divorced, all provisions in such express trust in favor of the trustor's former spouse, which are to take effect upon the death of the trustor, are thereby revoked. Annulment of the trustor's …

This act may be cited as the Oklahoma Trust Act. Added by Laws 1941, p. 250, § 1.

A corporate trustee may deposit with itself trust funds in checking and savings accounts, savings certificates, certificates of deposit, and any other type of demand or time deposit, provided it maintains under control of its trust department, if it has a trust department separat…

SHORT TITLE This act shall be known and may be cited as the "Oklahoma Uniform Principal and Income Act". Added by Laws 1998, c. 115, § 1, eff. Nov. 1, 1998.

DEFINITIONS As used in this act: 1. "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an inco…

FIDUCIARY DUTIES; GENERAL PRINCIPLES A. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3 of this act, a fiduciary: 1. Shall administer a trust or estate in accordance with the terms of…

TRUSTEE'S POWER TO ADJUST A. A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a bene…

etc. No trustee shall directly or indirectly buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to himself, a relative, employer, partner, or other business associ…

A national banking association, a credit union, a state- chartered corporation, including a state-chartered bank or trust company, or a state or federal savings and loan association that has the right to exercise trust powers and that is serving as trustee, may: 1. Employ an affi…

No trustee shall as trustee of one trust sell property to himself as trustee of another trust, except bonds, notes, and obligations fully guaranteed as to both principal and interest, by the United States of America, which may be so sold at the current market price. Laws 1941, p.…

affiliate, etc. No corporate trustee shall purchase for a trust, shares of its own stock, or its bonds, or other securities, or the stock, bonds or other securites of an affiliate. This section shall not prohibit the exercise of stock rights issued in connection with shares of th…

A trustee owning corporate stock may vote it by proxy, with or without power of substitution, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it. Laws 1941, p. 252, § 14.

A trustee owning stock may hold it in the name of a nominee, without mention of the trust in the stock certificate or stock registration book; provided that: A. The trust records and all reports or accounts rendered by the trustee, clearly show the ownership of the stock by the t…

Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal. Laws 1941, p. 253, § 16.

Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order: A. Any power vested in three or more trustees may be exercised by a majority of the trustees; but no trustee who has not joined in exercising a power shall be liable to the benefi…

trustee - Trustee as general or limited partner. Whenever a trustee shall make a contract which is within his powers as trustee, or a predecessor trustee shall have made such a contract, and a cause of action arises thereon: 1. The party in whose favor the cause of action has acc…

A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property; A. If he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim; if 1…

A trust in relation to real and personal property, or either of them, may be created for any purpose or purposes for which a contract may be made. Laws 1941, p. 250, § 2.

trustee. Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration: A. The trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine in such action:…

DETERMINATION AND DISTRIBUTION OF NET INCOME After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: 1. A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net p…

DISTRIBUTION TO RESIDUARY AND REMAINDER BENEFICIARIES A. Each beneficiary described in paragraph 4 of Section 175.201 of Title 60 of the Oklahoma Statutes is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal …

Trustor may relieve trustee or add others. The trustor of any trust affected by this act may, by provisions in the instrument creating the trust, or by an amendment of the trust if the trustor reserved the power to amend the trust, relieve his trustee from any or all of the dutie…

10, 1999.

- Parties - Applicable statutes. A. The district court shall have original jurisdiction to construe the provisions of any trust instrument; to determine the law applicable thereto; the powers, duties, and liability of trustee; the existence or nonexistence of facts affecting the …

- Bond of trustee. A. In the absence of contrary or limiting provisions in the trust agreement or a subsequent order or decree of a court of competent jurisdiction, the trustee of an express trust is authorized: 1. To exchange, reexchange, subdivide, develop, improve, dedicate to…

remedies of creditors - Spendthrift trusts - Trustor's interest alienable and subject to claims of creditors. A. Any instrument creating a trust may provide by specific words that the interest of any beneficiary in the income of the trust shall not be subject to voluntary or invo…

60 O.S. § 175.26 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998