Title 60, Title 60 — Property

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…

A. A spendthrift provision is valid if it restrains either the voluntary or involuntary transfer of a beneficiary’s interest. If the applicable trust instrument so provides, a spendthrift provision may permit the voluntary transfer of an interest of a beneficiary even if the tran…

discretionary interests. A. A distribution interest in a trust shall be classified as a mandatory interest, a support interest or a discretionary interest. B. A beneficiary may concurrently hold a mandatory interest, support interest or discretionary interest. To the extent a tru…

A. If a trust created on or after November 1, 2010, contains a spendthrift provision, a creditor shall not attach present and future mandatory distributions from the trust. A creditor shall wait until a distribution is received by a beneficiary before attachment. However, an exce…

support interests. The following provisions apply only to trusts with one or more beneficiaries holding support interests: 1. The fact that a court would have exercised the distribution power under a support interest differently than the trustee is not sufficient reason for inter…

discretionary interests. The following provisions apply only to trusts with one or more beneficiaries holding discretionary interests: 1. A discretionary interest is neither a property interest nor an enforceable right to a distribution; it is a mere expectancy; provided, however…

Except as provided in Section 10, no corporate trustee shall lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate; nor shall any noncorporate trustee lend trust funds to himself, or to his relative, employer, employee, …

Restrictions limiting distribution powers. A. A trustee may only make distributions for the purposes designated by the settlor. A creditor, including an exception creditor, has no greater rights than a beneficiary. In this respect, a creditor, including an exception creditor, can…

A. A provision which provides that a current distribution interest shall either become a discretionary interest or shall terminate upon the attachment by a creditor, including an exception creditor, is valid. B. A provision that provides a remainder interest shall terminate or ch…

creditor or assignee may reach. Subject to the provisions of the Family Wealth Preservation Trust Act: 1. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply: a. during the lifetime of the settlor, the property of a revocable trust is su…

Approval - Expenditures - Conveyance of title to real property used for airport - Bylaws - Amendments - Indebtedness - Bonds - Contracts - Eminent domain - Exemptions. A. Express trusts may be created to issue obligations, enter into financing arrangements including, but not limi…

beneficiary. A. Except as provided in subsection F of this section and if the conditions set out in subsection B of this section are satisfied in compliance with Section 176 et seq. of this title, a public trust duly created in accordance with the provisions of Section 176 et seq…

Such trusts may be created by written instruments or by will. In the case of written instruments, the same shall be subscribed by the grantor or grantors and duly acknowledged as conveyances of real estate are acknowledged, and before the same shall become effective the beneficia…

expressly authorized. That no public trust shall engage in any activity or transaction that is not expressly authorized in the instruments or articles prescribing its creation except by express consent of the governmental agency or governmental entity that created said public tru…

Oklahoma Commission on School and County Funds Management - Powers and duties. A. No public trust, school district or county shall issue any bonds, notes, certificates of participation, certificates of indebtedness or any other evidence of indebtedness, excluding nonpayable warra…

management program without Commission approval - Receipt of payment or compensation for endorsement of short-term cash management program by person not properly designated or registered - Violations and penalties. A. Any officer of a school district or county who authorizes the p…

corporation, partnership and other entity deriving income from public funds - Revocation or forfeiture of certificate. Corporations, partnerships and other entities which derive income from public funds shall be prohibited from endorsing any short-term cash management program, as…

funding or cash management program. All reserve funds currently or hereafter held by any public trust or entity, which funds result from any advance funding or cash management program, must be rebated, with all accrued interest thereon, on a pro rata basis of actual participation…

term, removal and compensation - Applicability to public trusts created and existing prior to July 1, 1988. A. The instrument or will creating such trust may provide for the appointment, succession, powers, duties, term, manner of removal and compensation of the trustee or truste…

trust existence. Any conveyance, assignment or other transfer executed in the name of such trust pursuant to Section 1 of this act and bearing a signature which purports to be the signature of the president or chairman of said trust, shall be deemed prima facie evidence that such…

transfer. Every conveyance, assignment, or other transfer of any estate in real property, executed by a trust, must be acknowledged by the president or chair of the trust subscribing the name of the trust thereto, which acknowledgment shall be in substantially a form as provided …

beneficiary approval requirements. Any indebtedness issued by a public trust having as its principal purpose, and which is primarily engaged in, the ownership and operation of a hospital or related institution, as defined in Section 1-701 of Title 63 of the Oklahoma Statutes, and…

Nothing in this act shall affect the validity of outstanding indebtedness of any public trust heretofore created nor shall the validity of any document pertaining to such outstanding indebtedness or written instrument creating such public trust be affected. Laws 1976, c. 222, § 6…

A. Trusts created under the provisions of Sections 176 through 180.55 of this title or any amendments or extensions thereof shall not include any trust purpose, function nor activity primarily used in the distribution centers for intoxicating beverages and low-point beer as defin…