Title 60, Title 60 — Property

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…

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.

property. A. Unless there is a written loan agreement to the contrary, a museum may apply conservation measures to or dispose of property on loan to the museum without a lender's permission if immediate action is required to protect the property on loan or to protect other proper…

of property. A. A museum may apply conservation measures to or dispose of undocumented property in possession of the museum if immediate action is required to protect the property or to protect other property in the custody of the museum, or the property has become a hazard to th…

A. An action shall not be brought against a museum for damages because of injury to or loss of property loaned to the museum more than two (2) years from the date the museum gives the lender or person with legal interests notice of the injury or loss or two (2) years from the dat…

Loaned property in the possession of a museum at the time of the owner's death, which would otherwise escheat to the state, shall not so escheat but shall become property of the museum to which it is loaned. Added by Laws 2025, c. 120, § 10, eff. Nov. 1, 2025.

Real property within this state is governed by the law of this state, except where the title is in the United States. R.L.1910, § 6595.

Estates in real property, in respect to the duration of their enjoyment, are either: 1. Estates of inheritance, or perpetual estates. 2. Estates for life. 3. Estates for years; or, 4. Estates at will. R.L.1910, § 6596.

Every estate of inheritance is a fee, and every such estate, when not defeasible or conditional, is a fee simple or an absolute fee. R.L.1910, § 6597.

Estates tail are abolished; and every estate which would be at common law adjudged to be a fee tail is a fee simple, and if no valid remainder is limited thereon, is a fee simple absolute. R.L.1910, § 6598.

Where a remainder in fee is limited upon any estate, which would by the common law be adjudged a fee tail, such remainder is valid as a contingent limitation upon a fee, and vests in possession on the death of the first taker, without issue living at the time of his death. R.L.19…

Estates of inheritance and for life are called estates of freehold; estates for years are chattels real; and estates at will are chattel interests, but are not liable as such to sale on execution. R.L.1910, § 6600.

An estate during the life of a third person, whether limited to heirs or otherwise, is a freehold. R.L.1910, § 6601.

A future estate may be limited by the act of the party to commence in possession at a future day, either without the intervention of a precedent estate, or on the termination, by lapse of time, or otherwise, of a precedent estate, created at the same time. R.L.1910, § 6602.

The reversion is the residue of an estate left, by operation of law, in the grantor, or his successors, or in the successors of a testator, commencing in possession on the determination of a particular estate granted or devised. R.L.1910, § 6603.

The common law of powers is hereby declared to be the law in this state, except as modified by statute. Laws 1977, c. 210, § 1.

When the donee of a power of appointment makes a deed or a will purporting to transfer all of his property, the property covered by the power shall be included in such transfer unless it is shown that the donee did not so intend. Laws 1977, c. 210, § 10.

A deed either creating or exercising a power of appointment over real property is a conveyance. A will appointing real property is a devise. Laws 1977, c. 210, § 11.

time. The period during which the absolute right of alienation may be suspended by any instrument in execution of a power shall be computed from the time of the creation of the power and not from the date of the instrument. However, in the case of a general power presently exerci…

Every estate or interest given to a descendent of the donee by the exercise of a power is an advancement to such descendent to the same extent that a gift of property owned by the donee would be an advancement. Laws 1977, c. 210, § 13.

Under a general assignment for the benefit of creditors, a power of appointment in the assignor by which he is authorized to appoint the property to himself passes to the assignee. Laws 1977, c. 210, § 14.

When the grantor in a conveyance reserves to himself, for his own benefit, an absolute power of revocation, the grantor shall still be the absolute owner of the estate conveyed, so far as the rights of creditors and purchasers are concerned. Laws 1977, c. 210, § 15.

beneficiary. When an absolute power of disposition is given to a grantee or a beneficiary under a will of real or personal property and no reversion, remainder or gift in default of the property undisposed of by the grantee or a beneficiary under a will is expressed in the instru…

A donor may create a power of appointment only by an instrument executed with the same formalities as one which would pass title to the property covered by the power. Laws 1977, c. 210, § 2.

A donee may exercise a power of appointment only by an instrument executed with sufficient formalities to pass title to the property covered by the power. When a power of appointment is exercisable only by will, a donee may not exercise it by deed. When a power of appointment is …

A power of appointment authorized to be exercised by an instrument which would not be sufficient to transfer title to the property covered by the power shall not be void, but its execution shall conform to the provisions of this act. When the power of appointment directs that for…

Any donee, except a minor, who would be capable of conveying the property covered by the power may exercise a power of appointment. Laws 1977, c. 210, § 5.

When a power of appointment is vested in two or more persons, all such persons shall unite in its exercise. However, if one or more of such persons die, become legally incapable of exercising the power or renounce such power, the power may be exercised by the others. Laws 1977, c…

When the consent of the donor, or of any other person, is required by the donor for the exercise of a power of appointment, this consent shall be in writing. To entitle the instrument exercising the power to be recorded, the signature of any person consenting shall be acknowledge…

objects to the exclusion of the others. Unless a contrary intent is manifested in the instrument creating the power, the donee may appoint all of the property to one or more of the objects to the exclusion of the others. A direction to appoint "to", "among" or "between" two or mo…

- Fraudulent conveyances. When a donee is authorized to appoint to himself all or part of the property covered by any power of appointment, a creditor of the donee may subject to his claim all property which the donee could then appoint to himself only to the extent that other pr…