Title 60 — Title 60 — Property

60 O.S. § 175.27 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.28 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.29 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

As used in this act unless the context or subject matter otherwise requires: A. "Person" means an individual, a corporation, a partnership, an association, a joint stock company, a business trust, an unincorporated organization, or two or more persons having a joint or common int…

60 O.S. § 175.30 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

WHEN RIGHT TO INCOME BEGINS AND ENDS A. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject t…

decedent dies or income interest begins. APPORTIONMENT OF RECEIPTS AND DISBURSEMENTS WHEN DECEDENT DIES OR INCOME INTEREST BEGINS A. A trustee shall allocate an income receipt or disbursement other than one to which paragraph 1 of Section 5 of this act applies to principal if its…

APPORTIONMENT WHEN INCOME INTEREST ENDS A. In this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is req…

60 O.S. § 175.31 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.32 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.33 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.34 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.35 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

60 O.S. § 175.36 Repealed by Laws 1998, c. 115, § 33, eff. Nov. 1, 1998

Upon the death of a sole or surviving trustee of an express trust and in the absence of the trust providing for a practical method of appointment, the power to appoint a trustee shall vest in the court having jurisdiction thereof, and on petition of any person interested such cou…

Upon petition of any trustee of an express trust, a court having jurisdiction may accept his resignation, and discharge him from the trust upon such terms as the rights of the persons interested in the execution of the trust may require. Laws 1941, p. 263, § 38.

Trustees having violated or attempted to violate any express trust, or becoming incompetent or insolvent, or of whose solvency or that of their sureties there is reasonable doubt, or for other cause, in the discretion of the court having jurisdiction, may, on petition of any pers…

rents and profits. Every person who, by virtue of any transfer or devise, is entitled to the actual possession of real property, and the receipts of the rents and profits thereof, is deemed to have a legal estate therein, of the same quality and duration, and subject to the same …

Trustees appointed by the district courts of Oklahoma shall be vested with all the rights, powers, trusts, privileges, discretion and title to properties conferred upon the trustee by the trust instrument, and by statute, unless otherwise provided by the court in the order of app…

CHARACTER OF RECEIPTS A. In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate…

DISTRIBUTION FROM TRUST OR ESTATE A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution o…

BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE A. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's …

PRINCIPAL RECEIPTS A trustee shall allocate to principal: 1. To the extent not allocated to income under this act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract nami…

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…