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0 chapters · 651 sections in this title.
60 O.S. § 3 Wild animals may be owned, when
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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.
60 O.S. § 30 Remainder defined
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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. § 300.11 Short title
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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.
60 O.S. § 300.12 Definitions
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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…
60 O.S. § 300.13 Standard of conduct in managing and investing
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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…
60 O.S. § 300.14 Appropriation for expenditure or accumulation of
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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…
60 O.S. § 300.15 Delegation of management and investment functions
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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 …
60 O.S. § 300.16 Release or modification of restrictions on management
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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 …
60 O.S. § 300.17 Reviewing compliance
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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…
60 O.S. § 300.18 Application to existing institutional funds
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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 …
60 O.S. § 300.19 Relation to Electronic Signatures in Global and
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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. § 300.20 Uniformity of application and construction
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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. § 301.1 Short title
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This act shall be known and may be cited as the "Oklahoma Charitable Fiduciary Act". Added by Laws 1997, c. 99, § 2, emerg. eff. April 15, 1997.
60 O.S. § 301.10 Inapplicability of Oklahoma Open Records Act and
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Oklahoma Open Meeting Act. Nothing herein shall be construed to subject a charitable organization to the Oklahoma Open Records Act or the Oklahoma Open Meeting Act, provided however that the annual audit reports which are in the possession of the Oklahoma Banking Department becau…
60 O.S. § 301.11 Applicability of act
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Subject to Section 14 of this act, the provisions of this act shall apply to charitable trusts and fiduciary relationships of charitable organizations in existence at the time this act takes effect or thereafter established and to resolve the uncertainties surrounding the adminis…
60 O.S. § 301.12 Applicability of other laws
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The provisions of Section 161 of Title 60 of the Oklahoma Statutes and of the Oklahoma Trust Act, Sections 175.1 to 175.56, inclusive, of Title 60 of the Oklahoma Statutes which are in conflict with this act are not applicable to charitable trusts. Provided however, with the exce…
60 O.S. § 301.13 Charitable organizations administering trusts that are
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not charitable trusts. Charitable organizations administering trusts that are not charitable trusts as defined in this act as of ninety (90) days after the effective date of this act or September 1, 1997, whichever date is the first to occur, shall be permitted to continue admini…
60 O.S. § 301.2 Legislative findings and purpose
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A. The Legislature finds that: 1. Charitable, religious, and educational and eleemosynary organizations perform essential and needed services in the state; 2. Clarification is needed regarding the capability of charitable, religious, educational, and eleemosynary organizations to…
60 O.S. § 301.3 Definitions
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As used in the Oklahoma Charitable Fiduciary Act: 1. "Charitable organization" means an incorporated or unincorporated organization: a. domiciled in the State of Oklahoma, b. recognized under Section 501(c)(3) of the Internal Revenue Code as being organized and operated exclusive…
60 O.S. § 301.4 Fiduciary capacities
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Charitable organizations shall be permitted to act in the following fiduciary capacities within this state: 1. To act as trustee under charitable trusts created by will, inter vivos declaration of trust or trust agreement, corporate resolution, or order, judgment or decree of any…
60 O.S. § 301.5 Charitable organizations authorized to exercise certain
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powers as trustees. In addition to the powers conferred on fiduciaries by the Oklahoma Trust Act, the Uniform Prudent Management of Institutional Funds Act, and the Oklahoma Uniform Prudent Investor Act, all charitable organizations acting as trustees of charitable trusts shall e…
60 O.S. § 301.6 Fidelity bonds
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A. Governing board must require fidelity bonds. The governing board of a charitable organization serving as trustee of a charitable trust shall require good and sufficient fidelity bonds on all officers and employees who are involved in the funding and administration of a charita…
60 O.S. § 301.7 Powers of charitable organizations acting as trustees of
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charitable trusts - Common charitable trust funds investments - Reporting - Recovery of costs - Accounting to court. A. Definitions. For purposes of this section: 1. "Common charitable trust fund" means a fund composed of assets from two or more charitable trusts and other charit…
60 O.S. § 301.8 Private inurement prohibited
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No private inurement. 1. Employees, officers, and members of the governing board of the charitable organization administering a charitable trust or the common charitable trust fund shall not receive commissions, bonuses, or other remuneration based on the solicitation of charitab…
60 O.S. § 301.9 Annual audit
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Each year a charitable organization administering charitable trusts shall have prepared a comprehensive annual audit conforming to generally accepted accounting principles which is certified by an independent certified public accounting firm. A copy of this annual audit shall be …
60 O.S. § 31 Suspension of alienation
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A. The absolute power of alienation shall not be suspended, by any limitation or condition whatever, for a longer period than during the continuance of the lives of persons in being at the creation of the limitation or condition plus twenty-one (21) years, except as provided in S…
60 O.S. § 311 Law governing personalty
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If there is no law to the contrary in the place where personal property is situated, it is deemed to follow the person of its owner, and is governed by the law of his domicile. R.L.1910, § 6738.
60 O.S. § 312 Thing in action
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A thing in action is a right to recover money or other personal property, by judicial proceedings. R.L.1910, § 6739.
60 O.S. § 313 Thing in action may be transferred
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A thing in action, arising out of the violation of a right of property, or out of an obligation, may be transferred by the owner. Upon the death of the owner, it passes to his personal representatives, except where, in the case provided by law, it passes to his devisees or succes…
60 O.S. § 314 Trademarks
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One who produces or deals in a particular thing or conducts a particular business, may appropriate to his exclusive use, as a trademark, any form, symbol or name which has not been so appropriated by another, to designate the origin or ownership thereof; but he cannot exclusively…
60 O.S. § 315 Goodwill
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The goodwill of a business is the expectation of continued public patronage, but it does not include a right to use the name of any person from whom it was acquired. R.L.1910, § 6742.
60 O.S. § 316 Good-will as property
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The good-will of a business is property, transferable like any other. R.L.1910, § 6743.
60 O.S. § 317 Title deeds
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Instruments essential to the title of real property, and which are not kept in a public office as a record pursuant to law, belong to the person in whom, for the time being, such title may be vested, and pass with the title. R.L.1910, § 6744.
60 O.S. § 319 Oil and gas well equipment - Lease, loan or option to
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purchase - Filing instrument in county clerk's office. Any instrument in writing leasing or lending or giving option to purchase any personal property, used in the digging, drilling, completing or equipping of an oil and gas well shall be void as against innocent purchasers or cr…
60 O.S. § 32 Suspension of ownership limited
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A. The absolute ownership of a term of years cannot be suspended for a longer period than the absolute power of alienation can be suspended in respect to a fee. B. The provisions of this section apply solely to real property not held in trust. Added by Laws 1941, p. 266, § 2. Ame…
60 O.S. § 320 Filing and indexing
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The said instrument shall be filed and indexed by the county clerk in the same manner in which chattel mortgages are now filed and indexed. Laws 1941 P. 266, Sec. 2.
60 O.S. § 321 Verbal lease or loan void as against innocent purchasers
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or creditors. Any verbal leasing or lending of personal property used in the digging, drilling, completing or equipping an oil and gas well shall be void as against innocent purchasers or creditors of the lessee or bailee. Laws 1941, p. 266, § 3.
60 O.S. § 326 Perpetuities and restraints on alienation
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No retirement, pension or profit sharing plan, qualified for tax exemption purposes under present or future Acts of Congress, or any trusts, insurance and annuity contracts constituting a part thereof, shall be construed as violating the rule or law against perpetuities, or any r…
60 O.S. § 327 Provisions against alienation or encumbrance
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Any such plan, trust or contract may provide against the alienation or encumbrance of the interest of any person therein and further provide that no interest therein shall be subject to garnishment, attachment, execution or the claims of creditors of the persons having an interes…
60 O.S. § 328 Power to alienate or encumber - Exemption from process and
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claims. Any person having an interest in any such plan, trust or contract, or in any property or any right subject to any such plan, trust or contract, containing the provisions set forth in the next preceding section of this act, or provisions of substantially the same force and…
60 O.S. § 331 Property acquired, how
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Property is acquired by: 1. Occupancy. 2. Accession. 3. Transfer. 4. Will; or, 5. Succession. R.L.1910, § 6746.
60 O.S. § 332 Title by occupancy
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Occupancy for any period confers a title sufficient against all except the state, and those who have title by prescription, accession, transfer, will or succession. R.L.1910, § 6747.
60 O.S. § 333 Prescription, title by
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Occupancy for the period prescribed by civil procedure, or any law of this state as sufficient to bar an action for the recovery of the property, confers a title thereto, denominated a title by prescription, which is sufficient against all. R.L.1910, § 6748.
60 O.S. § 334 Fixture may not be moved - Exceptions
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When a person affixes his property to the land of another without an agreement permitting him to remove it, the thing affixed belongs to the owner of the land, unless he chooses to require or permit the former to remove it: Provided, that a tenant may remove from the demised prem…
60 O.S. § 335 Riparian accretions
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Where from natural causes land forms by imperceptible degrees upon the bank of a river or stream, navigable or not navigable, either by accumulation of material or by the recession of the stream, such land belongs to the owner of the bank, subject to any existing right of way ove…
60 O.S. § 336 Removals in mass may be reclaimed
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If a river or stream carries away, by sudden violence, a considerable and distinguishable part of a bank, and bears it to the opposite bank, or to another part of the same bank, the owner of the part carried away may reclaim it within a year after the owner of the land to which i…
60 O.S. § 337 Islands in navigable streams
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Islands and accumulations of land formed in the beds of streams which are navigable, belong to the State, if there is no title or prescription to the contrary. R.L.1910, § 6752.
60 O.S. § 338 Islands in other streams
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An island or accumulation of land, formed in a stream which is not navigable, belongs to the owner of the shore on that side where the island or accumulation is formed, or if not formed on one side only, to the owners of the shore on the two sides, divided by an imaginary line dr…
60 O.S. § 339 Island formed by a new channel
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If a stream, in forming itself a new arm, divides itself and surrounds land belonging to the owner of the shore, and thereby forms an island, the island belongs to such owner. R.L.1910, § 6754.
60 O.S. § 34 Contingent remainder in fee, on prior remainder
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A contingent remainder in fee may be created on a prior remainder in fee, to take effect in the event that the persons to whom the first remainder is limited die under the age of twenty-one (21) years, or upon any other contingency by which the estate of such persons may be deter…