Title 60, Title 60 — Property

The ownership of a thing is the right of one or more persons to possess and use it to the exclusion of others. In this Chapter the thing of which there may be ownership is called property. R.L.1910, § 6586.

coordinates. A. The systems of plane coordinates which have been established by the National Oceanic and Atmospheric Administration/National Geodetic Survey, formerly the National Ocean Service/National Geodetic Survey, formerly the United States Coast and Geodetic Survey, or its…

The plane coordinate values for a point on the earth's surface, used to express the geographic position or location of such point in the appropriate zone of this system, shall consist of two (2) distances expressed in U.S. Survey Feet and decimals of a foot when using the Oklahom…

and meridians. For purposes of describing the location of any survey station or land boundary corner in the State of Oklahoma, a plane coordinate may be used to supplement but not to change the position of a land boundary corner or land description as created by the Oklahoma base…

When any tract of land to be defined by a single description extends from one coordinate zone into other zones, the positions of all points on its boundaries shall be referred to one of the zones, the zone which is used being specifically named in the description. Added by Laws 1…

A. For purposes of more precisely defining the Oklahoma Coordinate System of 1927, the following definition by the United States Coast and Geodetic Survey (now National Ocean Service/National Geodetic Survey) is adopted: 1. The "Oklahoma Coordinate System of 1927 North Zone", is …

A. For the Oklahoma Coordinate System of 1927 and the Oklahoma Coordinate System of 1983, the unit used to convert feet to meters shall be the United States survey foot 39.37/12 feet for each meter and defined as the U.S. survey foot. B. For the Oklahoma Plane Coordinate System (…

Nonconformity with System. A. The use of the "Oklahoma Coordinate System of 1927 North Zone", or the term "Oklahoma Coordinate System of 1927 South Zone" or "Oklahoma Coordinate System of 1983 North Zone" or "Oklahoma Coordinate System of 1983 South Zone" or "Oklahoma Plane Coord…

Baseline — Effect of act. Nothing in this act shall invalidate or affect surveys done by the land tie method or surveys referring to the Indian Meridian and Baseline or Cimarron Meridian and Baseline. Added by Laws 1990, c. 138, § 9, eff. Nov. 1, 1990. Amended by Laws 2024, c. 20…

Sections 2 through 18 of this act shall be known and may be cited as the "Oklahoma Uniform Directed Trust Act of 2024". Added by Laws 2024, c. 369, § 2, eff. Nov. 1, 2024.

As used in the Oklahoma Uniform Directed Trust Act of 2024: 1. "Breach of trust" means a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this act, or laws of this state other than this act pertaining to trusts; 2. …

A. This act applies to a trust, whenever created, that has its principal place of administration in this state and is subject to the following rules: 1. If the trust was created before the effective date of this act, this act applies only to a decision or action occurring on or a…

The common law and principles of equity supplement this act, except to the extent modified by this act or by other laws of this state other than this act. Added by Laws 2024, c. 369, § 5, eff. Nov. 1, 2024.

A. In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. B. This act does not apply to a: 1. Power of appointment; 2. …

A. Subject to Section 8 of this act, the terms of a trust may grant a power of direction to a trust director. B. Unless the terms of a trust provide otherwise: 1. A trust director may exercise any further power appropriate to the exercise or nonexercise of a power of direction gr…

subject to rules as trustee. A trust director is subject to the same rules as a trustee in a like position and under similar circumstances in the exercise or nonexercise of a power of direction or further power under paragraph 1 of subsection B of Section 7 of this act regarding:…

health care. A. Subject to subsection B of this section, with respect to a power of direction or further power under paragraph 1 of subsection B of Section 7 of this act: 1. A trust director has the same fiduciary duty and liability in the exercise or nonexercise of the power: a.…

Exceptions — Non-effective release of trustee. A. Subject to subsection B of this section, a directed trustee shall take reasonable action to comply with a trust director's exercise or nonexercise of a power of direction or further power under paragraph 1 of subsection B of Secti…

Ownership of personalty. A. As used in Sections 121 through 127 of this title: 1. “Deed” means any instrument in writing whereby land is assigned, transferred, or otherwise conveyed to, or vested in, the person coming into title or, at his or her direction, any other person; 2. “…

director to provide information to trustee — Liability. A. Subject to Section 12 of this act, a trustee shall provide information to a trust director to the extent the information is reasonably related both to: 1. The powers or duties of the trustee; and 2. The powers or duties o…

A. Unless the terms of a trust provide otherwise: 1. A trustee does not have a duty to: a. monitor a trust director, or b. inform or give advice to a settlor, beneficiary, trustee, or trust director concerning an instance in which the trustee might have acted differently than the…

The terms of a trust may relieve a cotrustee from duty and liability with respect to another cotrustee's exercise or nonexercise of a power of the other cotrustee to the same extent that in a directed trust a directed trustee is relieved from duty and liability with respect to a …

A. An action against a trust director for breach of trust must be commenced within the same limitation period for an action for breach of trust against a trustee in a like position and under similar circumstances. B. A report or accounting has the same effect on the limitation pe…

In an action against a trust director for breach of trust, the director may assert the same defenses a trustee in a like position and under similar circumstances could assert in an action for breach of trust against the trustee. Added by Laws 2024, c. 369, § 15, eff. Nov. 1, 2024…

A. By accepting appointment as a trust director of a trust subject to this act, the director submits to personal jurisdiction of the courts of this state regarding any matter related to a power or duty of the director. B. This section does not preclude other methods of obtaining …

applicable to trustee. Unless the terms of a trust provide otherwise, the rules applicable to a trustee apply to a trust director regarding the following matters: 1. Acceptance; 2. Giving of bond to secure performance; 3. Reasonable compensation; 4. Resignation; 5. Removal; and 6…

Commerce Act. This act modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C., Section 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C., Section 7001(c), or authorize electronic delivery…

This article shall not apply to lands now owned in this state by aliens so long as they are held by the present owners, nor to any alien who is or shall take up bona fide residence in this state: and any alien who is or shall become a bona fide resident of the State of Oklahoma s…

All nonresident aliens who may hereinafter acquire real estate in Oklahoma by devise, descent or by purchase, where such purchase is made under any legal proceeding foreclosing liens in favor of such alien, may hold the same for five (5) years from the date of so acquiring such t…

Any alien who shall hereafter hold lands in this state in contravention of the provisions of this article, may nevertheless convey the fee simple title thereof at any time before the institution of foreclosure proceedings as hereinafter provided. Provided, however, that if any su…

It shall be the duty of the Attorney General or the district attorney of the county where the land is situated, when he or she shall be informed or have reason to believe that any lands in the state are being held contrary to the provisions of Section 121 et seq. of this title, o…

as owners. In case the lands, at the time foreclosure proceedings are about to be commenced, are owned by minors, or by persons of unsound mind, such notice shall be addressed to the guardian of the minors, or persons of unsound mind, and if there is no such guardian, the Attorne…

If it shall be determined upon the trial of any such foreclosure proceedings that lands are held contrary to the provisions of this article, or the Constitution of this state, the court trying such cause shall render judgment condemning such lands, and order the same to be sold u…

Act. Sections 19 through 37 of this act shall be known and may be cited as the "Oklahoma Qualified Dispositions into Trust Act". Added by Laws 2024, c. 369, § 19, eff. Nov. 1, 2024.

A. As used in the Oklahoma Qualified Dispositions into Trust Act: 1. "Claim" means a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured; 2…

A. For the purposes of the Oklahoma Qualified Dispositions into Trust Act, a trust instrument is an instrument appointing a qualified person or qualified persons for the property that is the subject of a disposition, which instrument: 1. Expressly incorporates the law of this sta…

A. For the purposes of the Oklahoma Qualified Dispositions into Trust Act, a qualified person is: 1. An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state,…

foreign jurisdictions. A. Except as expressly provided by the terms of a governing instrument or by a court order, a general law or a state jurisdiction provision stating that the laws of this state govern is valid, effective, and conclusive for the trust if all of the following …

transferors. Neither the transferor nor any other natural person who is a nonresident of this state nor an entity that is not authorized by the laws of this state to act as a trustee or whose activities are not subject to supervision as provided in Section 22 of this act may be c…

Any person may serve as an investment trust advisor, notwithstanding that the person is the transferor of the qualified disposition, but a transferor may not otherwise serve as a fiduciary under a trust instrument except as stated in paragraph 2 of subsection A of Section 21 of t…

If a qualified person of a trust ceases to meet the requirements of Section 22 of this act and there remains no trustee that meets such requirements, such qualified person shall be deemed to have resigned as of the time of such cessation, and thereupon the successor qualified per…

trustees are qualified persons. In the case of a disposition to more than one trustee, a disposition that is otherwise a qualified disposition may not be treated as other than a qualified disposition solely because not all of the trustees are qualified persons. Added by Laws 2024…

Uses and trusts, in relation to real property, are those only which are specified in this article. R.L.1910, § 6653.

powers and rights of transferor. A qualified disposition is subject to Sections 29 through 34 of this act, notwithstanding a transferor's retention of any or all of the powers and rights described in paragraph 2 of subsection A of Section 21 of this act and the transferor's servi…

permitted — Exceptions. Notwithstanding any other provision of law, except as set forth in Section 30 of this act, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or in equity f…

transferor — Requirements. A. A cause of action or claim for relief with respect to a qualified disposition of a transferor's assets under Section 29 of this act is extinguished unless the action under Section 29 of this act may only be brought by a creditor of the transferor who…

Property transferred to spendthrift trust for purpose of obtaining loan secured by mortgage or deed of trust — Enforceability. A qualified disposition that is made by means of a disposition by a transferor who is a trustee is deemed to have been made as of the time, whether befor…

liability of qualified person. Notwithstanding any law to the contrary, a creditor, including a creditor whose claim arose before or after a qualified disposition, or any other person has only such rights with respect to a qualified disposition as are provided in Sections 29 thro…

qualified disposition — Jurisdiction — Attorney fees and costs — Burden of proof. Notwithstanding any other provision of law, no action of any kind, including an action to enforce a judgment entered by a court or other body having adjudicative authority, may be brought at law or …

If more than one qualified disposition is made by means of the same trust instrument: 1. The making of a subsequent qualified disposition shall be disregarded in determining whether a creditor's claim with respect to a prior qualified disposition is extinguished as provided in Se…