Title 60, Title 60 — Property

RENTAL PROPERTY To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An …

OBLIGATION TO PAY MONEY A. An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provi…

INSURANCE POLICIES AND SIMILAR CONTRACTS A. Except as otherwise provided in subsection B of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contrac…

INSUBSTANTIAL ALLOCATIONS NOT REQUIRED If a trustee determines that an allocation between principal and income required by Section 18, 19, 20, 21, or 24 of this act is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described…

payments. DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS A. In this section: 1. “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the paye…

Every trust shall be revocable by the trustor, unless expressly made irrevocable by the terms of the instrument creating the same. Provided, that any trust may be revoked by the trustor upon the written consent of all living persons having vested or contingent interest therein. T…

LIQUIDATING ASSET A. In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receiv…

MINERALS, WATER, AND OTHER NATURAL RESOURCES A. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: 1. If received as a bonus, delay rental or annual rent …

TIMBER A. To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: 1. To income to the extent that the amount of timber removed from the land does not exceed the estimate…

PROPERTY NOT PRODUCTIVE OF INCOME A. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers …

DERIVATIVES AND OPTIONS A. In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible ass…

ASSET-BACKED SECURITIES A. In this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives…

failure or termination of trust - Transfer subject to trust. Notwithstanding anything contained in the last section, the trustor of a trust may, in its creation, prescribe to whom the real or personal property to which the trust relates shall belong, in the event of the failure o…

to trust. The grantee or devisee of real or personal property subject to a trust acquires a legal estate in the property, against all persons except the trustees and those lawfully claiming under them. Laws 1941, p. 263, § 43.

Where an express trust is created in relation to real or personal property, every estate not embraced in the trust, and not otherwise disposed of, is left in the trustor of the trust or his successors. Laws 1941, p. 263, § 44.

for value - Notice of restrictions - Intent of Legislature. (a) Where an express trust is created in relation to real property; any grant, deed, conveyance, lease, easement, encumbrance, assignment, or release by the trustee with respect to such real property or interest therein …

suspension. A. Except as otherwise provided in subsection B of this section, the absolute power of alienation of real and personal property, or either of them, shall not be suspended by any limitations or conditions for a longer period than during the continuance of a life or liv…

A trustee acting in a fiduciary capacity, as herein authorized, is entitled to receive such compensation or commission as provided for in the trust agreement or other contract. If the amount of such compensation or commission is not regulated by or stipulated in the trust agreeme…

When the purpose for which an express trust was created ceases, the estate of the trustee also ceases. Laws 1941, p. 265, § 49.

The last preceding section does not divest the estate of any trustee in a trust heretofore existing, where the title of such trustee is not merely nominal, but is connected with some power of actual disposition or management in relation to the real property, which is the subject …

The repeal of any section of the statutory law of this state by this act, which section abrogated or restated the common-law rule, shall operate to reinstate and reestablish the common-law rule applicable thereto, except as the subject matter thereof may be changed by the provisi…

DISBURSEMENTS FROM INCOME A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subparagraph b or c of paragraph 2 of Section 5 of this act applies: 1. One-half of the regular compensation of the trustee and of any per…

DISBURSEMENTS FROM PRINCIPAL A. A trustee shall make the following disbursements from principal: 1. The remaining one-half of the disbursements described in paragraph 1 and 2 of Section 25 of this act; 2. All of the trustee's compensation calculated on principal as a fee for acce…

TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION A. In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year. B. A trustee may transfer to principal a…

TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL A. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide…

INCOME TAXES A. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. B. A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the ta…

taxes. ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES A. A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: 1. Elections a…

For the purposes of assessments and collection of taxes by the State of Oklahoma and its political subdivisions, the statutes of the State of Oklahoma relating to and governing taxation shall supersede the provisions of this act. Laws 1941, p. 265, § 51.

applicable. The terms of this act shall apply in the construction of, and operation under, A. All agreements containing trust provisions entered into subsequent to the effective date hereof; B. All wills made by testators who shall die subsequent to the effective date hereof; and…

act - Powers of trustee. A trustee, whether an individual or a corporation, shall have the power to appoint a natural or corporate trustee to act with respect to the portion of the trust estate that has situs in a jurisdiction in which the trustee is not qualified to act and shal…

affiliate of bank or trust company. A. A bank, trust company, or affiliate of a bank or trust company which serves as a fiduciary, trustee, custodian, managing agent, personal representative, or otherwise may invest and reinvest assets that it maintains in its trust department or…

to beneficiary's lineal descendants. When the declaration or agreement of an express trust provides for any of the property held in trust to be distributed to a beneficiary related by blood to the grantor or to a grantor of the trust, and the beneficiary is living at the time the…

A. A violation by a trustee of a duty the trustee owes a beneficiary is a breach of trust. B. To remedy a breach of trust that has occurred or may occur, the court may: 1. Compel the trustee to perform the trustee's duties; 2. Enjoin the trustee from committing a breach of trust;…

A trust may be created by: A. A declaration by the owner of property that he holds it as trustee for another person, or for himself and another person or persons; or B. A transfer inter vivos by the owner of property to another person as trustee for the transferor or for a third …

Short Title. Sections 1 through 13 of this act shall be known and may be cited as the "Oklahoma Uniform Prudent Investor Act". Added by Laws 1995, c. 351, § 1, eff. Nov. 1, 1995.

UNIFORMITY OF APPLICATION AND CONSTRUCTION In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Added by Laws 1998, c. 115, § 31, eff. Nov. 1, 1998.

APPLICATION OF ACT TO EXISTING TRUSTS AND ESTATES This act applies to every trust or decedent's estate existing on the effective date of this act except as otherwise expressly provided in the will or terms of the trust or in this act. Added by Laws 1998, c. 115, § 32, eff. Nov. 1…

Particular dates. TRANSITIONAL MATTERS Section 175.409 of Title 60 of the Oklahoma Statutes applies to a trust described in subsection D of Section 175.409 of Title 60 of the Oklahoma Statutes on and after the following dates: 1. If the trust is not funded as of November 1, 2009,…

Prudent Investor Rule. A. Except as otherwise provided in subsection B of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in the Oklahoma Uniform Prudent Investor Act. B.…

objectives. Standard of Care; Portfolio Strategy; Risk and Return Objectives. A. A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this sta…

Diversification. A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying. Added by Laws 1995, c. 351, § 4, eff. Nov. 1, 1995.

Duties at Inception of Trusteeship. Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio…

Loyalty. A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries. Added by Laws 1995, c. 351,.§ 6, eff. Nov. 1, 1995.

Impartiality. If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries. Added by Laws 1995, c. 351, § 7, eff. Nov. 1, 1995.

Investment Costs. In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee. Added by Laws 1995, c. 351, § 8, eff. Nov. 1, 1995.

Reviewing Compliance. Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight. Added by Laws 1995, c. 351, § 9, eff. Nov. 1, 1995.

Delegation of Investment and Management Functions. A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: 1. Sele…

trust - Transfer - Memorandum - Presumption for conveyance by trustee. Any estate in real property may be acquired and held in the name of an express private trust which is a legal entity. Where real property is so acquired, any conveyance, assignment or other transfer shall be m…

conveyances. Any conveyance made and filed of record prior to the effective date of this act placing real property or any interest therein in a trust naming the trust itself as the grantee shall be valid for all purposes unless any person claiming adversely to such trust or to it…

without notice. If the trustee in breach of trust transfers trust property to, or creates a legal interest in the subject matter of the trust in, a person who takes for value and without notice of breach of the trust, actual or constructive under the recording act, and who is not…