Title 60 — Title 60 — Property

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…

Animals, wild by nature, are the subjects of ownership while living only when on the land of the person claiming them, or when tamed, or taken and held in possession, or disabled and immediately pursued. R.L.1910, § 6588.

When a future estate, other than a reversion, is dependent on a precedent estate, it may be called a remainder, and may be created and transferred by that name. R.L.1910, § 6604.

60 O.S. § 300.1 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.10 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

SHORT TITLE. Sections 1 through 10 of this act shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.” Added by Laws 2007, c. 91, § 1, eff. Nov. 1, 2007.

DEFINITIONS. In the Uniform Prudent Management of Institutional Funds Act: (1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of whi…

institutional fund. STANDARD OF CONDUCT IN MANAGING AND INVESTING INSTITUTIONAL FUND. (a) Subject to the intent of a donor expressed in a gift instrument, an institution, in managing and investing an institutional fund, shall consider the charitable purposes of the institution an…

endowment fund – Rules of construction. APPROPRIATION FOR EXPENDITURE OR ACCUMULATION OF ENDOWMENT FUND; RULES OF CONSTRUCTION. (a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowm…

DELEGATION OF MANAGEMENT AND INVESTMENT FUNCTIONS. (a) Subject to any specific limitation set forth in a gift instrument or in law other than the Uniform Prudent Management of Institutional Funds Act, an institution may delegate to an external agent the management and investment …

investment, or purpose. RELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT, INVESTMENT, OR PURPOSE. (a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or …

REVIEWING COMPLIANCE. Compliance with the Uniform Prudent Management of Institutional Funds Act is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. Added by Laws 2007, c. 91, § 7, eff. Nov. 1, 200…

APPLICATION TO EXISTING INSTITUTIONAL FUNDS. The Uniform Prudent Management of Institutional Funds Act applies to institutional funds existing on or established after November 1, 2007. As applied to institutional funds existing on November 1, 2007, the Uniform Prudent Management …

National Commerce Act. RELATION TO ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT. The Uniform Prudent Management of Institutional Funds Act modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., …

60 O.S. § 300.2 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and construing the Uniform Prudent Management of Institutional Funds 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 …

60 O.S. § 300.3 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.4 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.5 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.6 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.7 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

60 O.S. § 300.8 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007