Title 60 — Title 60 — Property

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…

Prudent Investor Act. Language Invoking Standard of the Oklahoma Uniform Prudent Investor Act. The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the Oklahoma Uniform…

SHORT TITLE This act shall be known and may be cited as the "Oklahoma Decanting Act" and shall apply to any trust administered under the laws of this state including a trust whose governing jurisdiction is transferred to this state. Added by Laws 2021, c. 268, § 1, eff. Nov. 1, 2…

DEFINITIONS As used in this act, unless the context or subject matter otherwise requires: 1. "Authorized trustee" means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal or income of the trust to or for the benefit of…

discretion. DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH FULL DISCRETION A. An authorized trustee who has the full discretion to distribute the principal or income of a trust may distribute all or part of the principal of that trust in favor of a trustee of a second trust for the b…

discretion. DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION A. An authorized trustee who has limited discretion to distribute the principal of a trust may distribute all or part of the principal of that trust in favor of a trustee of a second trust as provided by th…

TRUST FOR BENEFICIARY WITH DISABILITY A. As used in this act: 1. "Beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently recei…

NOTICE REQUIRED A. An authorized trustee may exercise a power of distribution under Section 3 or 4 of this act without the consent of the settlor or beneficiaries of the first trust and without court approval if the trustee provides to all of the current beneficiaries and presump…

WRITTEN INSTRUMENT REQUIRED A distribution under Section 3 or 4 of this act shall be made by a written instrument that is signed and acknowledged by the authorized trustee and filed with the records of the first trust and the second trust. Added by Laws 2021, c. 268, § 7, eff. No…

REFERENCE TO TRUST TERMS A reference to the governing instrument or terms of the governing instrument of a trust includes the terms of a second trust to which that trust's principal was distributed under this act. Added by Laws 2021, c. 268, § 8, eff. Nov. 1, 2021.

SETTLOR OF SECOND TRUST A. Except as provided by subsection B of this section, the settlor of a first trust is considered to be the settlor of a second trust established under this act. B. If a settlor of a first trust is not also the settlor of a second trust into which principa…

Application to Existing Trusts. The Oklahoma Uniform Prudent Investor Act applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this act governs only decisions or actions occurring after that date. Added by Laws 1…

COURT-ORDERED DISTRIBUTION A. An authorized trustee may petition a court to order a distribution under this act. B. If the authorized trustee receives a written objection to a distribution under this act from a beneficiary before the proposed effective date of the distribution sp…

DIVIDED DISCRETION If an authorized trustee has full discretion to distribute the principal of a trust and another trustee has limited discretion to distribute principal under the trust instrument, the authorized trustee having full discretion may exercise the power to distribute…

LATER DISCOVERED ASSETS To the extent the authorized trustee does not provide otherwise: 1. The distribution of all of the principal of a first trust to a second trust includes subsequently discovered assets otherwise belonging to the first trust and principal paid to or acquired…

limited. OTHER AUTHORITY TO DISTRIBUTE IN FURTHER TRUST NOT LIMITED This act shall not be construed to limit the power of an authorized trustee to distribute property in further trust under the terms of the governing instrument of a trust, other law, or a court order. Added by La…

NEED FOR DISTRIBUTION NOT REQUIRED An authorized trustee may exercise the power to distribute principal to a second trust under Section 3 or 4 of this act regardless of whether there is a current need to distribute principal under the terms of the first trust. Added by Laws 2021,…

DUTIES NOT CREATED A. This act does not create or imply a duty for an authorized trustee to exercise a power to distribute principal, and impropriety shall not be inferred as a result of the trustee not exercising a power conferred by Section 3 or 4 of this act. B. An authorized …

CERTAIN DISTRIBUTIONS PROHIBITED A. Except as provided by subsection B of this section, an authorized trustee shall not exercise a power to distribute principal of a trust otherwise provided by Section 3 or 4 of this act if the distribution is expressly prohibited by the terms of…

EXCEPTIONS TO POWER OF DISTRIBUTION An authorized trustee shall not exercise a power to distribute principal of a trust under Section 3 or 4 of this act to: 1. Reduce, limit or modify a beneficiary's current, vested right to: a. receive a mandatory distribution of income or princ…

TAX-RELATED LIMITATIONS A. The authorized trustee shall not distribute the principal of a trust under Section 3 or 4 of this act in a manner that would prevent a contribution to that trust from qualifying for or that would reduce the exclusion, deduction or other federal tax bene…

COMPENSATION OF TRUSTEE A. Except as provided by subsection B of this section and unless a court, on application of the authorized trustee, directs otherwise, the trustee shall not exercise a power under Section 3 or 4 of this act solely to change trust provisions regarding the d…

Uniformity of Application and Construction. The Oklahoma Uniform Prudent Investor Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it. Added by Laws 1995, c. 351, § 13, e…

application by trustee. A person who, with or without knowledge of the trust, in good faith pays or transfers to a trustee any money or other property which the trustee as such is authorized to receive, is not responsible for the proper application thereof by the trustee; and any…

This act shall be known and may be cited as the “Oklahoma Discretionary and Special Needs Trust Act”. Added by Laws 2010, c. 280, § 1, eff. Nov. 1, 2010.

As used in the Oklahoma Discretionary and Special Needs Trust Act: 1. “Beneficial interest” means a distribution interest or a remainder interest, and excludes a power of appointment or a power reserved by the settlor; 2. "Beneficiary" means a person who has a present or future b…

after November 1, 2010. The following provisions apply to all trusts created or modified from and after November 1, 2010, regardless of whether a spendthrift provision is included in a trust: 1. A distribution interest shall not be judicially sold. A distribution interest in a tr…

Oklahoma Discretionary and Special Needs Trust Act. The following provisions apply to all trusts created pursuant to the Oklahoma Discretionary and Special Needs Trust Act: 1. A creditor shall not attach, exercise, or otherwise reach an interest of a beneficiary or any other pers…