Title 60 — Title 60 — Property

60 O.S. § 300.9 Repealed by Laws 2007, c. 91, § 14, eff. Nov. 1, 2007

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.

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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…

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 …

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…

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.

A thing in action is a right to recover money or other personal property, by judicial proceedings. R.L.1910, § 6739.

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…

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…

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.

The good-will of a business is property, transferable like any other. R.L.1910, § 6743.

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.

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…

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…

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.

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.

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…

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…

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. § 33 Repealed by Laws 2015, c. 164, § 4, eff. Nov. 1, 2015

Property is acquired by: 1. Occupancy. 2. Accession. 3. Transfer. 4. Will; or, 5. Succession. R.L.1910, § 6746.

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.

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.

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…

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…

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…

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.

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…

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.

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…

If a stream forms a new course, abandoning its ancient bed, the owners of the land newly occupied take, by way of indemnity, the ancient bed abandoned, each in proportion to the land of which he has been deprived. R.L.1910, § 6755.

When things belonging to different owners have been united so as to form a single thing, and cannot be separated without injury, the whole belongs to the owner of the thing which forms the principal part, who must, however, reimburse the value of the residue to the other owner, o…

That part is to be deemed the principal to which the other has been united only for the use, ornament or completion of the former, unless the latter is the more valuable and has been united without the knowledge of its owner, who may in the latter case require it to be separated …

If neither part can be considered the principal, within the rules prescribed by the last section, the more valuable, or if the values are nearly equal, the more considerable in bulk, is to be deemed the principal part. R.L.1910, § 6758.

If one makes a thing from materials belonging to another, the latter may claim the thing on reimbursing the value of the workmanship, unless the value of the workmanship exceeds the value of the materials, in which case the thing belongs to the maker, on reimbursing the value of …

Where one has made use of materials which in part belong to him and in part to another, in order to form a thing of a new description, without having destroyed any of the materials, but in such a way that they cannot be separated without inconvenience, the thing formed is common …

When a thing has been formed by the admixture of several materials of different owners, and neither can be considered the principal substance, an owner, without whose consent the admixture was made, may require a separation, if the materials can be separated without inconvenience…

The foregoing sections of this article are not applicable to cases in which one willfully uses the materials of another without his consent; but, in such cases, the product belongs to the owner of the material, if its identity can be traced. R.L.1910, § 6762.

In all cases where one, whose material has been used without his knowledge, in order to form a product of a different description, can claim an interest in such product, he has an option to demand either restitution of his material in kind, in the same quantity, weight, measure a…

One who wrongfully employs materials belonging to another is liable to him in damages, as well as under the foregoing provisions of this article. R.L.1910, § 6764.