Title 60 — Title 60 — Property

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…

60 O.S. § 178.2 Repealed by Laws 2021, c. 262, § 4, eff. Nov. 1, 2021

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…

Those assets of any trust, now being used or engaged in any activity or function prohibited by Sections 9, 10 and 11 of this act, and which would be subject to ad valorem taxation if not held by public trust, shall be subject to ad valorem assessment and taxation, and no trust cr…

finance. The provisions of Sections 652 and 653 of Title 62 of the Oklahoma Statutes and Sections 178.4 and 178.5 of this title shall not affect: public trusts operating, financing or refinancing facilities for the aged or disabled persons by nonprofit, religious or benevolent or…

certain public trust property. All public trusts hereafter issuing revenue bonds, notes or other evidences of indebtedness for industrial development purposes, including but not limited to rail transportation projects, shall require the lessee of each industrial project owned by …

Applicability to public trusts created and existing prior to July 1, 1988. A. Except with regard to residents of a facility for aged persons operated by a public trust, who are trustees of the public trust operating the facility and who comprise less than a majority of the truste…

public trust - Conveyance, assignment or other transfer. Any estate in real and/or personal property may be acquired and held in the name of a public trust. Where so acquired, any conveyance, assignment or other transfer shall be made in the name of such trust by the president or…

The trustee, or trustees, under such an instrument or will shall be an agency of the state and the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created. No trustee or beneficiary shall be charged perso…

A. Any such trust may be terminated by agreement of the trustee, or, if there be more than one, then all of the trustees and the approval of a majority of the governing body of the beneficiary, and for trusts whose beneficiary is the State of Oklahoma, with the approval of the Go…

A. The trustees of every trust created for the benefit and furtherance of any public function with the State of Oklahoma or any county or municipality as the beneficiary or beneficiaries thereof, with assets or revenues in excess of Fifty Thousand Dollars ($50,000.00) or with out…

report - Failure to file – Filing of copy of instrument or will creating public trust. (a) The audits herein required shall include the opinion of a certified public accountant or a licensed public accountant notwithstanding any lesser requirement by any instrument under which th…

engagements. The necessary expense of the audits and agreed-upon-procedures engagements, including the cost of typing, printing, and binding, shall be paid from funds of the trust. Added by Laws 1963, c. 76, § 3, emerg. eff. May 21, 1963. Amended by Laws 2005, c. 459, § 8, eff. J…

supply system. A. The Corporation Commission shall have general supervision over trusts created for the benefit and furtherance of a public function pursuant to Title 60 of the Oklahoma Statutes, Sections 176 et seq., where: 1. The trust has multiple beneficiaries; and 2. A water…

60 O.S. § 180.51 Repealed by Laws 2013, c. 227, § 13, eff. Nov. 1, 2013

60 O.S. § 180.52 Repealed by Laws 2013, c. 227, § 13, eff. Nov. 1, 2013

60 O.S. § 180.53 Repealed by Laws 2013, c. 227, § 13, eff. Nov. 1, 2013

60 O.S. § 180.54 Repealed by Laws 2013, c. 227, § 13, eff. Nov. 1, 2013

60 O.S. § 180.55 Repealed by Laws 2013, c. 227, § 13, eff. Nov. 1, 2013

for participation by public trust. A. No public trust as authorized by Section 176 of Title 60 of the Oklahoma Statutes shall be a party to any agreement for land, financing or operation of a pari-mutuel horse racing facility in the State of Oklahoma unless such agreement include…

Any trust of a trustor dying after December 31, 1981, which contains a marital deduction formula expressly providing that the spouse of the trustor is to receive the maximum amount of property qualifying for the marital deduction allowable by federal law shall be construed as ref…

animals. A. A trust for the care of designated domestic or pet animals is valid. Unless the trust instrument provides for an earlier termination, the trust terminates when no living animal is covered by the trust. B. The instrument creating the trust shall be liberally construed …

There may be ownership of all inanimate things which are capable of appropriation, or of manual delivery; of all domestic animals; of all obligations; of such products of labor or skill, as the composition of an author, the good will of a business, trade marks and signs, and of r…

As used in this act: 1. "Lender" means a person whose name appears on the records of the museum as the person legally entitled to property held or on loan to the museum; 2. "Lender's last-known address" means a description of the physical or mailing address of the lender, as show…

Requirements. A. A museum may acquire legal title to undocumented property held by a museum for seven (7) years or longer, verifiable through written records, with no valid claim or contact by any person in the following manner: 1. The museum shall publish a notice by publication…

A. A museum may acquire legal title to loaned property pursuant to this section. Upon the expiration date of the loan, the museum must attempt to notify the lender in writing in order to return the loan. If, since the expiration date of the loan, two (2) years have passed with no…

After title to the property is transferred to the museum, the person as defined in paragraph 5 of Section 1 of this act, has two (2) years to bring an action against the museum to claim the property. At the end of this two-year period no action or proceeding may be brought agains…

In order to take title pursuant to this act, a museum shall have the following obligations to a lender: 1. The museum must keep written records regarding the property for at least two (2) years from the date of taking title pursuant to this act; 2. The museum must keep written re…

The lender shall notify the museum of a change of address or of a change in ownership of the loaned property in order to ensure the retention of rights to the loaned property. Added by Laws 2025, c. 120, § 6, eff. Nov. 1, 2025.