Okla. Stat. tit. 60, § 60-175.704 — OK Code / Title 60 / Section 60-175.704
Distribution to second trust - Trustee with limited
Status: in_force

discretion.

DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION

A. An authorized trustee who has limited discretion to

distribute the principal of a trust may distribute all or part of

the principal of that trust in favor of a trustee of a second trust

as provided by this section.

B. The current beneficiaries of the second trust shall be

substantially the same as the current beneficiaries of the first

trust, and the successor and presumptive remainder beneficiaries of

the second trust shall be substantially the same as the successor

and presumptive remainder beneficiaries of the first trust, as

determined in the reasonable discretion of the authorized trustee.

C. If the beneficiaries of the first trust are described as a

class of persons, the beneficiaries of the second trust shall

include substantially the same persons who become members of that

class after the distribution to the second trust, as determined in

the reasonable discretion of the authorized trustee.

D. If the first trust grants a power of appointment to a

beneficiary of the trust, the second trust shall grant the power of

appointment to the beneficiary in the second trust, and the class of

permissible appointees under that power shall be the same as the

class of permissible appointees under the power granted by the first

trust.

E. The exercise of a power of distribution under this section

shall be made by the authorized trustee in good faith, in accordance

with the terms and purposes of the trust, and in the interests of

the beneficiaries.
Okla. Stat. tit. 60, § 60-651.1 — OK Code / Title 60 / Section 60-651.1
Sum payable on traveler's check, money order or other
Status: in_force

similar written instrument - Presumption of abandonment.

(a) Subject to subsection (d) of this section and except as

hereinafter provided, any sum payable on a travelers check that has

been outstanding for more than fifteen (15) years after its issuance

is presumed abandoned unless the owner, within fifteen (15) years,

has communicated in writing with the issuer concerning it or

otherwise indicated an interest as evidenced by a memorandum or

other record on file prepared by an employee of the issuer. No

travelers check shall be presumed to be abandoned if the holder has

sent a statement or other business communication concerning the

travelers check to the owner by first-class mail and the statement

or other business communication has not been returned for inability

to make delivery to the addressee. The fifteen-year abandonment

period shall begin to run when any statement or other business

communication to the owner has been returned as undeliverable, or on

the last date that the owner has communicated with the holder in any

of the ways specified in this subsection, whichever is later. For

purposes of this section, the issuer shall be the entity responsible

for the payment of the travelers check.

(b) Subject to subsection (d) of this section, any sum payable

on a money order or similar written instrument, other than a third-

party bank check, that has been outstanding for more than seven (7)

years after its issuance is presumed abandoned unless the owner,

within seven (7) years, has communicated in writing with the issuer

concerning it or otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an employee of the

issuer.

(c) A holder may not deduct from the amount of a travelers

check or money order any charge imposed by reason of the failure to

present the instrument for payment unless there is a valid and

enforceable written contract between the issuer and the owner of the

instrument pursuant to which the issuer may impose a charge and the

issuer regularly imposes such charges and does not regularly reverse

or otherwise cancel them.

(d) No sum payable on a travelers check, money order, or

similar written instrument, other than a third-party check,

described in subsections (a) and (b) of this section may be

subjected to the custody of this state as unclaimed property unless:

Oklahoma Statutes - Title 60. Property Page 199

(1) the records of the issuer show that the travelers

check, money order, or similar written instrument was

purchased in this state;

(2) the issuer has its principal place of business in this

state and the records of the issuer do not show the

state in which the travelers check, money order, or

similar written instrument was purchased; or

(3) the issuer has its principal place of business in this

state, the records of the issuer show the state in

which the travelers check, money order, or similar

written instrument was purchased and the laws of the

state of purchase either do not provide for the

escheat or custodial taking of the property or its

escheat or unclaimed property law is not applicable to

the property.

(e) Notwithstanding any other provisions of this act,

subsection (d) of this section applies to sums payable on travelers

checks, money orders, and similar written instruments presumed

abandoned on or after February 1, 1965, except to the extent that

those sums have been paid over to a state prior to January 1, 1974.
Okla. Stat. tit. 60, § 60-71 — OK Code / Title 60 / Section 60-71
Appointment of trustee where there are contingent
Status: in_force

remainders.

In any case where, by will or deed or other instrument, title to

real estate is in a tenant for life or other person having the right

to the use thereof and income therefrom, with the remainder interest

left to one or more contingent remaindermen, so that it is

impossible to determine until the death of the life tenant or the

future happening of some other determining event, what interest, if

any, the various contingent remaindermen will take; the district

court, upon the application of the life tenant, shall have

jurisdiction and authority to appoint a trustee under proper bond,

over said real estate, for the purpose of leasing the same for oil

and gas developing purposes.
Okla. Stat. tit. 60, § 60-78 — OK Code / Title 60 / Section 60-78
Applicability to certain inter vivos instruments, wills and
Status: in_force

appointments.

This act shall apply to inter vivos instruments and wills taking

effect after the act becomes effective, and to appointments made

after the act becomes effective, including appointments by inter

vivos instruments or wills under powers created before the act

Oklahoma Statutes - Title 60. Property Page 38

becomes effective. The act shall apply to both legal and equitable

interests.
Okla. Stat. tit. 60, § 60-48 — OK Code / Title 60 / Section 60-48
Possession, action for
Status: in_force

An action for the possession of real property leased or granted,

with a right of reentry, may be maintained at any time after the

right to reenter has accrued, without the notice prescribed in the

preceding section.
Okla. Stat. tit. 60, § 60-175.85 — OK Code / Title 60 / Section 60-175.85
Spendthrift provision
Status: reserved

A. A spendthrift provision is valid if it restrains either the

voluntary or involuntary transfer of a beneficiary’s interest. If

the applicable trust instrument so provides, a spendthrift provision

may permit the voluntary transfer of an interest of a beneficiary

even if the transfer is subject to the approval by the trustee if

the trustee is not also the transferring beneficiary. The trustee

may honor a transfer even if the transfer violates a spendthrift

provision. The trustee shall not be liable to either the

beneficiary or the assignee whether or not the trustee honors the

transfer.

B. If a trust provides that the interest of a beneficiary is

held subject to a spendthrift provision, or words of similar import,

it shall restrain both the voluntary or involuntary transfer of the

interest of the beneficiary.

C. Except for an exception creditor of a support interest under

paragraph 4 of Section 8 of this act, if a trust contains a

spendthrift provision, a creditor or assignee of the beneficiary may

not reach an interest in a trust or a distribution by the trustee

until such distribution is received by the beneficiary.

D. A creditor shall wait until a distribution is received by a

beneficiary before attachment; provided, however, an exception

creditor may attach current and future distributions at the trust

level.

E. A spendthrift provision applies to both current distribution

interests, future distribution interests, and remainder interests.

Oklahoma Statutes - Title 60. Property Page 82

F. A power of appointment in any trust is personal in nature

and cannot be attached or forced to be exercised by a creditor or a

court regardless of the presence of a spendthrift provision. A

power of appointment is not a property interest.

G. A reserved power is not protected by a spendthrift

provision. If a reserved power does not constitute a power of

withdrawal for the settlor to withdraw income or principal, the

holder of a reserved power may exercise the power in the sole and

absolute discretion of the holder unencumbered by any court.

H. A spendthrift provision is a material provision of a trust.
Okla. Stat. tit. 60, § 60-23 — OK Code / Title 60 / Section 60-23
Estate in fee defined
Status: in_force

Every estate of inheritance is a fee, and every such estate,

when not defeasible or conditional, is a fee simple or an absolute

fee.
Okla. Stat. tit. 60, § 60-175.706 — OK Code / Title 60 / Section 60-175.706
Notice required
Status: in_force

Oklahoma Statutes - Title 60. Property Page 111

NOTICE REQUIRED

A. An authorized trustee may exercise a power of distribution

under Section 3 or 4 of this act without the consent of the settlor

or beneficiaries of the first trust and without court approval if

the trustee provides to all of the current beneficiaries and

presumptive remainder beneficiaries written notice of the trustee's

decision to exercise the power.

B. For the purpose of determining who is a current beneficiary

or presumptive remainder beneficiary entitled to the notice, a

beneficiary is determined as of the date the notice is sent. A

beneficiary includes a person entitled to receive property under the

terms of the first trust.

C. Except as provided by paragraph 5 of subsection E of this

section, in addition to the notice required under subsection A of

this section, the authorized trustee shall give written notice of

the trustee's decision to the attorney general if:

1. A charity is entitled to notice;

2. A charity entitled to notice is no longer in existence;

3. The trustee has the authority to distribute trust assets to

one or more charities that are not named in the trust instrument; or

4. The trustee has the authority to make distributions for a

charitable purpose described in the trust instrument, but no charity

is named as a beneficiary for that purpose.

D. If the beneficiary has a court-appointed guardian or

conservator, the notice required to be given by this section shall

be given to that guardian or conservator. If the beneficiary is a

minor for whom no guardian or conservator has been appointed, the

notice required to be given by this section shall be given to a

parent of the minor. For purposes of paragraph 3 of subsection E of

this section, a beneficiary is considered to have waived the

requirement that notice be given under this section if a person to

whom notice is required to be given with respect to that beneficiary

under this subsection waives the requirement that notice be given

under this section.

E. The authorized trustee is not required to provide notice:

1. To a beneficiary who is known to the trustee and cannot be

located by the trustee after reasonable diligence;

2. To a beneficiary who is not known to the trustee;

3. To a beneficiary who waives the requirement of the notice

under this section;

4. To a beneficiary who is a descendant of a beneficiary to

whom the trustee has given notice if the beneficiary and the

beneficiary's ancestor have similar interests in the trust and no

apparent conflict of interest exists between them; or

5. To the attorney general under subsection C of this section

if the attorney general waives that requirement in writing.

Oklahoma Statutes - Title 60. Property Page 112

F. The notice required under subsection A of this section

shall:

1. Include a statement that:

a. the authorized trustee intends to exercise the power

of distribution,

b. the beneficiary has the right to object to the

exercise of the power, and

c. the beneficiary may petition a court to approve,

modify or deny the exercise of the trustee's power to

make a distribution under this act;

2. Describe the manner in which the trustee intends to exercise

the power;

3. Specify the date the trustee proposes to distribute the

first trust to the second trust;

4. Include the name and mailing address of the trustee;

5. Include copies of the agreements of the first trust and the

proposed second trust;

6. Be given not later than the ninetieth day before the

proposed date of distribution to the second trust; and

7. Be sent by registered or certified mail, return receipt

requested, or delivered in person, unless the notice is waived in

writing by the person to whom notice is required to be given.
Okla. Stat. tit. 60, § 60-1607.3 — OK Code / Title 60 / Section 60-1607.3
Co-trustees
Status: in_force

A. Co-trustees who are unable to reach a unanimous decision may

act by majority decision.

B. If a vacancy occurs in a co-trusteeship, the remaining co-

trustees may act for the trust.

C. Subject to Section 1212 of Title 60 of the Oklahoma

Statutes, a co-trustee must participate in the performance of a

trustee's function unless the co-trustee is unavailable to perform

the function because of absence, illness, disqualification under

other law, or other temporary incapacity or the co-trustee has

properly delegated the performance of the function to another

trustee.

D. If a co-trustee is unavailable to perform duties because of

absence, illness, disqualification under other law, or other

temporary incapacity, and prompt action is necessary to achieve the

purposes of the trust or to avoid injury to the trust property, the

remaining co-trustee or a majority of the remaining co-trustees may

act for the trust.

Oklahoma Statutes - Title 60. Property Page 312

E. A trustee may not delegate to a co-trustee the performance

of a function the settlor reasonably expected the trustees to

perform jointly. Unless a delegation was irrevocable, a trustee may

revoke a delegation previously made.

F. Except as otherwise provided in subsection G of this

section, a trustee who does not join in an action of another trustee

is not liable for the action.

G. Subject to Section 1212 of Title 60 of the Oklahoma

Statutes, each trustee shall exercise reasonable care to:

1. Prevent a co-trustee from committing a serious breach of

trust; and

2. Compel a co-trustee to redress a serious breach of trust.

H. A dissenting trustee who joins in an action at the direction

of the majority of the trustees and who notified any co-trustee of

the dissent at or before the time of the action is not liable for

the action unless the action is a serious breach of trust.
Okla. Stat. tit. 60, § 60-178.6 — OK Code / Title 60 / Section 60-178.6
Public trusts - Exemption from provisions - Housing
Status: in_force

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 organizations; public trusts operating, financing or

refinancing county, municipal or nonprofit hospitals; public trusts

operating college or educational dormitories or student housing

facilities; trusts formed for the purpose of constructing buildings

Oklahoma Statutes - Title 60. Property Page 133

for local units of the Department of Human Services under the

provisions of Section 189a of Title 56 of the Oklahoma Statutes;

public trusts carrying out redevelopment, rehabilitation and

conservation activities in accordance with an approved urban renewal

plan, provided property owned by said trust shall not be exempt from

ad valorem taxation for a period exceeding five (5) years; trusts

created under the provisions of Sections 15-141 through 15-147 of

Title 2 of the Oklahoma Statutes or other trusts created for the

same purpose. Section 176 et seq. of this title shall not prevent

public trusts from administering or financing a housing program

pursuant to a contract with an agency of the United States

Government or the State of Oklahoma, or prevent public trusts from

financing or refinancing housing projects, provided said projects:

1. Involve only property that is subject to ad valorem

taxation; or

2. Involve financing or refinancing the construction,

acquisition and/or improvement and rehabilitation of existing

housing projects not subject to ad valorem taxation immediately

before any such financing or refinancing,

and in either case are located within the geographic boundaries of

the beneficiary or beneficiaries of the public trust.

Notwithstanding the provisions of subdivision (b) of division (2) of

subparagraph a of paragraph 8 of Section 2887 of Title 68 of the

Oklahoma Statutes, housing projects which were exempt from ad

valorem taxation immediately before such financing or refinancing

shall not become subject to ad valorem taxation because they are

financed or refinanced by a public trust under this provision.

A public trust with a city or cities, a county or counties, or

the state as the beneficiary or beneficiaries thereof may issue its

evidences of indebtedness for the purpose of financing housing

projects or housing programs within the geographic boundaries of its

beneficiary or beneficiaries as same represent an authorized and

proper public function for public trusts.
Okla. Stat. tit. 60, § 60-180.4 — OK Code / Title 60 / Section 60-180.4
Regulation of certain public trusts operating a water
Status: in_force

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 supply system is operated by the trust or a person

or entity to which such function has been delegated; and

3. The water supply system is operated in a county having a

population in excess of five hundred thousand (500,000) persons

according to the most recent Federal Decennial Census; and

4. The beneficiaries do not regulate the rates, charges and

practices of the water supply system.

Oklahoma Statutes - Title 60. Property Page 141

B. The Corporation Commission shall also have general

supervision over any person or entity to whom the function of

operating a water supply system has been delegated by such a trust.

C. The Corporation Commission shall have the power to fix and

establish rates and to prescribe rules, requirements and regulations

affecting their services, operation, and the management and conduct

of the business of persons and entities subject to this section and

shall inquire into the management of the business thereof, and the

method in which same is conducted. It shall have full visitorial

and inquisitorial power to examine such operations, and keep

informed as to their general conditions, their capitalization,

rates, plants, equipment, apparatus, and other property owned,

leased, controlled or operated, the value of same, the management,

conduct, operation, practices and services, not only with respect to

the adequacy, security and accommodation afforded by their service,

but also with respect to their compliance with the Constitution and

laws of this state, and with the orders of the Commission.
Okla. Stat. tit. 60, § 60-521 — OK Code / Title 60 / Section 60-521
Maintenance and examination of books and receipts of
Status: in_force

expenditures.

The administrator, or the board of administration, or other form

of administration specified in the bylaws, shall keep a book with a

detailed account, in chronological order, of the receipts and

expenditures affecting the common elements specifying and itemizing

the maintenance and repair expenses of the common elements and any

other expenses incurred. Both said book and the vouchers

accrediting the entries made thereupon shall be available for

examination by all the unit owners at convenient hours on working

days that shall be set and announced for general knowledge.
Okla. Stat. tit. 60, § 60-348 — OK Code / Title 60 / Section 60-348
Right of owner
Status: in_force

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 and quality or the value thereof; or where he is

entitled to the product, the value thereof in place of the product.
Okla. Stat. tit. 60, § 60-174.1 — OK Code / Title 60 / Section 60-174.1
Private foundations - Governing instrument deemed to
Status: in_force

contain certain provisions - Amendment without judicial proceedings.

A. Notwithstanding any provision of Oklahoma law or in the

governing instrument to the contrary, except as provided in

subsection C hereof, the governing instrument of each trust which is

a private foundation as described in Section 509 of the Federal

Internal Revenue Code of 1954, including each nonexempt charitable

trust described in Section 4947(a)(1) of the Code which is treated

as a private foundation, and the governing instrument of each

nonexempt split-interest trust as described in Section 4947(a)(2) of

the Code, but only to the extent that Section 508(e) of the Code is

applicable to such nonexempt split-interest trust under Section

4947(a)(2) of the Code, shall be deemed to contain the following

provisions: "The trust shall make distributions at such time and in

such manner as not to subject the trust to tax under Section 4942 of

the Federal Internal Revenue Code; the trust shall not engage in any

act of self-dealing which would subject it to tax under Section 4941

of the Code; the trust shall not retain any excess business holdings

which would subject it to tax under Section 4943 of the Code; the

trust shall not make any investments which would subject it to tax

under Section 4944 of the Code; and the trust shall not make any

taxable expenditures which would subject it to tax under Section

4945 of the Code." With respect to any such trust created prior to

January 1, 1970, this subsection A shall apply only for its taxable

years beginning on or after January 1, 1972.

B. The trustee of any trust described in subsection A hereof,

with the consent of the trustor, if then living and competent to

give consent, may, without judicial proceedings, amend the governing

instrument to expressly include the provisions required by Section

508(e) of the Code by executing a written amendment to the trust and

Oklahoma Statutes - Title 60. Property Page 47

filing a duplicate original of such amendment with the Secretary of

State of the State of Oklahoma.

C. The trustee of any trust described in subsection A hereof,

with the consent of the trustor, if then living and competent to

give consent, may, without judicial proceedings, amend such trust to

expressly exclude the application of subsection A by executing a

written amendment to the trust and filing a duplicate original of

such amendment with the Secretary of State of the State of Oklahoma,

and, upon the filing of such amendment, subsection A shall not apply

to such trust.

D. All references in this section to the "Code" are to the

Federal Internal Revenue Code of 1954, and all references in this

section to specific sections of this Code include corresponding

provisions of any subsequent federal tax laws.
Okla. Stat. tit. 60, § 60-853 — OK Code / Title 60 / Section 60-853
Taxes and special assessments
Status: in_force

Each separately owned lot, parcel or area together with its

proportionate interest in the common element, shall constitute a

separate and distinct unit; for the purpose of assessment of taxes,

special assessments, and other charges which may be lawfully

assessed against owners of real property, and each holder of such

shall be liable solely for the amount of taxes against his

individual estate and shall not be affected by the consequences

resulting from the tax delinquency of other unit holders.
Okla. Stat. tit. 60, § 60-2004 — OK Code / Title 60 / Section 60-2004
Statute of limitations to reclaim property
Status: in_force

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 against the museum, its employees, or

agents by a lender for any good faith action taken by the museum

pursuant to this act.
Okla. Stat. tit. 60, § 60-1512 — OK Code / Title 60 / Section 60-1512
Promotion of uniformity
Status: in_force

In applying and construing this uniform act, consideration must

be given to the need to promote uniformity of the law with respect

to its subject matter among the states that enact it.
Okla. Stat. tit. 60, § 60-1503 — OK Code / Title 60 / Section 60-1503
Application — Exclusions
Status: in_force

A. Except as otherwise provided in subsection B of this

section, this act applies to an easement established by express

grant or reservation or by prescription, implication, necessity,

estoppel, or other method.

B. This act may not be used to relocate:

1. A public-utility easement, conservation easement, or

negative easement; or

2. An easement if the proposed location would encroach on an

area of an estate burdened by a conservation easement or would

interfere with the use or enjoyment of a public-utility easement or

an easement appurtenant to a conservation easement.

C. This act does not apply to relocation of an easement by

consent.
Okla. Stat. tit. 60, § 60-1217 — OK Code / Title 60 / Section 60-1217
Relation to Electronic Signatures in Global and National
Status: in_force

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 of any of the notices described in Section

103(b) of that act, 15 U.S.C., Section 7003(b).
Okla. Stat. tit. 60, § 60-1401 — OK Code / Title 60 / Section 60-1401
Rules against perpetuities not applicable
Status: in_force

For all trusts created under this title, the rules against

perpetuities shall not apply, it being the intent that trusts

created in this state may have perpetual duration if a timing

provision or limit is not specified in the trust document.
Okla. Stat. tit. 60, § 60-320 — OK Code / Title 60 / Section 60-320
Filing and indexing
Status: in_force

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.
Okla. Stat. tit. 60, § 60-503 — OK Code / Title 60 / Section 60-503
Definitions
Status: reserved

Unless it is plainly evident from the context that a different

meaning is intended, as used herein:

(a) "Declaration" means the instrument, duly recorded, by which

the property is submitted to the provisions of this act, as

hereinafter provided, and such declaration as may be amended from

time to time;

(b) "Unit" means an enclosed space consisting of one or more

rooms occupying all or part of a floor or floors in a building of

one or more floors or stories regardless of whether it be designed

for residence, for office, for the operation of any industry or

business, or for any other type of independent use, provided it has

a direct exit to a thoroughfare or to a given common space leading

to a thoroughfare; if so provided in the declaration, a unit may

include some portion of the land constituting a part of the

condominium property and improvements thereon not a part of the

common elements. A unit may include a series of buildings, not

connected or part of same structure if such is the intent of the

owners of the unit estate. This act, and any deed, declaration or

plan for a condominium project shall be liberally construed to

facilitate the establishment and operation of the project and

provisions of any of the same shall be presumed to be independent

and severable;

(c) "Unit designation" means the number, letter or combination

thereof designating the unit in the declaration;

(d) "Building" means one or more buildings or structures

comprising a part of the property;

(e) "Unit owner" means a person owning a unit within the

building;

Oklahoma Statutes - Title 60. Property Page 182

(f) "Person" means an individual, corporation, partnership,

association, trust or other legal entity, or any combination

thereof;

(g) "Unit ownership estate" means the ownership of single units

in a multi-unit building together with an undivided interest in the

common elements;

(h) "Common elements" means and includes the general common

elements and limited common elements. The term common elements does

not include unconstructed units unless otherwise specified in the

declaration or by the consent of the owners pursuant to the Unit

Ownership Estate Act;

(i) Unless otherwise provided in the declaration or by consent

of all the unit owners, "general common elements" means and

includes:

(1) The land, whether leased or in fee simple, on which the

building stands and such other land and improvements thereon as may

be specifically included in the declaration, except any portion

thereof included in a unit;

(2) The foundations, columns, girders, beams, supports, main

walls, roofs, halls, corridors, lobbies, stairs, stairways, fire

escapes, and entrances and exits of the building;

(3) The basements, yards, gardens, parking areas and storage

spaces;

(4) The premises for the lodging of janitors or persons in

charge of the property as hereinafter defined;

(5) Installations of central services such as power, light,

gas, hot and cold water, heating refrigeration, air conditioning and

incinerating;

(6) The elevators, tanks, pumps, motors, fans, compressors,

ducts and in general, all apparatus and installations existing for

common use;

(7) Such community and commercial facilities as may be provided

for in the declaration; and

(8) All other elements of the property necessary or convenient

to its existence, maintenance and safety, or normally in common use;

(j) "Limited common elements" means and includes those common

elements which are agreed upon by all the unit owners to be reserved

for the use of a certain number of units to the exclusion of the

other units, such as special corridors, stairways and elevators,

sanitary services common to the units of a particular floor, and the

like;

(k) "Common expenses" means and includes:

(1) Expenses of administration, maintenance, repair or

replacement of the common elements;

(2) Expenses agreed upon as common by all the unit owners;

(3) Expenses declared common by provisions of the act, or by

the declaration or the bylaws;

Oklahoma Statutes - Title 60. Property Page 183

(4) Expenses incident to limited common elements which shall be

borne as provided by the declaration or the bylaws;

(l) "Common profits" means the balance of all income, rents,

profits and revenues from the common elements and facilities

remaining after the deduction of the common expenses;

(m) "Council of unit owners" means all the unit owners;

(n) "Majority of unit owners," means the owners of more than

fifty percent (50%) of the aggregate interest in the general common

elements as established by the declaration. Any specified

percentage of unit owners means such percentage in the aggregate of

such undivided ownership;

(o) "Recordation" means to file of record in the office of the

county clerk in the county where the land is situated, in the manner

provided by law for recordation of instruments affecting real

estate;

(p) "Property" means and includes the land, whether leasehold

or in fee simple, the building, all improvements and structures

thereon, and all easements, rights and appurtenances belonging

thereto;

(q) "Declarant" means the owner or co-owners referred to in

Section 502 of this title who originally submitted the property to

the provisions of the Unit Ownership Estate Act by the filing of a

declaration as provided in Section 502 of this title, and their

successors who have been granted and have assumed the duties,

obligations and privileges and rights reserved to the original

declarant under the terms of the declaration;

(r) "Unconstructed unit" or "unconstructed building" means a

unit or building as the case may be, which is owned by the declarant

and shown on the plan attached to the declaration pursuant to

Section 516 of this title, the construction of which has not been

completed by the declarant at the time of recordation of the

declaration. For purposes of this chapter a building is completed

upon the completion of any unit in the building and a unit is

completed when its construction is finished to the point that it is

ready for occupancy.
Okla. Stat. tit. 60, § 60-25 — OK Code / Title 60 / Section 60-25
Limitation of remainder in tail
Status: in_force

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.
Okla. Stat. tit. 60, § 60-175.506 — OK Code / Title 60 / Section 60-175.506
Adjustments between principal and income because of
Status: in_force

taxes.

ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES

A. A fiduciary may make adjustments between principal and

income to offset the shifting of economic interests or tax benefits

between income beneficiaries and remainder beneficiaries which arise

from:

1. Elections and decisions, other than those described in

subsection B of this section, that the fiduciary makes from time to

time regarding tax matters;

Oklahoma Statutes - Title 60. Property Page 106

2. An income tax or any other tax that is imposed upon the

fiduciary or a beneficiary as a result of a transaction involving or

a distribution from the estate or trust; or

3. The ownership by an estate or trust of an interest in an

entity whose taxable income, whether or not distributed, is

includable in the taxable income of the estate, trust, or a

beneficiary.

B. If the amount of an estate tax marital deduction or

charitable contribution deduction is reduced because a fiduciary

deducts an amount paid from principal for income tax purposes

instead of deducting it for estate tax purposes, and as a result

estate taxes paid from principal are increased and income taxes paid

by an estate, trust, or beneficiary are decreased, each estate,

trust, or beneficiary that benefits from the decrease in income tax

shall reimburse the principal from which the increase in estate tax

is paid. The total reimbursement must equal the increase in the

estate tax to the extent that the principal used to pay the increase

would have qualified for a marital deduction or charitable

contribution deduction but for the payment. The proportionate share

of the reimbursement for each estate, trust, or beneficiary whose

income taxes are reduced must be the same as its proportionate share

of the total decrease in income tax. An estate or trust shall

reimburse principal from income.
Okla. Stat. tit. 60, § 60-1608.5 — OK Code / Title 60 / Section 60-1608.5
Costs of administration
Status: in_force

In administering a trust, the trustee may incur only costs that

are reasonable in relation to the trust property, the purposes of

the trust, and the skills of the trustee.
Okla. Stat. tit. 60, § 60-22 — OK Code / Title 60 / Section 60-22
Classification as to duration
Status: in_force

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.
Okla. Stat. tit. 60, § 60-175.403 — OK Code / Title 60 / Section 60-175.403
Business and other activities conducted by trustee
Status: in_force

BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE

A. If a trustee who conducts a business or other activity

determines that it is in the best interest of all the beneficiaries

to account separately for the business or activity instead of

accounting for it as part of the trust's general accounting records,

the trustee may maintain separate accounting records for its

Oklahoma Statutes - Title 60. Property Page 95

transactions, whether or not its assets are segregated from other

trust assets.

B. A trustee who accounts separately for a business or other

activity may determine the extent to which its net cash receipts

must be retained for working capital, the acquisition or replacement

of fixed assets, and other reasonably foreseeable needs of the

business or activity, and the extent to which the remaining net cash

receipts are accounted for as principal or income in the trust's

general accounting records. If a trustee sells assets of the

business or other activity, other than in the ordinary course of the

business or activity, the trustee shall account for the net amount

received as principal in the trust's general accounting records to

the extent the trustee determines that the amount received is no

longer required in the conduct of the business.

C. Activities for which a trustee may maintain separate

accounting records include:

1. Retail, manufacturing, service, and other traditional

business activities;

2. Farming;

3. Raising and selling livestock and other animals;

4. Management of rental properties;

5. Extraction of minerals and other natural resources;

6. Timber operations; and

7. Activities to which Section 23 of this act applies.
Okla. Stat. tit. 60, § 60-2005 — OK Code / Title 60 / Section 60-2005
Responsibilities to lender
Status: in_force

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 records on all loans acquired.

Records shall contain the owner's name, address and phone number,

the duration of the loan period and beginning date of the loan

period, as well as an itemized list of property being loaned;

3. The museum is responsible for notifying a lender of the

museum's change of address or dissolution;

4. The museum shall inform the lender, at the time the loan is

made, of state laws governing unclaimed property; and

5. Upon expiration of the loan, the museum must attempt to

contact the lender by phone, email, and letter to return the loan.
Okla. Stat. tit. 60, § 60-175.24 — OK Code / Title 60 / Section 60-175.24
Powers of trustees - Enumeration - Others not excluded
Status: in_force

- Bond of trustee.

A. In the absence of contrary or limiting provisions in the

trust agreement or a subsequent order or decree of a court of

competent jurisdiction, the trustee of an express trust is

authorized:

1. To exchange, reexchange, subdivide, develop, improve,

dedicate to public use, make or vacate public plats, adjust

boundaries, or partition real property, and to adjust differences in

valuation by giving or receiving money or money's worth. Easements

may be dedicated to public use without consideration if deemed by

the trustee to be for the best interest of the trust;

2. To grant options and to sell real or personal property at

public auction or at private sale for cash, or upon credit secured

by lien upon the property sold or upon such property or a part

thereof or other property;

3. To grant or take leases of real property and of all rights

and privileges above or below the surface of real property for any

term or terms, including exploration for and removal of oil, gas,

and other minerals, with or without options of purchase, and with or

without covenants as to erection of buildings or as to renewals

Oklahoma Statutes - Title 60. Property Page 61

thereof, through the term of the lease or renewals thereof, or of

such options extend beyond the term of the trust;

4. To raze existing party walls or buildings or erect new party

walls or buildings alone or jointly with owners of adjacent

property. To make ordinary repairs and in addition thereto such

extraordinary alterations in buildings or other structures which are

necessary to make the property productive. To effect and keep in

force, fire, rent, title, liability, casualty, or other insurance of

any nature, in any form and in any amount;

5. To compromise, contest, arbitrate, or settle any and all

claims of or against the trust estate or the trustee as such. To

abandon property deemed by the trustee burdensome or valueless;

6. To pay calls, assessments, and any other sums chargeable or

accruing against, or on account of shares of stock or other

securities in the hands of the trustee where such payment may be

legally enforceable against the trustee or any property of the

trust, or the trustee deems payment expedient and for the best

interest of the trust. To sell or exercise stock subscription or

conversion rights, participate in foreclosures, reorganizations,

consolidations, mergers, liquidations, pooling agreements and voting

trusts; to assent to corporate sales, leases, and encumbrances, and

in general, except as limited by the particular trust agreement,

have and exercise all powers of an absolute owner in respect of such

securities. In the exercise of the foregoing powers the trustee

shall be authorized, where he or she deems such course expedient, to

deposit stocks, bonds, or other securities with any protective or

other committee formed by or at the instance of persons holding

similar securities, under such terms and conditions respecting the

deposit thereof as the trustee may approve. Any stock or other

securities obtained by conversion, reorganization, consolidation,

merger, liquidation, or the exercise of subscription rights shall be

free, unless the trust agreement provides otherwise, from any

restrictions on sale or otherwise contained in the trust agreement

relative to the securities originally held;

7. To make such investment directly or in the form of

securities of, or other interests in, any open-end or closed-end

management type investment company or investment trust registered

under the Investment Company Act of 1940, 15 U.S.C.A., Section 80a-1

et seq.; provided, that the portfolio of such investment company or

investment trust is limited to United States government obligations

and to repurchase agreements fully collateralized by such United

States government obligations, and provided further, that any such

investment company or investment trust shall take delivery of such

collateral, either directly or through an authorized custodian;

8. To borrow money or create an indebtedness or obligation

including any bond indebtedness or obligation, except as limited by

the provisions of the Oklahoma Trust Act, and generally to execute

Oklahoma Statutes - Title 60. Property Page 62

any deed or other instrument and to do all things in relation to

such trust necessary or desirable for carrying out any of the above

powers or incident to the purposes of such trust; and

9. To employ attorneys, accountants, agents, and brokers

reasonably necessary in the administration of the trust estate;

permit real estate held in trust to be occupied by a surviving

spouse or minor child of the trustor and, where reasonably necessary

for the maintenance of the surviving spouse or minor child or

children, invest trust funds in real property to be used for a home

by such beneficiary; make any contracts pertaining to oil, gas, or

other natural resources as are customary in the community where the

real property held in trust is situated; in the trustee's discretion

pay funeral expenses of any beneficiary actually receiving benefits

from the trust estate at the time of the death of the beneficiary.

B. 1. In the exercise of its authority under paragraph 9 of

subsection A of this section, a trustee may pay, from the assets of

the trust, reasonable compensation and costs incurred in connection

with employment of attorneys, accountants, agents, and brokers

reasonably necessary in the administration of the trust estate.

2. In the event of any legal proceeding regarding the trust, a

trustee may pay the costs or attorney fees incurred in any

proceeding from the assets of the trust without the approval of any

person and without court authorization unless otherwise ordered by

the court in such legal proceeding.

3. Unless expressly provided otherwise in a written employment

agreement, the creation of an attorney-client relationship between

an attorney and a person serving as a fiduciary shall not impose

upon the attorney any duties or obligations to other persons

interested in the estate, trust estate, or other fiduciary property,

even though fiduciary funds may be used to compensate the attorney

for legal services rendered to the fiduciary. This paragraph is

intended to be declaratory of the common law and governs

relationships in existence between attorneys and persons serving as

fiduciaries and any such relationship hereafter created.

4. Whenever an attorney-client relationship exists between an

attorney and a fiduciary, communications between the attorney and

the fiduciary shall be subject to attorney-client privilege unless

waived by the fiduciary, even though fiduciary funds may be used to

compensate the attorney for legal services rendered to the

fiduciary. The existence of a fiduciary relationship between a

fiduciary and a beneficiary does not constitute or give rise to any

waiver of the privilege for communications between the attorney and

the fiduciary.

C. The following rules of administration shall be applicable to

all express trusts but such rules shall not be exclusive of those

otherwise imposed by law unless contrary to these rules:

Oklahoma Statutes - Title 60. Property Page 63

1. Where a trustee is authorized to sell or dispose of land,

such authority shall include the right to sell or dispose of part

thereof, whether the division is horizontal, vertical, or made in

any other way, or undivided interests therein;

2. Where a trustee is authorized by the trust agreement

creating the trust or by law to pay or apply capital money subject

to the trust for any purpose or in any manner, the trustee shall

have and shall be deemed always to have had power to raise the money

required by selling, converting, calling in, or mortgaging or

otherwise encumbering all or any part of the trust property for the

time being in possession;

3. A trustee shall have a lien and may be reimbursed with

interest for, or pay or discharge out of the trust property, either

principal or income or both, all advances made for the benefit or

protection of the trust or its property and all expenses, losses,

and liabilities, not resulting from the negligence of the trustee,

incurred in or about the execution or protection of the trust or

because of the trustee holding or ownership of any property subject

thereto; and

4. When the happening of any event, including marriage,

divorce, attainment of a certain age, performance of educational

requirements, death, or any other event, affects distribution of

income or principal of trust estates, the trustees shall not be

liable for mistakes of fact prior to the actual knowledge or written

notice of such fact.

D. The powers, duties, and responsibilities stated in the

Oklahoma Trust Act or the Oklahoma Uniform Prudent Investor Act

shall not be deemed to exclude other implied powers, duties, or

responsibilities not inconsistent herewith.

E. The trustee shall pay all taxes and assessments levied or

assessed against the trust estate or the trustee by governmental

taxing or assessing agencies.

F. No trustee shall be required to give bond unless the

instrument creating the trust, or a court of competent jurisdiction

in its discretion upon the application of an interested party,

requires a bond to be given.
Okla. Stat. tit. 60, § 60-670 — OK Code / Title 60 / Section 60-670
Determination of amount of reserve - Payment of excesses
Status: in_force

The State Treasurer shall determine, from time to time, what

amount of unclaimed property in custody should be retained as a

reserve in order to ensure that all claims presented by persons

legally establishing a right to any unclaimed property shall be paid

promptly. In making such determination, the State Treasurer shall

take into account the following:

Oklahoma Statutes - Title 60. Property Page 223

1. The actual experience of other states having unclaimed

property laws, as to the amount of claims presented and established

as compared to the total amount of property taken into state

custody;

2. Such actuarial or other experience or statistics as may be

available to show the frequency of the discovery of missing persons

or their unknown heirs;

3. Any other discoverable and relevant data having a tendency

to establish the amount of reserve necessary for the purpose stated

in this section.

The State Treasurer, after having found and determined the

reserve necessary as stated in this section, shall pay all amounts

in custody in excess of the necessary reserve into the State

Treasury to the credit of the General Revenue Fund.

When monies are deposited to the credit of the General Revenue

Fund, all rights of any owner of unclaimed property to resort

against the money so paid into the General Revenue Fund shall

terminate, but the right of any person legally establishing a claim

to any property right which has been taken into the custody of the

State Treasurer shall be preserved and the value thereof shall be

paid from such reserve.
Okla. Stat. tit. 60, § 60-161 — OK Code / Title 60 / Section 60-161
Property in which trustee may invest - Judgment and care
Status: in_force

required.

Oklahoma Statutes - Title 60. Property Page 44

Unless otherwise authorized, directed or restricted by order of

court or by the will, trust agreement, or other document which is

the source of the trust, the trustee may invest trust funds in any

property, real, personal or mixed, in which an individual may invest

the individual's own funds. In making investments, the trustee

shall comply with the provisions of the Oklahoma Uniform Prudent

Investor Act. The provisions of this section shall not be construed

to authorize a trustee to buy or sell property and investments from

or to the trustee personally or to commingle trust funds with the

individual funds of the trustee.
Okla. Stat. tit. 60, § 60-654.1 — OK Code / Title 60 / Section 60-654.1
Sum business association ordered to refund by court or
Status: in_force

administrative agency.

Except to the extent otherwise ordered by the court or

administrative agency, any sum that a business association has been

ordered to refund by a court or administrative agency which has

remained unclaimed by the owner for more than one (1) year after it

became payable in accordance with the final determination or order

providing for the refund, whether or not the final determination or

order requires any person entitled to a refund to make a claim for

it, is presumed abandoned.
Okla. Stat. tit. 60, § 60-833 — OK Code / Title 60 / Section 60-833
Disclaimer and disclosure statements
Status: in_force

A. A seller of property located in this state shall deliver, or

cause to be delivered, to the purchaser of such property one of the

following:

1. A written property disclaimer statement on a form

established by rule by the Oklahoma Real Estate Commission which

states that the seller:

a. has never occupied the property and makes no

disclosures concerning the condition of the property,

and

b. has no actual knowledge of any defect; or

2. A written property condition disclosure statement on a form

established by rule by the Oklahoma Real Estate Commission which

shall include the information set forth in subsection B of this

section.

B. 1. The disclosure statement shall include an identification

of items and improvements which are included in the sale of the

property and whether such items or improvements are in normal

working order. The disclosures required shall also include a

statement of whether the seller has actual knowledge of defects or

information in relation to the following:

a. water and sewer systems, including the source of

household water, water treatment systems, sprinkler

systems, occurrence of water in the heating and air

conditioning ducts, water seepage or leakage, drainage

or grading problems and flood zone status,

b. structural systems, including the roof, walls, floors,

foundation and any basement,

c. plumbing, electrical, heating and air conditioning

systems,

d. infestation or damage of wood-destroying organisms,

Oklahoma Statutes - Title 60. Property Page 251

e. major fire or tornado damage,

f. land use matters,

g. existence of hazardous or regulated materials and

other conditions having an environmental impact,

h. existence of prior manufacturing of methamphetamine,

i. any other defects known to the seller, and

j. other matters the Oklahoma Real Estate Commission

deems appropriate.

2. The disclosure statement shall include the following notices

to the purchaser in bold and conspicuous type:

a. "The information and statements contained in this

disclosure statement are declarations and

representations of the seller and are not the

representations of the real estate licensee.",

b. "The information contained in this disclosure

statement is not intended to be a part of any contract

between the purchaser and the seller.", and

c. "The declarations and information contained in this

disclosure statement are not warranties, express or

implied of any kind, and are not a substitute for any

inspections or warranties the purchaser may wish to

obtain."

C. Either the disclaimer statement or the disclosure statement

required by this section must be completed, signed and dated by the

seller. The date of completion on either statement may not be more

than one hundred eighty (180) days prior to the date of receipt of

the statement by the purchaser.

D. The Oklahoma Real Estate Commission shall develop by rule

the forms for the residential property condition disclaimer and the

residential property condition disclosure statement. After

development of the initial forms, the Oklahoma Real Estate

Commission may amend by rule the forms as is necessary and

appropriate.

Such forms shall be made available upon request irrespective of

whether the person requesting a disclaimer or disclosure form is

represented by a real estate licensee.
Okla. Stat. tit. 60, § 60-1609.3 — OK Code / Title 60 / Section 60-1609.3
Reliance on trust instrument
Status: in_force

A trustee who acts in reasonable reliance on the terms of the

trust as expressed in the trust instrument is not liable to a

beneficiary for a breach of trust to the extent the breach resulted

from the reliance.
Okla. Stat. tit. 60, § 60-340 — OK Code / Title 60 / Section 60-340
Ownership of ancient bed
Status: in_force

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.
Okla. Stat. tit. 60, § 60-2001 — OK Code / Title 60 / Section 60-2001
Definitions
Status: in_force

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 shown on the museum's

records pertaining to the property on loan from the lender, which is

sufficient for the purpose of delivering mail;

3. "Loan", "loaned", and "on loan" means all deposits of

property with a museum which are not accompanied by a transfer of

title to the property;

4. "Museum" means an organization which uses a professional

staff or the equivalent, whether paid or unpaid, that is primarily

engaged in the acquisition, care, and exhibition to the public of

objects, interactive displays, or exhibits owned or used by the

institution. Further, a museum is understood to possess a variety

of the following characteristics:

a. is organized on a permanent or regular basis for

essentially educational or aesthetic purposes,

b. owns or uses tangible objects, either animate or

inanimate,

c. cares for these objects,

d. exhibits these objects to the general public on a

regular basis at or in a facility which it owns or

operates, and

e. provides educational and cultural programming;

5. "Person" means an individual, association, trust

partnership, corporation or similar organization having a legal

interest in property in the possession of a museum;

6. "Property" means all tangible objects, animate and

inanimate, under a museum's care which have intrinsic scientific,

historic, artistic, or cultural value; and

7. "Undocumented property" means property in the possession of

a museum for which the museum cannot determine the person with legal

interest by referencing the museum's records.
Okla. Stat. tit. 60, § 60-178.8 — OK Code / Title 60 / Section 60-178.8
Conflict of interest - Transactions exempt -
Status: in_force

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 trustees, a conflict of interest shall be deemed to exist in

any contractual relationship in which a trustee of a public trust,

or any for-profit firm or corporation in which such trustee or any

member of his or her immediate family is an officer, partner,

principal stockholder, shall directly or indirectly buy or sell

goods or services to, or otherwise contract with such trust. Upon a

showing thereof, such trustee shall be subject to removal and such

contract shall be deemed unenforceable as against such trust unless

the records of such trust shall reflect that such trustee fully and

publicly disclosed all such interest or interests, and unless such

contractual relationship shall have been secured by competitive

bidding following a public invitation to bid.

The following types of transactions are exempt from the

aforementioned provisions of this section:

1. The making of any loan or advance of any funds to, or the

purchase of any obligations issued by such public trust, in

connection with the performance of any of its authorized purposes;

2. Any legal advertising required by law or indenture or

determined necessary by the trustees of such public trust;

3. The performance by any bank, trust company or similar entity

or any services as a depository; or

4. The sale of any public utility services to such public

trust, in which the price of said services is regulated by law.

It shall be the duty of each public trust to compile a list of

all conflicts of interest for which its trustees have made

disclosure. It shall also be the duty of each trust to compile a

list of all dealings between its trustees and the trust which

involve the exempted transactions listed above. Such lists shall be

compiled semiannually for periods ending June 30 and December 31 of

each year. Such lists shall be compiled on forms prescribed by the

Oklahoma Tax Commission and shall be matters of public record.

Copies of such lists shall be filed with the Secretary of State by

September 1 and March 1 of each year.

B. The provisions of this section shall be inapplicable to any

public trust created and existing prior to July 1, 1988, if all

bonds issued by such public trust are required to be issued under

Oklahoma Statutes - Title 60. Property Page 136

and pursuant to a single bond indenture by amendment or supplement

thereto and if the instrument or will creating such public trust and

the bond indenture under which such trust must issue all bonds shall

have been held to be valid and binding agreements in an opinion of

the Supreme Court of the State of Oklahoma; and nothing in this

section shall impair or be deemed to impair the trust indenture, the

bond indenture, or existing or future obligations of such public

trust.
Okla. Stat. tit. 60, § 60-2009 — OK Code / Title 60 / Section 60-2009
Limitations on claims against museum — Donated property
Status: in_force

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 date of the injury or loss, whichever occurs earlier.

B. An action shall not be brought against a museum to recover

property more than two (2) years after the date the museum gives the

person with legal interests notice of its intent to acquire the

property.

C. An action shall not be brought against a museum to recover

property on loan more than two (2) years from the date of the last

written contact between the lender or person with legal interest and

the museum as evidenced by the museum's records.

D. A lender is considered to have donated loaned property to

the museum if the lender fails to file an action to recover the

property on loan to the museum within the time periods specified in

subsections A through C of this section.

E. Notwithstanding subsections C and D of this section, a

lender who was not given notice as provided in this act that the

museum intended to terminate a loan as provided in Section 3 of this

act, and who proves that the museum received an adequate notice of

intent to preserve an interest in loaned property, which satisfies

all of the requirements of Section 3 of this act, within the two (2)

years immediately preceding the filing of an action to recover the

property, may recover the property or, if the property has been

disposed of, the reasonable value of the property at the time it was

disposed of plus interest at the legal rate.

F. A museum is not liable at any time, in the absence of a

court order, for returning property to the original lender even if a

person other than the lender has filed a notice of intent to

preserve an interest in property. If a person claims competing

interests in property in the possession of a museum, the burden is

upon the claimant to prove the interest in an action in equity

initiated by a claimant. A museum is not liable at any time for

Oklahoma Statutes - Title 60. Property Page 333

returning property to an uncontested claimant who produced

reasonable proof of ownership or the existence of a security

interest pursuant to Section 3 of this act.
Okla. Stat. tit. 60, § 60-49.20 — OK Code / Title 60 / Section 60-49.20
Amendment or termination by consent
Status: in_force

AMENDMENT OR TERMINATION BY CONSENT.

A. An environmental covenant may be amended or terminated by

consent only if the amendment or termination is signed by:

1. The agency;

2. The current owner of the fee simple of the real property

subject to the covenant;

3. Each person that originally signed the covenant, unless the

person waived in a signed record the right to consent or a court

finds that the person no longer exists or cannot be located or

identified with the exercise of reasonable diligence; and

4. Except as otherwise provided in paragraph 2 of subsection D

of this section, the holder.

Oklahoma Statutes - Title 60. Property Page 30

B. If an interest in real property is subject to an

environmental covenant, the interest is not affected by an amendment

of the covenant unless the current owner of the interest consents to

the amendment or has waived in a signed record the right to consent

to amendments.

C. Except for an assignment undertaken pursuant to a

governmental reorganization, assignment of an environmental covenant

to a new holder is an amendment.

D. Except as otherwise provided in an environmental covenant:

1. A holder may not assign its interest without consent of the

other parties; and

2. A holder may be removed and replaced by agreement of the

other parties specified in subsection A of this section.

E. A court of competent jurisdiction may fill a vacancy in the

position of holder.
Okla. Stat. tit. 60, § 60-301.6 — OK Code / Title 60 / Section 60-301.6
Fidelity bonds
Status: in_force

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 charitable trust, whether or not they are paid a

salary or other compensation. The fidelity bonds shall indemnify

the charitable trusts administered by a charitable organization for

loss sustained to a charitable trust as the result of dishonest,

fraudulent, or criminal conduct by the officers and employees of the

charitable organization, whether acting independently or in

collusion with any person or persons.

Oklahoma Statutes - Title 60. Property Page 158

B. Form and premiums of fidelity bonds. The governing board of

a charitable organization serving as trustee of a charitable trust

shall determine the amount and form of its fidelity bonds. The

premiums for its fidelity bonds shall be paid by the charitable

organization and the cost of premiums may be included in the

administrative overhead of the charitable organization.

C. Annual review of fidelity bonds. At least once each

calendar year the governing board of a charitable organization

serving as trustee of a charitable trust shall evaluate all known

elements and factors constituting its risk of loss due to dishonest,

fraudulent, or criminal conduct by its officers and employees and

determine if the amount and form of its fidelity bonds are

sufficient. The governing board shall then require fidelity bonds

in such amounts and form as are sufficient to protect its charitable

trusts from such risk or hazard. The action of the governing board

in determining the amount and form of its fidelity bonds shall be

recorded in the minutes of the governing board.
Okla. Stat. tit. 60, § 60-1213 — OK Code / Title 60 / Section 60-1213
Limitations on actions against trust director
Status: in_force

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

period for an action against a trust director for breach of trust

that the report or accounting would have in an action for breach of

trust against a trustee in a like position and under similar

circumstances.
Okla. Stat. tit. 60, § 60-814 — OK Code / Title 60 / Section 60-814
Right of eminent domain
Status: in_force

This act shall not alter, amend, repeal, modify or affect the

laws of this state providing for the exercise of the power of

eminent domain by public or quasi-public agencies, authorities and

instrumentalities or by private persons, except as may be

specifically provided herein and except that the power of eminent

domain may be exercised to condemn and acquire airspace in the same

manner as provided by law for the acquisition of other real property

or for rights or interests in same. The procedure and rules

provided by law for condemnation of real property by public or

quasi-public agencies, authorities and instrumentalities and by

private persons shall apply to the condemnation of airspace.

Whenever more than one procedure for condemnation is provided by law

and whenever there is doubt as to which procedure applies in a

particular condemnation proceeding, the condemnation procedure

applicable to the State Highway Commission or agency shall be

followed.
Okla. Stat. tit. 60, § 60-1201 — OK Code / Title 60 / Section 60-1201
Short title — Oklahoma Uniform Trust Reform Act of 2024
Status: in_force

Sections 2 through 18 of this act shall be known and may be

cited as the "Oklahoma Uniform Directed Trust Act of 2024".
Okla. Stat. tit. 60, § 60-1306 — OK Code / Title 60 / Section 60-1306
Qualified person — Excluded persons — Application to
Status: in_force

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 considered a qualified person. However, nothing in this act

precludes a transferor from appointing, removing, or replacing one

or more cotrustees, trust advisors, or trust protectors, regardless

of whether or not such trust advisor or trust protector is a

fiduciary.
Okla. Stat. tit. 60, § 60-175.90 — OK Code / Title 60 / Section 60-175.90
Attachment of present or future distributions -
Status: in_force

Restrictions limiting distribution powers.

A. A trustee may only make distributions for the purposes

designated by the settlor. A creditor, including an exception

creditor, has no greater rights than a beneficiary. In this

respect, a creditor, including an exception creditor, cannot attach

present or future distributions if the claim of the creditor does

not come within the distribution standard.

B. A restriction limiting the distribution powers of a trustee

as to a trustee, which distribution might result in the loss of a

beneficiary’s eligibility for participation in a federal or state

benefits program, including, but not limited to, Medicaid,

Supplemental Security Income, Social Security Disability Income, or

other state or federal benefits program is valid, and no creditor,

including an exception creditor, may attach present or future

distributions from such a trust. All other restrictions curtailing

the distribution power of a trustee are void as to exception

creditors, if any exception creditors are provided by the Oklahoma

Discretionary and Special Needs Trust Act.
Okla. Stat. tit. 60, § 60-1513 — OK Code / Title 60 / Section 60-1513
Relation to Electronic Signatures in Global and National
Status: in_force

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 of any of the notices described in Section

103(b) of that act, 15 U.S.C., Section 7003(b).
Okla. Stat. tit. 60, § 60-299.14 — OK Code / Title 60 / Section 60-299.14
Assignment for the benefit of creditors
Status: in_force

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.
Okla. Stat. tit. 60, § 60-175.414 — OK Code / Title 60 / Section 60-175.414
Derivatives and options
Status: in_force

DERIVATIVES AND OPTIONS

Oklahoma Statutes - Title 60. Property Page 102

A. In this section, "derivative" means a contract or financial

instrument or a combination of contracts and financial instruments

which gives a trust the right or obligation to participate in some

or all changes in the price of a tangible or intangible asset or

group of assets, or changes in a rate, an index of prices or rates,

or other market indicator for an asset or a group of assets.

B. To the extent that a trustee accounts for transactions in

derivatives pursuant to this section, the trustee shall allocate to

principal receipts from and disbursements made in connection with

those transactions.

C. If a trustee grants an option to buy property from the

trust, whether or not the trust owns the property when the option is

granted, grants an option that permits another person to sell

property to the trust, or acquires an option to buy property for the

trust or an option to sell an asset owned by the trust, and the

trustee or other owner of the asset is required to deliver the asset

if the option is exercised, an amount received for granting the

option must be allocated to principal. An amount paid to acquire

the option must be paid from principal. A gain or loss realized

upon the exercise of an option, including an option granted to a

settlor of the trust for services rendered, must be allocated to

principal.
Okla. Stat. tit. 60, § 60-331 — OK Code / Title 60 / Section 60-331
Property acquired, how
Status: in_force

Property is acquired by:

1. Occupancy.

2. Accession.

3. Transfer.

4. Will; or,

5. Succession.
Okla. Stat. tit. 60, § 60-361 — OK Code / Title 60 / Section 60-361
Absentees, who are - Authority to appoint conservator -
Status: in_force

Notice of hearing - Production of official statement.

A person hereinafter referred to as an "absentee" is one missing

from his usual place of residence and his address is unknown by his

family or those who, in the ordinary course of events, would be

expected to know his whereabouts and has been continuously absent

and unheard of for a period of six (6) months or longer, and is

presumed missing and incapable or unable to manage his affairs or

property or by permission, assignment or direction of any department

or official of the United States in connection with any activity

pertaining to or connected with the prosecution of any war in which

the United States is then engaged, who has been reported or listed

for a period not less than three (3) months by the Department of

Defense or other department of the United States as missing, or

missing in action, or interned in a neutral country, or beleaguered,

besieged, or captured by an enemy. The judge of the district court

of the county of such absentee's last-known legal domicile upon

petition alleging the foregoing facts and showing the necessity for

providing care of the property of such absentee made, verified and

filed by any person who would be entitled to administer upon the

absentee's estate if he were dead, after causing notice to be given

Oklahoma Statutes - Title 60. Property Page 171

as hereinafter provided, may, upon good cause being shown, after

finding the facts to be as aforesaid, appoint a conservator to take

charge of the absentee's estate under the supervision and subject to

the further orders of the court, provided, however, that before any

such conservator may be appointed notice of the hearing upon the

petition shall be given as is provided by law for hearings upon

petition for appointment of administrators, and in addition thereto,

notice thereof shall be given to said absentee by publication for

two (2) consecutive weeks in a legal newspaper in the county where

said proceedings are pending, the last publication of said notice to

be at least fifteen (15) days before the hearing on said petition.

Provided, further, when the status of absentee is given by the

Department of Defense or other department of the United States a

conservator may be appointed only if there is produced at the

hearing an official statement signed by a proper official of the

United States Government that there has been no change in the status

of the absentee from the date of the first report, which statement

shall be dated not more than fifteen (15) days before said hearing

or any date to which the same may be continued by order of the

court.
Okla. Stat. tit. 60, § 60-1602.2 — OK Code / Title 60 / Section 60-1602.2
Jurisdiction over trustee and beneficiary
Status: in_force

A. By accepting the trusteeship of a trust having its principal

place of administration in this state or by moving the principal

place of administration to this state, the trustee submits

personally to the jurisdiction of the courts of this state regarding

any matter involving the trust.

B. With respect to their interests in the trust, the

beneficiaries of a trust having its principal place of

administration in this state are subject to the jurisdiction of the

courts of this state regarding any matter involving the trust. By

accepting a distribution from such a trust, the recipient submits

personally to the jurisdiction of the courts of this state regarding

any matter involving the trust.

C. This section does not preclude other methods of obtaining

jurisdiction over a trustee, beneficiary, or other person receiving

property from the trust.
Okla. Stat. tit. 60, § 60-339 — OK Code / Title 60 / Section 60-339
Island formed by a new channel
Status: in_force

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.
Okla. Stat. tit. 60, § 60-1604.16 — OK Code / Title 60 / Section 60-1604.16
Combination and division of trusts
Status: in_force

After notice to the qualified beneficiaries, a trustee may

combine two or more trusts into a single trust or divide a trust

into two or more separate trusts, if the result does not impair the

rights of any beneficiary or adversely affect achievement of the

purposes of the trust.

ARTICLE 5

CREDITOR’S CLAIM AGAINST SETTLOR
Okla. Stat. tit. 60, § 60-685.1 — OK Code / Title 60 / Section 60-685.1
Application and construction of act
Status: in_force

The Uniform Unclaimed Property Act (1981) shall be applied and

construed so as to effectuate its general purpose to make uniform

the law with respect to unclaimed property among states enacting it.
Okla. Stat. tit. 60, § 60-1603.1 — OK Code / Title 60 / Section 60-1603.1
Representation — Basic effect
Status: in_force

A. Notice to a person who may represent and bind another person

under this article has the same effect as if notice were given

directly to the other person.

B. The consent of a person who may represent and bind another

person under this article is binding on the person represented

unless the person represented objects to the representation before

the consent would otherwise have become effective.

C. Except as otherwise provided in Section 29 of this act, a

person who under this article may represent a settlor who lacks

capacity may receive notice and give a binding consent on the

settlor's behalf.

D. A settlor may not represent and bind a beneficiary under

this article with respect to the termination or modification of a

trust under subsection A of Section 29 of this act.
Okla. Stat. tit. 60, § 60-1603.5 — OK Code / Title 60 / Section 60-1603.5
Appointment of representative
Status: in_force

A. If the court determines that an interest is not represented

under this act, or that the otherwise available representation might

be inadequate, the court may appoint a representative to receive

notice, give consent, and otherwise represent, bind, and act on

behalf of a minor, incapacitated, or unborn individual, or a person

whose identity or location is unknown, in the same manner as

appointment of a guardian ad litem. A representative may be

appointed to represent several persons or interests.

B. A representative may act on behalf of the individual

represented with respect to any matter arising under this act,

whether or not a judicial proceeding concerning the trust is

pending.

C. In making decisions, a representative may consider general

benefit accruing to the living members of the individual's family.

ARTICLE 4

Oklahoma Statutes - Title 60. Property Page 304

CREATION, VALIDITY, MODIFICATION, AND TERMINATION OF

TRUST
Okla. Stat. tit. 60, § 60-1609.5 — OK Code / Title 60 / Section 60-1609.5
Limitation on personal liability of trustee
Status: in_force

A. The limitations on personal liability of a trustee as set

forth in subsection H of Section 175.57 of Title 60 of the Oklahoma

Statutes and in subsection H of Section 42 of this act shall apply.

B. A claim based on a contract entered into by a trustee in the

trustee's fiduciary capacity, on an obligation arising from

ownership or control of trust property, or on a tort committed in

the course of administering a trust, may be asserted in a judicial

proceeding against the trustee in the trustee's fiduciary capacity,

whether or not the trustee is personally liable for the claim.
Okla. Stat. tit. 60, § 60-1208 — OK Code / Title 60 / Section 60-1208
Trust director — Fiduciary duty and liability — Providing
Status: in_force

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. if the power is held individually, as a sole trustee

in a like position and under similar circumstances, or

b. if the power is held jointly with a trustee or another

trust director, as a cotrustee in a like position and

under similar circumstances; and

2. The terms of the trust may vary the director's duty or

liability to the same extent the terms of the trust could vary the

duty or liability of a trustee in a like position and under similar

circumstances.

B. Unless the terms of a trust provide otherwise, if a trust

director is licensed, certified, or otherwise authorized or

permitted by law other than this act to provide health care in the

ordinary course of the director's business or practice of a

profession, to the extent the director acts in that capacity, the

director has no duty or liability under this act.

C. The terms of a trust may impose a duty or liability on a

trust director in addition to the duties and liabilities under this

section.
Okla. Stat. tit. 60, § 60-175.20 — OK Code / Title 60 / Section 60-175.20
Actions for trustee's torts - Personal liability of
Status: in_force

trustee.

Where a trustee or his predecessor has incurred personal

liability for a tort committed in the course of his administration:

A. The trustee in his representative capacity may be sued and

collection had from the trust property, if the court shall determine

in such action:

1. That the tort was a common incident of the kind of business

activity in which the trustee or his predecessor was properly

engaged for the trust; or

2. That although the tort was not a common incident of such

activity neither the trustee nor his predecessor, nor any officer or

employee of the trustee or his predecessor, was guilty of actionable

negligence in incurring the liability; or

3. That although the tort did not fall within Classes 1 or 2

above, it increased the value of the trust property. If the tort is

within Classes 1 or 2 above, collection may be had of the full

amount of damage proved; and if the tort is within Class 3 above,

collection may be had only to the extent of the permanent increase

in the value of the trust property.

B. In an action against the trustee in his representative

capacity under this section the plaintiff need not prove that the

trustee could have secured reimbursement from the trust fund if he

had paid the plaintiff's claim.

C. No judgment shall be rendered in favor of the plaintiff in

such action unless he proves that within thirty (30) days after the

beginning of the action, or within such other period as the court

may fix, and more than thirty (30) days prior to obtaining the

judgment, he notified each of the beneficiaries known to the trustee

who then had a present or contingent interest of the existence and

nature of the action. Such notice shall be given by mailing copies

thereof in postpaid envelopes addressed to such beneficiaries at

their last known addresses. The trustee shall furnish the plaintiff

Oklahoma Statutes - Title 60. Property Page 59

a list of such beneficiaries and their addresses, within ten (10)

days after written demand therefor, and notification of the persons

on such list shall constitute compliance with the duty placed on the

plaintiff by this action. Any beneficiary may intervene in such

action and contest the right of the plaintiff to recover. If any

beneficiary is a minor or has been adjudged incompetent, the court

shall appoint a guardian ad litem, whose duty it shall be to defend

such action.

D. The trustee may also be held personally liable for any tort

committed by him, or his agents or employees in the course of their

employments, subject to the rights of exoneration or reimbursement

provided in Section 19 of this act.
Okla. Stat. tit. 60, § 60-657.2 — OK Code / Title 60 / Section 60-657.2
Unpaid wages owing in ordinary course of business
Status: in_force

Unpaid wages, including wages represented by unpresented payroll

checks, owing in the ordinary course of the holder's business which

remain unclaimed by the owner for more than one (1) year after

becoming payable are presumed abandoned.
Okla. Stat. tit. 60, § 60-1311 — OK Code / Title 60 / Section 60-1311
Actions against qualified disposition property not
Status: in_force

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 for an

attachment or other provisional remedy against property that is the

subject of a qualified disposition or for avoidance of a qualified

disposition unless the settlor's transfer of property was made with

the intent to defraud that specific creditor. This protection,

however, only applies to qualified dispositions up to, but not

exceeding, Ten Million Dollars ($10,000,000.00).
Okla. Stat. tit. 60, § 60-125 — OK Code / Title 60 / Section 60-125
Foreclosure procedure — Notice
Status: in_force

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, or the provisions of the Constitution of this

state, to institute suit in behalf of this state in the district

court of the county in which such lands are situated, praying for

the foreclosure of the same. Provided, that before any such suit is

instituted, the Attorney General, or district attorney aforesaid, as

the case may be, shall give thirty (30) days’ notice by registered

letter of his or her intention to sue, directed to the owner of the

lands, at his or her last-known post office address or to the

persons who last rendered the same for taxes, or to any known agents

of the owner; proof of having mailed such registered letter shall be

deemed and held prima facie evidence of the giving of such notice.

R.L. 1910, § 6650. Amended by Laws 2024, c. 373, § 3, eff. Nov. 1,

2024.

Oklahoma Statutes - Title 60. Property Page 41
Okla. Stat. tit. 60, § 60-175.2 — OK Code / Title 60 / Section 60-175.2
Purposes of trust
Status: in_force

A trust in relation to real and personal property, or either of

them, may be created for any purpose or purposes for which a

contract may be made.
Okla. Stat. tit. 60, § 60-707 — OK Code / Title 60 / Section 60-707
Short title
Status: in_force

This act may be cited as the Escheat of Postal Savings System

Accounts Act.
Okla. Stat. tit. 60, § 60-175.13 — OK Code / Title 60 / Section 60-175.13
Trustee purchasing stock, bond or securities of self,
Status: in_force

affiliate, etc.

No corporate trustee shall purchase for a trust, shares of its

own stock, or its bonds, or other securities, or the stock, bonds or

other securites of an affiliate.

This section shall not prohibit the exercise of stock rights

issued in connection with shares of the trustee bank or its

affiliates owned in a fiduciary capacity, nor payments for the

rounding out of fractional shares received in connection with the

stock dividends issued by the trustee bank or its affiliates;

provided that,

(1) in the election of directors, shares of its own stock held

by a bank as sole trustee, whether registered in its own name as

such trustee or in the name of its nominee, shall not be voted by

the registered owner unless under the terms of the trust the manner

in which such shares shall be voted may be determined by a donor or

beneficiary of the trust and unless such donor or beneficiary

actually directs how such shares shall be voted,

(2) shares of its own stock held by a bank and one or more

persons as trustees may be voted by such other person or persons, as

trustees, in the same manner as if he or they were the sole trustee.

No noncorporate trustee shall purchase for a trust the stock, bonds,

or other securities of a corporation with which he is connected as

director, owner, manager, or in executive capacity.
Okla. Stat. tit. 60, § 60-1608.14 — OK Code / Title 60 / Section 60-1608.14
General powers of trustee
Status: in_force

A. A trustee, without authorization by the court, may exercise:

1. Powers conferred by the terms of the trust; and

2. Except as limited by the terms of the trust:

a. all powers over the trust property which an unmarried

competent owner has over individually owned property,

b. any other powers appropriate to achieve the proper

investment, management, and distribution of the trust

property, and

c. any other powers conferred by this act.

B. The exercise of a power is subject to the fiduciary duties

prescribed by this article.
Okla. Stat. tit. 60, § 60-1607.1 — OK Code / Title 60 / Section 60-1607.1
Accepting or declining trusteeship
Status: in_force

A. Except as otherwise provided in subsection C of this

section, a person designated as trustee accepts the trusteeship:

1. By substantially complying with a method of acceptance

provided in the terms of the trust; or

2. If the terms of the trust do not provide a method or the

method provided in the terms is not expressly made exclusive, by

accepting delivery of the trust property, exercising powers or

performing duties as trustee, or otherwise indicating acceptance of

the trusteeship.

Oklahoma Statutes - Title 60. Property Page 311

B. A person designated as trustee who has not yet accepted the

trusteeship may reject the trusteeship. A designated trustee who

does not accept the trusteeship within a reasonable time after

knowing of the designation is deemed to have rejected the

trusteeship.

C. A person designated as trustee, without accepting the

trusteeship, may:

1. Act to preserve the trust property if, within a reasonable

time after acting, the person sends a rejection of the trusteeship

to the settlor or, if the settlor is dead or lacks capacity, to a

qualified beneficiary; and

2. Inspect or investigate trust property to determine potential

liability under environmental or other law or for any other purpose.
Okla. Stat. tit. 60, § 60-61 — OK Code / Title 60 / Section 60-61
Life lease rent
Status: in_force

Rent due upon a lease for life may be recovered in the same

manner as upon a lease for years. R.L. 1910 Sec. 6635.
Okla. Stat. tit. 60, § 60-1314 — OK Code / Title 60 / Section 60-1314
Creditors' rights to qualified disposition — Personal
Status: in_force

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 through 36 of this act,

and no such creditor nor any other person has any claim or cause of

action against the trustee or advisor, described in Section 24 of

this act, of a trust that is the subject of a qualified disposition,

or against any person involved in the counseling, drafting,

preparation, execution, or funding of a trust that is the subject of

a qualified disposition. In addition to the provisions of Section

Oklahoma Statutes - Title 60. Property Page 282

37 of this act, at no time is a qualified person personally liable

to a creditor of a transferor or any other person for distributions

made by the qualified person, before the creditor or person notified

the qualified person, in writing, that a claim or cause of action

existed. This applies regardless of whether the distributions are

made to or for the benefit of the transferor or a beneficiary during

the period in which a creditor or other person could make a claim as

provided in Section 30 of this act.
Okla. Stat. tit. 60, § 60-686 — OK Code / Title 60 / Section 60-686
Citation
Status: in_force

Section 651 et seq. of this title may be cited as the Uniform

Unclaimed Property Act.
Okla. Stat. tit. 60, § 60-40 — OK Code / Title 60 / Section 60-40
Conditional limitations
Status: in_force

A remainder may be limited on a contingency which, in case it

should happen, will operate to abridge or determine the precedent

estate; and every such remainder is to be deemed a conditional

limitation.
Okla. Stat. tit. 60, § 60-49.23 — OK Code / Title 60 / Section 60-49.23
Relation to Electronic Signatures in Global and National
Status: in_force

Commerce Act.

RELATION TO ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL

COMMERCE ACT.

The Uniform Environmental Covenants Act modifies, limits, or

supersedes the federal 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 of that act (15 U.S.C., Section

7001(a)) or authorize electronic delivery of any of the notices

described in Section 103 of that act (15 U.S.C., Section 7003(b)).
Okla. Stat. tit. 60, § 60-59.2 — OK Code / Title 60 / Section 60-59.2
Abstracting or copying mortgage or bond indenture without
Status: in_force

authorization - Damages.

If any abstractor fails to obtain written authorization by the

owner, purchaser or lessee of the land and subsequently summarizes,

abstracts or copies the mortgage or bond indenture in full, he shall

be liable for damages.
Okla. Stat. tit. 60, § 60-67 — OK Code / Title 60 / Section 60-67
Trees on land, ownership of
Status: in_force

Oklahoma Statutes - Title 60. Property Page 35

Trees whose trunks stand wholly upon the land of one owner,

belong exclusively to him, although their roots grow into the land

of another. R.L. 1910 Sec. 6642.
Okla. Stat. tit. 60, § 60-1608.9 — OK Code / Title 60 / Section 60-1608.9
Recordkeeping and identification of trust property
Status: in_force

Oklahoma Statutes - Title 60. Property Page 318

A. A trustee shall keep adequate records of the administration

of the trust.

B. A trustee shall keep trust property separate from the

trustee's own property.

C. Except as otherwise provided in subsection D of this

section, a trustee shall cause the trust property to be designated

so that the interest of the trust, to the extent feasible, appears

in records maintained by a party other than a trustee or

beneficiary.

D. If the trustee maintains records clearly indicating the

respective interests, a trustee may invest as a whole the property

of two or more separate trusts.
Okla. Stat. tit. 60, § 60-390 — OK Code / Title 60 / Section 60-390
Acceptance by counties, cities, towns and school districts
Status: in_force

- Delivery - Receipts.

The board of county commissioners of each county of the state,

as to such county, and the governing board of each city, town and

school district of the state, as to each such governmental

subdivision, is hereby authorized in its discretion to accept, upon

behalf of such county, city, town or school district, any gift,

testamentary or otherwise, whether unconditional or conditional, of

any property, whether real or personal or both, to such county,

city, town, or school district, or any institution, department or

agency thereof; and, in such instances, the property, or, in the

case of real property or intangible personal property, the muniments

of title thereto, shall be delivered to, and any necessary receipts

therefor shall be executed by, such board.
Okla. Stat. tit. 60, § 60-1605.1 — OK Code / Title 60 / Section 60-1605.1
Creditor claims — Rules
Status: in_force

Oklahoma Statutes - Title 60. Property Page 309

A. Whether or not the terms of a trust contain a spendthrift

provision, the following rules apply:

1. Except as provided by the laws of this state, during the

lifetime of the settlor, the property of a revocable trust is

subject to claims of the settlor's creditors; and

2. Except as provided by the laws of this state, after the

death of a settlor, and subject to the settlor's right to direct the

source from which liabilities will be paid, the property of a trust

that was revocable at the settlor's death is subject to claims of

the settlor's creditors, costs of administration of the settlor's

estate, the expenses of the settlor's funeral and disposal of

remains, and statutory allowances to a surviving spouse and children

to the extent the settlor's probate estate is inadequate to satisfy

those claims, costs, expenses, and allowances.

B. For purposes of this section:

1. During the period the power may be exercised, the holder of

a power of withdrawal is treated in the same manner as the settlor

of a revocable trust to the extent of the property subject to the

power; and

2. Upon the lapse, release, or waiver of the power, the holder

is treated as the settlor of the trust only to the extent the value

of the property affected by the lapse, release, or waiver exceeds

the greater of the amount specified in Section 2041(b)(2) or 2514(e)

of the Internal Revenue Code of 1986, or Section 2503(b) of the

Internal Revenue Code of 1986, in each case as in effect on the

effective date of this act, or as later amended.

ARTICLE 6

REVOCABLE TRUSTS
Okla. Stat. tit. 60, § 60-175.18 — OK Code / Title 60 / Section 60-175.18
Action on trustee contract - Personal liability of trustee - Trustee as general or limited
Status: in_force

Oklahoma Statutes - Title 60. Property Page 3trustee - Trustee as general or limited partner.

Whenever a trustee shall make a contract which is within his

powers as trustee, or a predecessor trustee shall have made such a

contract, and a cause of action arises thereon:

1. The party in whose favor the cause of action has accrued may

sue the trustee in his representative capacity, and any judgment

rendered in such action in favor of the plaintiff shall be

collectible by execution out of the trust property. In such an

action the plaintiff need not prove that the trustee could have

secured reimbursement from the trust fund if he had paid the

plaintiff's claim.

2. No judgment shall be rendered in favor of the plaintiff in

such action unless he proves that within thirty (30) days after the

beginning of such action, or within such other time as the court may

fix, and more than thirty (30) days prior to obtaining the judgment,

he notified each of the beneficiaries known to the trustee who then

had a present or contingent interest, or in the case of a charitable

trust the Attorney General and any corporation which is a

beneficiary or agency in the performance of such charitable trust,

of the existence and nature of the action. Such notice shall be

given by mailing copies thereof in postpaid envelopes addressed to

the parties to be notified at their last-known addresses. The

trustee shall furnish the plaintiff a list of the parties to be

notified, and their addresses, within ten (10) days after written

demand therefor, and notification of the persons on such list shall

constitute compliance with the duty placed on the plaintiff by this

section. Any beneficiary, or in the case of charitable trusts, the

Attorney General and any corporation which is a beneficiary or

agency in the performance of such charitable trust, may intervene in

such action and contest the right of the plaintiff to recover. If

any beneficiary is a minor or has been adjudged incompetent, the

court shall appoint a guardian ad litem, whose duty it shall be to

defend such action.

Oklahoma Statutes - Title 60. Property Page 57

3. The plaintiff may also hold the trustee who made the

contract personally liable on such contract, if the contract does

not exclude such personal liability. The addition of the word

"trustee" or the words "as trustee" after the signature of a trustee

to a contract shall be deemed prima facie evidence of an intent to

exclude the trustee from personal liability.

4. If a decedent was a partner in a general partnership and the

articles of partnership so provide, on the death of a partner, his

or her trustee shall be entitled to the place of the deceased

partner in the partnership. Likewise, any other trustee contracting

to enter into a general partnership in its capacity as trustee shall

have its liability limited to the trust assets contributed to the

partnership and the other assets of that trust under the control and

management of the contract. A trustee so entering the partnership

shall be liable to third persons only to the extent of the

decedent's capital in the partnership and the funds of the trust

under the control and management of the trustee. This paragraph

does not exonerate a trustee from liability for negligence.

5. Unless otherwise authorized, directed or restricted by order

of court or by the instrument creating the trust, a trustee may

contract to enter into a limited partnership pursuant to the Limited

Partnership Act and may contribute to the partnership the assets

designated by the instrument creating the trust. The trustee shall

be liable only to the extent of the assets contributed by the

trustee pursuant to the instrument creating the trust,

notwithstanding the occurrence of any act or event which would

otherwise have the effect of changing the limited partnership into a

general partnership. This paragraph does not exonerate a trustee

from liability for negligence.
Okla. Stat. tit. 60, § 60-1211 — OK Code / Title 60 / Section 60-1211
Non-duty of trustee and trust director
Status: in_force

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 director; and

Oklahoma Statutes - Title 60. Property Page 273

2. By taking an action described in paragraph 1 of this

subsection, a trustee does not assume the duty excluded by paragraph

1 of this subsection.

B. Unless the terms of a trust provide otherwise:

1. A trust director does not have a duty to:

a. monitor a trustee or another trust director, or

b. inform or give advice to a settlor, beneficiary,

trustee, or another trust director concerning an

instance in which the director might have acted

differently than a trustee or another trust director;

and

2. By taking an action described in paragraph 1 of this

subsection, a trust director does not assume the duty excluded by

paragraph 1 of this subsection.
Okla. Stat. tit. 60, § 60-64 — OK Code / Title 60 / Section 60-64
Fee title covers what
Status: in_force

The owner of land in fee has the right to the surface and to

everything permanently situated beneath or above it. R.L. 1910

Sec. 6638.
Okla. Stat. tit. 60, § 60-389 — OK Code / Title 60 / Section 60-389
Money included in gift - Income and proceeds of sales -
Status: in_force

Deposit to credit of General Revenue Fund.

Except as may be otherwise provided in Sections 391 through 396

of this title, any cash or the equivalent thereof involved in any

gift, testamentary or otherwise, given to this state for public

purposes generally or without designation to any particular purpose

to which the same shall be devoted, when accepted by the Governor

and delivered to the Office of Management and Enterprise Services,

as provided for in Section 383 of this title, together with all

income, interest, rentals, or otherwise, from any property delivered

to the Office of Management and Enterprise Services pursuant to the

provisions of Section 383 and Sections 386 through 388 of this

title, and all cash derived from sales, or other conversions into

cash, of such other property as provided for in Sections 386 through

Oklahoma Statutes - Title 60. Property Page 177

388 of this title, shall be deposited in the State Treasury to the

credit of the General Revenue Fund for the fiscal year in which it

is received.
Okla. Stat. tit. 60, § 60-140 — OK Code / Title 60 / Section 60-140
Surplus liable to creditors
Status: in_force

Where a trust is created to receive the rents and profits of

real property, and no valid direction for accumulation is given, the

surplus of such rents and profits, beyond the sum that may be

necessary for the education and support of the person for whose

benefit the trust is created, is liable to the claims of the

creditors of such person, in the same manner as personal property

which cannot be reached by execution.
Okla. Stat. tit. 60, § 60-77 — OK Code / Title 60 / Section 60-77
Reformation of offending instruments
Status: in_force

If an instrument violates the rule against perpetuities, but can

be reformed or construed in accordance with the provisions of this

act, is shall not be declared totally invalid. Rather, the

provisions thereof that do not offend the rule shall be enforced,

and only the provisions thereof that do violate, or might violate,

the rule shall be subject to reformation or construction under the

doctrine of cy pres within the terms of this act.
Okla. Stat. tit. 60, § 60-1604.9 — OK Code / Title 60 / Section 60-1604.9
Modification or termination of trust — Proceedings for
Status: in_force

approval or disapproval.

A. In addition to the methods of termination prescribed by

Sections 29 through 32 of this act, a trust terminates to the extent

the trust is revoked or expires pursuant to its terms, no purpose of

the trust remains to be achieved, or the purposes of the trust have

become unlawful, contrary to public policy, or impossible to

achieve.

B. A proceeding to approve or disapprove a proposed

modification or termination under Sections 29 through 34 of this

act, or trust combination or division under Section 35 of this act,

may be commenced by a trustee or beneficiary, and a proceeding to

approve or disapprove a proposed modification or termination under

Section 29 of this act may be commenced by the settlor. The settlor

of a charitable trust may maintain a proceeding to modify the trust

under Section 31 of this act.
Okla. Stat. tit. 60, § 60-157 — OK Code / Title 60 / Section 60-157
Mortgages - Words not giving notice of existence of trust
Status: in_force

The appearance of the words "trustee" or "as trustee" or "agent"

following the name of the mortgagee in any mortgage on real estate

or personal property heretofore or hereafter executed, without other

language showing a trust, shall not be deemed to give notice to or

put on inquiry any person dealing with said property or mortgage

that a trust exists, or that there are other beneficiaries of said

mortgage except the mortgagee named therein, and such mortgage shall

vest full rights and ownership to such mortgage and lien created

thereby in such mortgagee, and an assignment or release of said

mortgage by such mortgagee, whether followed by the words "trustee"

or "as trustee" or "agent" or not, shall vest full and complete

title and ownership in said mortgage in the assignee, or shall

constitute a full and complete release of said mortgage, free from

any claims of all persons or corporations. This act shall not apply

to any suits now pending.
Okla. Stat. tit. 60, § 60-668.1 — OK Code / Title 60 / Section 60-668.1
Unclaimed Property Clearinghouse Fund
Status: in_force

A. There is hereby created in the State Treasury a revolving

fund for the State Treasurer to be designated the "Unclaimed

Property Clearinghouse Fund". The fund shall be a continuing fund,

not subject to fiscal year limitations, and shall consist of monies

deposited to the fund pursuant to Section 668 of this title. All

monies accruing to the credit of the fund are appropriated to the

State Treasurer. The State Treasurer may budget and expend monies

from the fund for the purpose of making payment for the mailing,

publication and sale costs associated with abandoned property, and

to persons, firms, or corporations who are regularly engaged in the

business of notifying states about property which may be subject to

the provisions of unclaimed property statutes of those states. The

State Treasurer may enter into contracts with these persons, firms

or corporations performing these services, which services may

include the examination of any party subject to examination under

the Uniform Unclaimed Property Act. The State Treasurer may

delegate all necessary authority to act in the State Treasurer's

behalf to such persons, firms or corporations to enforce the

provisions of the Uniform Unclaimed Property Act.

B. The State Treasurer shall be authorized to expend monies

from the Unclaimed Property Clearinghouse Fund in payment of a

reasonable fee not to exceed fifteen percent (15%) of the delivered

funds to a person, firm, or corporation contracting with the State

Treasurer providing information leading to the delivery of unclaimed

property held by a holder to the State Treasurer. Such payment

shall not be made until the funds have been deposited with the State

Treasurer.

Oklahoma Statutes - Title 60. Property Page 222

C. The State Treasurer is authorized to purchase services,

including legal services, in order to locate and effect the delivery

of property and related owner information to assist the State

Treasurer in the Treasurer's duties related to the administration of

the Uniform Unclaimed Property Act. The purchase of such services,

other than legal services, shall be chosen by a solicitation of

proposals on a competitive basis, but shall be exempt from the

provisions of The Oklahoma Central Purchasing Act.
Okla. Stat. tit. 60, § 60-1604.12 — OK Code / Title 60 / Section 60-1604.12
Cy pres
Status: in_force

A. Except as otherwise provided in subsection B of this

section, if a particular charitable purpose becomes unlawful,

impracticable, impossible to achieve, or wasteful:

1. The trust does not fail, in whole or in part;

2. The trust property does not revert to the settlor or the

settlor's successors in interest; and

3. The court may apply cy pres to modify or terminate the trust

by directing that the trust property be applied or distributed, in

whole or in part, in a manner consistent with the settlor's

charitable purposes.

B. A provision in the terms of a charitable trust that would

result in distribution of the trust property to a noncharitable

beneficiary prevails over the power of the court under subsection A

of this section to apply cy pres to modify or terminate the trust

Oklahoma Statutes - Title 60. Property Page 308

only if, when the provision takes effect, the trust property is to

revert to the settlor and the settlor is still living.
Okla. Stat. tit. 60, § 60-300.16 — OK Code / Title 60 / Section 60-300.16
Release or modification of restrictions on management,
Status: in_force

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 purpose of an

institutional fund. A release or modification may not allow a fund

to be used for a purpose other than a charitable purpose of the

institution.

(b) The court, upon application of an institution, may modify a

restriction contained in a gift instrument regarding the management

or investment of an institutional fund if the restriction has become

impracticable or wasteful, if it impairs the management or

investment of the fund, or if, because of circumstances not

anticipated by the donor, a modification of a restriction will

further the purposes of the fund. The institution shall notify the

Attorney General of the application, and the Attorney General must

be given an opportunity to be heard. To the extent practicable, any

modification must be made in accordance with the donor’s probable

intention.

(c) If a particular charitable purpose or a restriction

contained in a gift instrument on the use of an institutional fund

becomes unlawful, impracticable, impossible to achieve, or wasteful,

the court, upon application of an institution, may modify the

purpose of the fund or the restriction on the use of the fund in a

manner consistent with the charitable purposes expressed in the gift

instrument. The institution shall notify the Attorney General of

the application, and the Attorney General must be given an

opportunity to be heard.

(d) If an institution determines that a restriction contained

in a gift instrument on the management, investment, or purpose of an

institutional fund is unlawful, impracticable, impossible to

achieve, or wasteful, the institution, sixty (60) days after

notification to the Attorney General, may release or modify the

restriction, in whole or part, if:

(1) The institutional fund subject to the restriction has a

total value of less than Twenty-five Thousand Dollars ($25,000.00);

Oklahoma Statutes - Title 60. Property Page 152

(2) More than twenty (20) years have elapsed since the fund was

established; and

(3) The institution uses the property in a manner consistent

with the charitable purposes expressed in the gift instrument.
Okla. Stat. tit. 60, § 60-1107 — OK Code / Title 60 / Section 60-1107
Unconstitutional
Status: in_force

NOTE: This section was held unconstitutional by the Oklahoma

Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008

OK 102 (2009).
Okla. Stat. tit. 60, § 60-175.712 — OK Code / Title 60 / Section 60-175.712
Later discovered assets
Status: in_force

LATER DISCOVERED ASSETS

To the extent the authorized trustee does not provide otherwise:

Oklahoma Statutes - Title 60. Property Page 114

1. The distribution of all of the principal of a first trust to

a second trust includes subsequently discovered assets otherwise

belonging to the first trust and principal paid to or acquired by

the first trust after the distribution of the first trust's

principal to the second trust; and

2. The distribution of part of the principal of a first trust

to a second trust does not include subsequently discovered assets

belonging to the first trust or principal paid to or acquired by the

first trust after the distribution of principal from the first trust

to the second trust, and those assets or that principal remain the

assets or principal of the first trust.
Okla. Stat. tit. 60, § 60-327 — OK Code / Title 60 / Section 60-327
Provisions against alienation or encumbrance
Status: in_force

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 interest therein.
Okla. Stat. tit. 60, § 60-1604.1 — OK Code / Title 60 / Section 60-1604.1
Methods of creating trust
Status: in_force

A trust may be created by:

1. Transfer of property to another person as trustee during the

settlor's lifetime or by will or other disposition taking effect

upon the settlor's death;

2. Declaration by the owner of property that the owner holds

identifiable property as trustee; or

3. Exercise of a power of appointment in favor of a trustee.
Okla. Stat. tit. 60, § 60-866 — OK Code / Title 60 / Section 60-866
Size limitation - Ordinances
Status: in_force

A political subdivision, by ordinance, may provide that a group

home may consist of not more than eight persons with developmental

or physical disabilities.
Okla. Stat. tit. 60, § 60-199 — OK Code / Title 60 / Section 60-199
Validity of a trust for the care of domestic or pet
Status: in_force

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 to bring the transfer within the scope of trusts governed

by this section, to presume against the mere precatory or honorary

nature of the disposition, and to carry out the general intent of

the transferor. Extrinsic evidence is admissible in determining the

intent of the transferor.

C. If a trustee is not designated or no designated or successor

trustee is willing or able to serve, a court shall name a trustee.

Unless otherwise permitted by the trust, the trustee and the

enforcer as provided in subsection D of this section shall not be

the same person. The trustee shall be entitled to reasonable

trustee fees and expenses for the administration, unless otherwise

provided in the trust instrument. The trustee of a trust created in

accordance with this section shall ensure that care is provided for

the benefit of the animal in accordance with the terms of the trust

or, in absence of any terms, shall ensure that care is provided that

is reasonable under the circumstances. The trustee may employ

agents or contractors to provide any care and pay for the care from

the assets of the trust. The trustee shall also ensure that the

property of a trust authorized by this section is applied only to

its intended use.

Oklahoma Statutes - Title 60. Property Page 143

D. A trust authorized by this section may be enforced by a

person appointed in the trust instrument, the caretaker of the

designated animal or animals, and the remainder beneficiary, or, if

none, by an individual appointed by a court upon application to it

by an individual.

E. Accountings otherwise required by law shall be provided to

those persons qualified as an enforcer as provided for in subsection

D of this section. However, if the value of the assets in the trust

does not exceed Twenty Thousand Dollars ($20,000.00), no filing,

report, registration, periodic accounting, separate maintenance of

funds, appointment, or fee shall be required by reason of the

existence of the fiduciary relationship of the trustee, unless

ordered by the court or required by the trust instrument.

F. Each trust created pursuant to this section shall identify a

remainder beneficiary. If none is named, the trustee shall transfer

any unexpended trust property upon termination of the trust to the

transferor, if then living, or if not living, to the transferor’s

successors in interest.

G. For purposes of Section 175.47 of Title 60 of the Oklahoma

Statutes, the beneficiary or beneficiaries in being at the creation

of the trust shall include the caretaker of the designated animal or

animals and the remainder beneficiaries.
Okla. Stat. tit. 60, § 60-171 — OK Code / Title 60 / Section 60-171
Trusts authorized - Powers of trustee
Status: in_force

Express trusts may be created in real or personal property or

both, with power in the trustee, or a majority of the trustees, if

there be more than one, to receive title to, hold, buy, sell,

exchange, transfer and convey real and personal property for the use

of such trust; to take, receive, invest or disburse the receipts,

earnings, rents, profits or returns from the trust estate; to carry

on and conduct any lawful business designated in the instrument of

trust, generally to do any lawful act in relation to the trust

property which any individual owning the same absolutely might do

and to comply with the provisions of the Oklahoma Uniform Prudent

Investor Act.
Okla. Stat. tit. 60, § 60-1604.8 — OK Code / Title 60 / Section 60-1604.8
Noncharitable trust without ascertainable beneficiary
Status: in_force

Except as otherwise provided in this act or by another statute,

the following rules apply:

1. A trust may be created for a noncharitable purpose without a

definite or definitely ascertainable beneficiary or for a

noncharitable but otherwise valid purpose to be selected by the

trustee;

2. A trust authorized by this section may be enforced by a

person appointed in the terms of the trust or, if no person is so

appointed, by a person appointed by the court; and

3. Property of a trust authorized by this section may be

applied only to its intended use, except to the extent the court

determines that the value of the trust property exceeds the amount

required for the intended use. Except as otherwise provided in the

terms of the trust, property not required for the intended use must

Oklahoma Statutes - Title 60. Property Page 306

be distributed to the settlor, if then living, otherwise to the

settlor's successors in interest.
Okla. Stat. tit. 60, § 60-688 — OK Code / Title 60 / Section 60-688
Duties relating to administration – Transfer from Tax
Status: in_force

Commission to State Treasurer – Transfer of administrative rules.

A. Effective July 1, 1999, all duties relating to

administration of the Uniform Unclaimed Property Act shall be

transferred from the Oklahoma Tax Commission to the State Treasurer.

Funds sufficient to administer the Uniform Unclaimed Property Act

shall be appropriated to the State Treasurer for fiscal year 2000.

All funds related to the Uniform Unclaimed Property Act shall be

transferred to the control of the State Treasurer on July 1, 1999.

Provided, fiscal year 2000 shall be a transitional year in which the

State Treasurer shall gradually assume complete administration and

management over the program and staff currently carrying out the

administration of the Uniform Unclaimed Property Act. The State

Treasurer and the Tax Commission shall enter into a contract whereby

funds shall be paid to the Tax Commission by the State Treasurer

throughout fiscal year 2000 in exchange for the Tax Commission’s

agreement to continue to operate the program. During this

transition year, the employees assigned to the Unclaimed Property

Division shall continue to be employees of the Tax Commission

without loss of classified status. Effective July 1, 2000, the

Unclaimed Property Division shall be administered by the Office of

the State Treasurer. Prior to July 1, 2000, the State Treasurer

shall identify initial staffing needs for the Unclaimed Property

Division. The State Treasurer shall give due consideration for

Oklahoma Statutes - Title 60. Property Page 237

employment to any employee of the Tax Commission who desires to

remain employed in the Unclaimed Property Division after July 1,

2000. The State Treasurer shall have complete discretion in

selecting staff to perform those duties effective July 1, 2000.

Employees of the Tax Commission who are selected and employed by the

State Treasurer to perform duties associated with the Uniform

Unclaimed Property Act, or other duties, shall not retain their

classified status. The Tax Commission shall make every effort to

retain any classified employee in the Unclaimed Property Division in

other comparable classified positions at the Tax Commission if the

employee is not offered employment with the State Treasurer.

B. Notwithstanding the provisions of subsection A of this

section, nothing shall preclude the State Treasurer from entering

into cooperative arrangements with other state agencies, including

the Tax Commission, to provide services relating to the

administration of the Uniform Unclaimed Property Act after July 1,

2000.

C. The Tax Commission shall not use any information or evidence

obtained in the course of examination of records of any person

pursuant to the Uniform Unclaimed Property Act for purposes of

investigation or enforcement of any state tax law.

D. Effective July 1, 1999, all administrative rules promulgated

by the Tax Commission pursuant to the Uniform Unclaimed Property Act

shall be transferred to and become a part of the administrative

rules of the State Treasurer. The Office of Administrative Rules in

the Secretary of State’s office shall provide adequate notice in the

Oklahoma Register of the transfer of rules, and shall place the

transferred rules under the Administrative Code section of the State

Treasurer. From and after July 1, 1999, any amendment, repeal or

addition to the transferred rules shall be under the jurisdiction of

the State Treasurer.
Okla. Stat. tit. 60, § 60-53 — OK Code / Title 60 / Section 60-53
Servitude, who cannot hold
Status: in_force

A servitude thereon cannot be held by the owner of the servient

tenement.

R.L. 1910, § 6627.
Okla. Stat. tit. 60, § 60-9 — OK Code / Title 60 / Section 60-9
Personal property defined
Status: in_force

Every kind of property that is not real is personal. R.L. 1910

Sec. 6594.
Okla. Stat. tit. 60, § 60-704 — OK Code / Title 60 / Section 60-704
Notice to depositors
Status: in_force

The Attorney General shall notify depositors whose accounts are

to be escheated as follows:

1. A letter advising that a Postal Savings System account in

the name of the addressee is about to be escheated and setting

forth the procedure by which a deposit may be claimed shall be

mailed by first class mail to the named depositor at the last

address shown on the account records for each account to be

escheated having an unpaid principal balance of more than Twenty-

five Dollars ($25.00).

2. A general notice of intention to escheat Postal Savings

System accounts shall be published once in each of three (3)

successive weeks in a legal newspaper of general circulation in the

county in this state in which is located the last address shown on

the account records for each account to be escheated having an

unpaid principal balance of more than Twenty-five Dollars ($25.00).

3. A special notice of intention to escheat the unclaimed Postal

Savings System accounts originally deposited in each post office

must be published once in each of three (3) successive weeks in a

legal newspaper of general circulation in the county in which the

post office is located. This notice must list the names of the

owners of each unclaimed account to be escheated having a principal

balance of Three Dollars ($3.00) or more.
Okla. Stat. tit. 60, § 60-5 — OK Code / Title 60 / Section 60-5
Real property defined
Status: in_force

Real or immovable property consists of:

1. Land.

2. That which is affixed to land.

3. That which is incidental or appurtenant to land.

4. That which is immovable by law.
Okla. Stat. tit. 60, § 60-178.13 — OK Code / Title 60 / Section 60-178.13
Trusts for benefit of hospitals - Exemptions from
Status: in_force

beneficiary approval requirements.

Any indebtedness issued by a public trust having as its

principal purpose, and which is primarily engaged in, the ownership

and operation of a hospital or related institution, as defined in

Section 1-701 of Title 63 of the Oklahoma Statutes, and the

beneficiary of which is a county or municipality shall not be

subject to the beneficiary approval requirements of Section 176 of

Title 60 of the Oklahoma Statutes, if the indebtedness does not

exceed five percent (5%) of the greater of:

1. The then existing total indebtedness of such trust; or

2. The value of all assets of such trust.
Okla. Stat. tit. 60, § 60-68 — OK Code / Title 60 / Section 60-68
Trees on line, ownership of
Status: in_force

Trees whose trunks stand partly on the land of two or more

coterminous owners belong to them in common. R.L. 1910 Sec. 6643.
Okla. Stat. tit. 60, § 60-335 — OK Code / Title 60 / Section 60-335
Riparian accretions
Status: in_force

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

Oklahoma Statutes - Title 60. Property Page 166

stream, such land belongs to the owner of the bank, subject to any

existing right of way over the bank.
Okla. Stat. tit. 60, § 60-6 — OK Code / Title 60 / Section 60-6
Land defined
Status: in_force

A. Land is the solid material of the earth, whatever may be the

ingredients of which it is composed, whether soil, rock or other

substance, and includes any pore space.

B. 1. As used in this section, “pore space” means any

interstitial space not occupied by soil or rock, within the solid

material of the earth, and any cavity, hole, hollow or void space

within the solid material of the earth.

2. As used in this section, pore space is real property and,

until title to the pore space or rights, interests or estates in the

pore space are separately transferred, pore space is property of the

person or persons holding title to the land surface above it.

3. Notwithstanding the ownership of the pore space, nothing in

this section shall alter or be construed to alter the ownership of,

or rights associated with the oil or gas, as those terms are defined

in Section 86.1 of Title 52 of the Oklahoma Statutes, that may be

within the pore space.
Okla. Stat. tit. 60, § 60-336 — OK Code / Title 60 / Section 60-336
Removals in mass may be reclaimed
Status: in_force

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 it has been united takes possession thereof.
Okla. Stat. tit. 60, § 60-1601.4 — OK Code / Title 60 / Section 60-1601.4
Knowledge
Status: in_force

A. Subject to subsection B of this section, a person has

knowledge of a fact if the person:

1. Has actual knowledge of it;

2. Has received a notice or notification of it; or

3. From all the facts and circumstances known to the person at

the time in question, has reason to know it.

B. An organization that conducts activities through employees

has notice or knowledge of a fact involving a trust only from the

time the information was received by an employee having

responsibility to act for the trust, or would have been brought to

the employee's attention if the organization had exercised

reasonable diligence. An organization exercises reasonable

diligence if it maintains reasonable routines for communicating

significant information to the employee having responsibility to act

for the trust and there is reasonable compliance with the routines.

Reasonable diligence does not require an employee of the

organization to communicate information unless the communication is

part of the individual's regular duties or the individual knows a

matter involving the trust would be materially affected by the

information.
Okla. Stat. tit. 60, § 60-386 — OK Code / Title 60 / Section 60-386
Allotment of property given without designation of
Status: in_force

particular purpose - New allotment.

Except as may be otherwise provided in Sections 391 through 396

of this title, any real property involved in any gift, testamentary

or otherwise, given to this state for public purposes generally or

without designation of any particular purpose to which the same is

to be devoted, when accepted by the Governor and delivered to the

Office of Management and Enterprise Services, as provided for in

Section 383 of this title, and which may be occupied and used

advantageously, as determined by the Office of Management and

Enterprise Services, by a particular state institution, department,

or agency in performing its assigned duties or functions, and any

tangible personal property involved in any gift, testamentary or

Oklahoma Statutes - Title 60. Property Page 175

otherwise, given to this state for public purposes generally or

without designation of any particular purpose to which the same is

to be devoted, when accepted by the Governor and delivered to the

Office of Management and Enterprise Services, as provided for in

Section 383 of this title, which is determined to be, by the Office

of Management and Enterprise Services, especially suited to the

special needs of a particular state institution, department, or

agency, or may be used advantageously by a particular state

institution, department, or agency in performing its assigned duties

or functions, shall be allotted by the Office of Management and

Enterprise Services to such state institution, department, or

agency. Any such real property which is not occupied and used, or

the occupancy and use of which is terminated by the state

institution, department, or agency to which it has been so allotted

and which may be occupied and used advantageously, as determined by

the Office of Management and Enterprise Services, by some other

particular state institution, department, or agency in performing

its assigned duties or functions, and any such tangible personal

property which is not used, or the use of which is terminated, by

the state institution, department, or agency to which it has been so

allotted and which is determined to be, by the Office of Management

and Enterprise Services, especially suited to the special needs of a

particular state institution, department, or agency, or may be used

advantageously by some other particular state institution,

department, or agency in performing its assigned duties or

functions, shall be allotted by the Office of Management and

Enterprise Services to such other state institution, department, or

agency.
Okla. Stat. tit. 60, § 60-523 — OK Code / Title 60 / Section 60-523
Assessment of taxes, special assessments and other charges
Status: in_force

- Liability.

Each unit, together with its proportionate interest in the

common elements, shall constitute a separate and distinct unit for

the purpose of assessment of taxes, special assessments, and other

charges which may be lawfully assessed against owners of real

property, and each holder of a unit ownership estate shall be liable

solely for the amount of taxes against his individual estate and

shall not be affected by the consequences resulting from the tax

delinquency of other unit holders.
Okla. Stat. tit. 60, § 60-675 — OK Code / Title 60 / Section 60-675
Determination of claims - Payment
Status: in_force

A. The State Treasurer shall consider any claim filed under the

Uniform Unclaimed Property Act and may hold a hearing and receive

evidence concerning it. The procedure to be followed hereunder

shall be as prescribed by the Administrative Procedures Act. If a

hearing is held, the State Treasurer shall prepare a finding and

decision in writing on each claim filed, stating the substance of

any evidence heard by the State Treasurer and the reasons for the

State Treasurer’s decision. The decision shall be a public record.

B. Upon approval by the State Treasurer, the claim shall be

paid forthwith from the Unclaimed Property Fund. The claim shall be

paid without deduction for costs of notices or sale or for service

charges.

C. The State Treasurer shall not pay monies to rightful owners,

or their heirs, devisees, and assigns, exceeding the reimbursement

amount the Treasurer shall receive from the Mineral Owner’s Fund

attributable to such payments to rightful owners, or their heirs,

devisees, and assigns.

D. Claims against the Mineral Owner’s Fund shall be subject to

the same statutory requirements and administrative rules as

applicable to claims under the Uniform Unclaimed Property Act.
Okla. Stat. tit. 60, § 60-49.11 — OK Code / Title 60 / Section 60-49.11
Short title
Status: in_force

SHORT TITLE.

A. Sections 1 through 13 of this act shall be known and may be

cited as the “Uniform Environmental Covenants Act”.

B. The provisions of the Uniform Environmental Covenants Act

apply to real property in Oklahoma that otherwise qualifies under

the provisions of the act.
Okla. Stat. tit. 60, § 60-175.89 — OK Code / Title 60 / Section 60-175.89
Applicable trust provisions for beneficiaries holding
Status: in_force

discretionary interests.

The following provisions apply only to trusts with one or more

beneficiaries holding discretionary interests:

1. A discretionary interest is neither a property interest nor

an enforceable right to a distribution; it is a mere expectancy;

provided, however, a beneficiary holding a discretionary interest

has an equitable interest to bring an action against the trustee

within the judicial review standard of paragraph 4 of this section.

No creditor, regardless of whether the Oklahoma Discretionary and

Special Needs Trust Act provides for any exception creditors, shall

attach, require the trustee to exercise the trustee’s discretion to

make a distribution, or cause a court to judicially sell a

discretionary interest;

2. Regardless of whether a beneficiary has any outstanding

creditor, a trustee may directly pay any expense on behalf of the

beneficiary and may exhaust the income and principal of the trust

for the benefit of the beneficiary. A trustee shall not be liable

to any creditor or beneficiary for paying the expenses of a

beneficiary;

3. A creditor, including an exception creditor, of a

beneficiary has no greater rights in a discretionary interest than a

beneficiary, and shall not compel a distribution that is subject to

the discretion of the trustee, nor may a court order a distribution;

Oklahoma Statutes - Title 60. Property Page 84

4. A court may review a distribution discretion of a trustee

only if it is proved by clear and convincing evidence that the

trustee:

a. acts dishonestly,

b. acts with an improper motive, or

c. fails to act.

The sole factor not to make a distribution does not constitute a

failure to act. There is no standard of reasonableness under the

above review standard;

5. In addition to any limitations of rights of creditors, if

the trust contains a spendthrift provision, a current interest in a

discretionary trust also receives the benefits of any spendthrift

protection; and

6. Absent express language to the contrary, in the event that

the distribution language permits unequal distributions between

beneficiaries or distributions to the exclusion of other

beneficiaries, the trustee may distribute all of the accumulated,

accrued, or undistributed income and principal to one beneficiary in

the discretion of the trustee.
Okla. Stat. tit. 60, § 60-63 — OK Code / Title 60 / Section 60-63
Action for injury to inheritance
Status: in_force

A person having an estate in fee, in remainder, or reversion,

may maintain an action for any injury done to the inheritance,

notwithstanding an intervening estate for life or years, and

although, after its commission, his estate is transferred, and he

has no interest in the property at the commencement of the action.

R.L. 1910 Sec. 6637.
Okla. Stat. tit. 60, § 60-175.91 — OK Code / Title 60 / Section 60-175.91
Validity of trust provisions
Status: in_force

A. A provision which provides that a current distribution

interest shall either become a discretionary interest or shall

terminate upon the attachment by a creditor, including an exception

creditor, is valid.

Oklahoma Statutes - Title 60. Property Page 85

B. A provision that provides a remainder interest shall

terminate or change into a dynasty interest upon attachment by a

creditor, including an exception creditor, is valid.
Okla. Stat. tit. 60, § 60-1602.3 — OK Code / Title 60 / Section 60-1602.3
Venue
Status: in_force

A. Except as otherwise provided in subsection B of this

section, venue for a judicial proceeding involving a trust is proper

in the county of this state in which the trust's principal place of

administration is or will be located and, if the trust is created by

will and the estate is not yet closed, in the county in which the

decedent's estate is being administered.

B. If a trust has no trustee, venue for a judicial proceeding

for the appointment of a trustee may be in a county of this state in

which a beneficiary resides, in a county in which any trust property

is located, and if the trust is created by will, in the county in

which the decedent's estate was or is being administered.

ARTICLE 3

REPRESENTATION
Okla. Stat. tit. 60, § 60-175.23 — OK Code / Title 60 / Section 60-175.23
Jurisdiction of district court regarding trusts - Venue
Status: in_force

- Parties - Applicable statutes.

A. The district court shall have original jurisdiction to

construe the provisions of any trust instrument; to determine the

law applicable thereto; the powers, duties, and liability of

trustee; the existence or nonexistence of facts affecting the

administration of the trust estate; to require accounting by

trustees; to surcharge trustee; and in its discretion to supervise

the administration of trusts; and all actions hereunder are declared

to be proceedings in rem.

B. The venue of such actions shall be in the county where the

trustees or any cotrustee resides. Upon obtaining jurisdiction the

same shall not be divested by the removal of the trustee from the

county where the action is commenced.

Oklahoma Statutes - Title 60. Property Page 60

C. Actions hereunder may be brought by a trustee, beneficiary,

or any person affected by the administration of the trust estate.

If the action is predicated upon any act or obligation of any

beneficiary, the beneficiary shall be a necessary party to the

proceedings. The only necessary parties to such actions shall be

those persons designated as beneficiaries by name or class in the

instrument creating the trust and who have a vested interest in the

trust which is the subject of the action, those persons currently

serving as trustees of the trust, and any persons who may be

actually receiving distributions from the trust estate at the time

the action is filed. Contingent beneficiaries designated by name or

class shall not be necessary parties.

D. The provisions of the statutes governing civil procedure,

commencement of action, process, process by publication, appointment

of guardians ad litem, supersedeas and appeal, shall govern all

actions and proceedings brought under provisions of this act.

E. A court of competent jurisdiction may, for cause shown and

upon notice to the beneficiaries, relieve a trustee from any or all

of the duties and restrictions which would otherwise be placed upon

the trustee by this act, or wholly or partly excuse a trustee who

has acted honestly and reasonably from liability for violations of

the provisions of this act.
Okla. Stat. tit. 60, § 60-300.19 — OK Code / Title 60 / Section 60-300.19
Relation to Electronic Signatures in Global and
Status: in_force

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.,

but does not modify, limit, or supersede Section 101 of that act, 15

U.S.C. Section 7001(a), or authorize electronic delivery of any of

the notices described in Section 103 of that act, 15 U.S.C. Section

7003(b).
Okla. Stat. tit. 60, § 60-344 — OK Code / Title 60 / Section 60-344
Work and material combined
Status: in_force

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 the materials.
Okla. Stat. tit. 60, § 60-514 — OK Code / Title 60 / Section 60-514
Declaration creating estate - Contents
Status: reserved

The declaration creating and establishing unit ownership estates

as provided in Section ;-2 502 of this ;-act title, shall be

recorded and shall contain the following particulars:

(a) Description of the land,

(b) Description of the building, stating the number of stories

and basements, the number of units, and the principal materials of

which it is constructed,

(c) The unit designation of each unit, and a statement of its

location, approximate area, number of rooms, and immediate common

area to which it has access, and any other data necessary for its

proper identification,

(d) Description of the general common elements and the

proportionate interest of each unit owner therein,

(e) Description of the limited common elements, if any, stating

which units shall share the same and in what proportion,

(f) The name of a person to receive service of process in the

cases hereinafter provided together with the residence or place of

business of such person which shall be within the county in which

the property is located,

(g) The method which the declaration may be amended, consistent

with the provisions of this act,

(h) Any other details or restrictions in connection with the

property which the person executing the declaration may deem

desirable to set forth;-.,

(i) The declarant by a specific provision in the declaration may

reserve the right to annex additional property to the property which

was submitted to the Unit Ownership Estate Act under the original

declaration. If such right is reserved, the declaration shall also

include:

(1) The legal description of the property capable of being

annexed, and the total number of units that may be added by one or

more such annexations;

(2) The time limit within which the annexation shall take

place from the recordation date of the original declaration;

(3) A requirement that all improvements intended for the

property of each annexation shall be substantially complete prior to

each such annexation;

(4) The formula for determining the undivided interest of

each unit owner in the total common elements after each such

annexation, which formula may not be changed without the unanimous

consent of all the unit owners, and which formula shall be

reasonably expected to result in a ratio of the approximate relation

of the value of each unit after each annexation as it bears to the

aggregate fair value of all units after each such annexation;

Oklahoma Statutes - Title 60. Property Page 188

(5) A description of the annexation document to be executed

and recorded by the declarant which shall not require the consent of

the unit owners. The annexation document shall state the undivided

interest of each unit owner in the common elements for each unit

which is a part of the total property after such annexation.

However, such undivided interest may be later changed in accordance

with the act by a later annexation;

(6) A requirement that the improvements on the property to

be annexed will be consistent with the improvements of the property

originally submitted to the declaration in terms of quality and

construction; and (j) The specific formula for determining the

amount of contribution to be made by the declarant for unconstructed

units and/or unconstructed buildings if such contribution is less

than the pro rata contribution of the expenses described in

subsection (a) of Section 512 of this title.
Okla. Stat. tit. 60, § 60-501 — OK Code / Title 60 / Section 60-501
Citation
Status: in_force

This act shall be known as the "Unit Ownership Estate Act."
Okla. Stat. tit. 60, § 60-753 — OK Code / Title 60 / Section 60-753
Time for filing disclaimer
Status: in_force

Such disclaimer shall be filed at any time after the creation of

the interest, but in all events within nine (9) months after the

effective date of the nontestamentary instrument creating the

interest, or, if the disclaimant is not then finally ascertained as

a beneficiary or his interest has not then become indefeasibly fixed

both in quality and in quantity, such disclaimer shall be filed not

later than nine (9) months after the event which would cause him so

to become finally ascertained and his interest to become

indefeasibly fixed both in quality and quantity. With respect to a

disclaimer, an interest which is a joint tenancy interest in

property shall not be considered to be indefeasibly fixed both in

quality and quantity until the death of all but one of the persons

owning such joint tenancy interest.
Okla. Stat. tit. 60, § 60-175.16 — OK Code / Title 60 / Section 60-175.16
Powers of trustee attached to office
Status: in_force

Unless it is otherwise provided by the trust instrument, or an

amendment thereof, or by court order, all powers of a trustee shall

be attached to the office and shall not be personal.
Okla. Stat. tit. 60, § 60-166 — OK Code / Title 60 / Section 60-166
Appropriation
Status: in_force

It is hereby directed that the State Contingency and Emergency

Fund Board allocate and pay over to the Oklahoma Ordinance Works

Authority Trust the sum of One Thousand Dollars ($1,000.00) in aid

of such acquisition, to be expended by said Oklahoma Ordinance Works

Authority Trust for expenses necessarily incurred in the acquisition

and operation of said property.
Okla. Stat. tit. 60, § 60-1303 — OK Code / Title 60 / Section 60-1303
Trust instrument defined
Status: in_force

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 state to govern the

validity, construction, and administration of the trust;

2. Is irrevocable, but a trust instrument may not be deemed

revocable on account of its inclusion of one or more of the

following:

a. a transferor's power to veto a distribution from the

trust,

b. an inter vivos power of appointment, other than an

inter vivos power exercisable solely by the transferor

in favor of the transferor, the transferor's

creditors, the transferor's estate, or the creditors

of the transferor's estate,

c. a testamentary power of appointment,

Oklahoma Statutes - Title 60. Property Page 276

d. the transferor's potential or actual receipt of

income, including rights to such income retained in

the trust instrument,

e. the transferor's potential or actual receipt of income

or principal from a charitable remainder unitrust or

charitable remainder annuity trust as such terms are

defined in Section 664 of the Internal Revenue Code of

1986, 26 U.S.C., Section 664, as of January 1, 2009,

f. the transferor's receipt each year of a percentage of

the value as determined from time to time pursuant to

the trust instrument, but not exceeding the amount

that may be defined as income under Section 643(b) of

the Internal Revenue Code of 1986, 26 U.S.C., Section

643(b), as of January 1, 2009,

g. the transferor's receipt each year of a percentage of

the value as determined from time to time pursuant to

the trust instrument, but not exceeding the amount

that may be defined as income under Section 664 of the

Internal Revenue Code of 1986, 26 U.S.C., Section

643(b), as of January 1, 2009,

h. the transferor's potential or actual receipt or use of

principal if the potential or actual receipt or use of

principal would be the result of a qualified person,

including a qualified person acting at the direction

of a trust advisor described in this act, acting

either in the qualified person's sole discretion or

pursuant to an ascertainable standard contained in the

trust instrument,

i. the transferor's right to remove a trustee, protector,

or trust advisor and to appoint a new trustee,

protector, or trust advisor, other than a trustee who

is a related or subordinate party with respect to the

transferor within the meaning of Section 672(c) of the

Internal Revenue Code of 1986, 26 U.S.C., Section

672(c), as of January 1, 2009,

j. the transferor's potential or actual use of real

property held under a qualified personal residence

trust within the meaning of such term as described in

the regulations promulgated under Section 2702(c) of

the Internal Revenue Code of 1986, 26 U.S.C., Section

2702(c), as of January 1, 2009,

k. a pour-back provision that pours back to the

transferor's will or revocable trust all or part of

the trust assets,

l. the transferor's potential or actual receipt of income

or principal to pay, in whole or in part, income taxes

due on income of the trust if the potential or actual

Oklahoma Statutes - Title 60. Property Page 277

receipt of income or principal is pursuant to a

provision in the trust instrument that expressly

provides for the payment of the taxes and if the

potential or actual receipt of income or principal

would be the result of a qualified person's acting in

the qualified person's discretion or pursuant to a

mandatory direction in the trust instrument or acting

at the direction of a trust advisor described in

Section 24 of this act,

m. the ability, whether pursuant to discretion,

direction, or the grantor's exercise of a testamentary

power of appointment, of a qualified person to pay,

after the death of the transferor, all or any part of

the debts of the transferor outstanding at the time of

the transferor's death, the expenses of administering

the transferor's estate, or any estate or inheritance

tax imposed on or with respect to the transferor's

estate,

n. a transferor's service as a noncontrolling member of a

distribution committee that functions as a

distribution trust advisor, which is a fiduciary given

authority by the instrument to exercise all or any

portions of the powers and discretions over any

discretionary distributions of income or principal, or

o. a transferor's enjoyment of a power to reacquire the

trust corpus by substituting other property of an

equivalent value within the meaning of Section

675(4)(C) of the Internal Revenue Code of 1986, 26

U.S.C., Section 675(4)(C), as of January 1, 2021, and

3. Provides that the interest of the transferor or other

beneficiary in the trust property or the income from the trust

property may not be transferred, assigned, pledged, or mortgaged,

whether voluntarily or involuntarily, before the qualified person

distributes the property or income from the property to the

beneficiary, and such provision of the trust instrument constitutes

a restriction on the transfer of the transferor's beneficial

interest in the trust that is enforceable under applicable

nonbankruptcy law within the meaning of Section 541(c)(2) of the

Bankruptcy Code, 11 U.S.C., Section 541(c)(2), as of January 1,

2009.

B. A disposition by a trustee that is not a qualified person to

a trustee that is a qualified person may not be treated as other

than a qualified disposition solely because the trust instrument

fails to meet the requirements of paragraph 1 of subsection A of

this section.
Okla. Stat. tit. 60, § 60-652 — OK Code / Title 60 / Section 60-652
Property held by banking or financial organizations
Status: in_force

A. Any demand, savings, or matured time deposit with a banking

or financial organization, and any funds paid toward the purchase of

a share, funds paid toward a mutual investment certificate, or funds

paid toward any other interest in a banking or financial

organization is presumed abandoned, unless the owner, within five

(5) years has:

1. In the case of a deposit, increased or decreased its amount

or presented the passbook or other similar evidence of the deposit

for the crediting of interest;

2. Communicated in writing with the banking or financial

organization concerning the property;

3. Otherwise indicated an interest in the property as evidenced

by a memorandum or other record on file prepared by an employee of

the banking or financial organization;

4. Owned other property to which the provisions of paragraph 1,

2 or 3 of this subsection apply and if the banking or financial

organization communicates in writing with the owner with regard to

the property that would otherwise be presumed abandoned under this

subsection at the address to which communications regarding the

other property are regularly sent; or

5. Had another relationship with the banking or financial

organization concerning which the owner has:

a. communicated in writing with the banking or financial

organization, or

b. otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an

employee of the banking or financial organization and

if the banking or financial organization communicates

in writing with the owner with regard to the property

that would otherwise be abandoned under this

subsection at the address to which communications

regarding the other relationship regularly are sent.

If a banking or financial organization has sent a statement or

other business communication concerning such property to the owner

by first-class mail and the statement or other business

communication has not been returned for inability to make delivery

to the addressee, the property shall not be presumed to be

abandoned. The five-year abandonment period shall begin to run when

any statement or other business communication to the owner has been

returned as undeliverable, or on the last date that the owner has

communicated with the banking or financial organization in any of

the ways specified in paragraphs 1 through 5 of this subsection,

whichever is the later.

Oklahoma Statutes - Title 60. Property Page 201

B. For purposes of subsection A of this section, “property”

includes interest and dividends.

C. A holder may not impose with respect to property described

in subsection A of this section any charge due to dormancy or

inactivity or cease payment of interest unless:

1. Reasonable notice that the holder may impose the charge or

cease payment of interest is given to the owner of the property,

either:

a. at the time the account is opened,

b. through a schedule of charges sent to the owner of the

property, or

c. through a statement in the rules, regulations, or

bylaws of the holder that the holder may impose the

charge or cease payment of interest; and

2. The holder regularly imposes such charges or ceases payment

of interest. If the holder regularly reverses or otherwise cancels

such charges or retroactively credits interest for a reason other

than an error or omission by the holder, then in proportion to the

extent that it does so with respect to other deposits, the holder

shall likewise reverse or otherwise cancel charges or retroactively

credit interest with respect to property that is reported to the

State Treasurer as unclaimed under the Uniform Unclaimed Property

Act.

D. Automatically renewable time deposits shall be subject to

this section, except that automatically renewable time deposits

shall be presumed abandoned fifteen (15) years following the

expiration of the initial time period of the time deposit unless,

during that period the owner has:

1. Increased or decreased the amount of the deposit;

2. Communicated in writing with the banking or financial

organization concerning the property;

3. Otherwise indicated an interest in the property as evidenced

by a memorandum or other record on file prepared by an employee of

the banking or financial organization; or

4. Had another relationship with the banking or financial

organization concerning which the owner has:

a. communicated in writing with the banking or financial

organization, or

b. otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an

employee of the banking or financial organization and

if the banking or financial organization communicates

in writing with the owner with regard to the property

that would otherwise be presumed abandoned under this

section at the address to which communications

regarding the other relationship are regularly sent.

Oklahoma Statutes - Title 60. Property Page 202

Upon presumed abandonment of the automatically renewable time

deposit, the holder shall report the presumed abandonment to the

State Treasurer and may, at the holder's option, either retain the

property or pay or deliver it to the State Treasurer.
Okla. Stat. tit. 60, § 60-163 — OK Code / Title 60 / Section 60-163
Retention of property originally received
Status: in_force

A trustee may retain in trust any property originally received

into the trust and any substitution therefor without liability for

such retention.
Okla. Stat. tit. 60, § 60-602 — OK Code / Title 60 / Section 60-602
Cy pres doctrine
Status: in_force

If a trust for charity is or becomes illegal or impossible or

impracticable of fulfillment, or if a devise or bequest for charity,

at the time it was intended to become effective, is illegal or

impossible or impracticable of fulfillment and if the settlor or the

testator manifested a general intention to devote the property to

charity, any court of this state possessing general equitable

jurisdiction, on the application of any trustee or of any interested

party or of the Attorney General, may order an administration of the

trust, devise, or bequest as nearly as possible to fulfill the

general charitable intention of the settlor or testator.
Okla. Stat. tit. 60, § 60-175.40 — OK Code / Title 60 / Section 60-175.40
Rights, duties, etc. of trustees appointed by court
Status: in_force

Trustees appointed by the district courts of Oklahoma shall be

vested with all the rights, powers, trusts, privileges, discretion

and title to properties conferred upon the trustee by the trust

instrument, and by statute, unless otherwise provided by the court

in the order of appointment; and shall be charged with all the

duties, responsibilities and liabilities enjoined by said trust

instrument and by statute.
Okla. Stat. tit. 60, § 60-175.48 — OK Code / Title 60 / Section 60-175.48
Compensation or commissions of trustee
Status: in_force

A trustee acting in a fiduciary capacity, as herein authorized,

is entitled to receive such compensation or commission as provided

for in the trust agreement or other contract. If the amount of such

compensation or commission is not regulated by or stipulated in the

trust agreement, the trustee may charge and deduct a reasonable

compensation or commission for the services rendered and the

responsibilities assumed. Where the trustee is acting under

appointment by a court, such compensation or commission shall be

paid, irrespective of the provisions in the trust instrument, as

allowed or approved by that court.
Okla. Stat. tit. 60, § 60-175.601 — OK Code / Title 60 / Section 60-175.601
Uniformity of application and construction
Status: in_force

UNIFORMITY OF APPLICATION AND CONSTRUCTION

In applying and construing this Uniform 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.
Okla. Stat. tit. 60, § 60-59.3 — OK Code / Title 60 / Section 60-59.3
Application of act
Status: in_force

The provisions of this act shall be prospective in nature and

shall not apply to any documents recorded prior to the effective

date of this act.
Okla. Stat. tit. 60, § 60-1607.2 — OK Code / Title 60 / Section 60-1607.2
Trustee's bond
Status: in_force

A. A trustee shall give bond to secure performance of the

trustee's duties only if the court finds that a bond is needed to

protect the interests of the beneficiaries or is required by the

terms of the trust and the court has not dispensed with the

requirement.

B. The court may specify the amount of a bond, its liabilities,

and whether sureties are necessary. The court may modify or

terminate a bond at any time.

C. A regulated financial service institution qualified to do

trust business in this state need not give bond, even if required by

the terms of the trust.
Okla. Stat. tit. 60, § 60-383 — OK Code / Title 60 / Section 60-383
Authority to accept gift to state - Delivery of property
Status: in_force

and muniments of title.

A. Except to the extent that such authority is otherwise

specifically vested in some other state officer, board, commission,

or agency and except as provided in subsections B and C of this

section, the Governor of the State of Oklahoma is hereby authorized

to accept, upon behalf of this state, any gift, testamentary or

otherwise, of any property presented to this state or to any state

institution, department, or agency.

B. The President Pro Tempore of the Senate and the Speaker of

the House of Representatives are hereby authorized to accept, upon

behalf of this state, any gift, testamentary or otherwise, of any

property presented to the Legislature or either house thereof.

C. The Chief Justice of the Supreme Court is hereby authorized

to accept, upon behalf of this state, any gift, testamentary or

otherwise, of any property presented to the judiciary of this state.

D. Except as otherwise provided in Sections 391 through 396 of

this title, and except for gifts of cash or the equivalent of cash,

delivery of such property, possession thereof, and any muniments of

title thereto shall be made to and receipted for by the Director of

the Office of Management and Enterprise Services. Gifts of cash or

the equivalent of cash shall be made to and receipted for by the

Director of the Office of Management and Enterprise Services.
Okla. Stat. tit. 60, § 60-175.5 — OK Code / Title 60 / Section 60-175.5
Trustee's title, when not divested by preceding section
Status: in_force

The last preceding section does not divest the estate of any

trustee in a trust heretofore existing, where the title of such

trustee is not merely nominal, but is connected with some power of

actual disposition or management in relation to the real property,

which is the subject of the trust.
Okla. Stat. tit. 60, § 60-178.4 — OK Code / Title 60 / Section 60-178.4
Trust purpose - Exceptions
Status: in_force

A. Trusts created under the provisions of Sections 176 through

180.55 of this title or any amendments or extensions thereof shall

not include any trust purpose, function nor activity primarily used

in the distribution centers for intoxicating beverages and low-point

beer as defined in Title 37 of the Oklahoma Statutes; nor shall it

include a residential enterprise or function except as provided in

Section 178.6 of this title. For the purposes of this section,

"primarily used" shall mean more than fifty percent (50%) of the

warehouse.

B. Nothing in this section shall preclude the financing,

construction, ownership or leasing of a warehouse as a permissible

trust purpose, function or activity, so long as such warehouse is

not primarily used for housing, storage or distribution of

intoxicating beverages or low-point beer.
Okla. Stat. tit. 60, § 60-49.18 — OK Code / Title 60 / Section 60-49.18
Recording
Status: in_force

RECORDING.

A. An environmental covenant and any amendment or termination

of the covenant must be recorded in every county in which any

portion of the real property subject to the covenant is located.

For purposes of indexing, a holder shall be treated as a grantee.

B. Except as otherwise provided in subsection C of Section 9 of

this act, an environmental covenant is subject to the laws of this

state governing recording and priority of interests in real

property.
Okla. Stat. tit. 60, § 60-1002 — OK Code / Title 60 / Section 60-1002
Plane coordinate values
Status: in_force

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 Oklahoma Coordinate System of 1927 and expressed in meters

or U.S. Survey feet and decimals of a meter or U.S. Survey foot when

using the Oklahoma Coordinate System of 1983 and expressed in

International feet or meters and decimals of an International foot

or meter when using the Oklahoma Plane Coordinate System (OKPCS).

One of these distances, to be known as the "x-coordinate" (also

known as "easting"), shall give the position in an east-and-west

direction; the other, to be known as the "y-coordinate" (also known

as "northing"), shall give the position in a north-and-south

direction. These coordinates shall be made to depend on and conform

to plane rectangular coordinate values derived from the National

Spatial Reference System (NSRS) as defined and promulgated by the

National Oceanic and Atmospheric Administration/National Geodetic

Survey, or its successors, and whose plane coordinates have been

computed on the systems defined in this act.
Okla. Stat. tit. 60, § 60-34 — OK Code / Title 60 / Section 60-34
Contingent remainder in fee, on prior remainder
Status: in_force

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 determined before they attain majority.
Okla. Stat. tit. 60, § 60-178.3 — OK Code / Title 60 / Section 60-178.3
Validity of outstanding indebtedness
Status: in_force

Oklahoma Statutes - Title 60. Property Page 132

Nothing in this act shall affect the validity of outstanding

indebtedness of any public trust heretofore created nor shall the

validity of any document pertaining to such outstanding indebtedness

or written instrument creating such public trust be affected.
Okla. Stat. tit. 60, § 60-367 — OK Code / Title 60 / Section 60-367
Termination of conservatorship
Status: in_force

At any time upon petition signed by the absentee, or on petition

of an attorney-in-fact acting under an adequate power of attorney

granted by the absentee, the court shall direct the termination of

the conservatorship and the transfer of all property held thereunder

to the absentee or to the designated attorney-in-fact. Likewise, if

at any time subsequent to the appointment of a conservator it shall

appear that the absentee has died and an executor or administrator

has been appointed for his estate, the court shall direct the

termination of the conservatorship and the transfer of all property

of the deceased absentee held thereunder to such executor or

administrator.
Okla. Stat. tit. 60, § 60-316 — OK Code / Title 60 / Section 60-316
Good-will as property
Status: in_force

The good-will of a business is property, transferable like any

other.
Okla. Stat. tit. 60, § 60-1608.1 — OK Code / Title 60 / Section 60-1608.1
Duty to administer trust
Status: in_force

Upon acceptance of a trusteeship, the trustee shall administer

the trust in good faith, in accordance with its terms and purposes

and the interests of the beneficiaries, and in accordance with this

act.

Oklahoma Statutes - Title 60. Property Page 315
Okla. Stat. tit. 60, § 60-703 — OK Code / Title 60 / Section 60-703
Proceedings to escheat accounts
Status: in_force

The Attorney General may bring proceedings in the district court

of Oklahoma County to escheat unclaimed Postal Savings System

accounts held by the United States Treasury Department. A single

proceeding may be used to escheat as many accounts as may be

available for escheat at one time.
Okla. Stat. tit. 60, § 60-1608.8 — OK Code / Title 60 / Section 60-1608.8
Control and protection of trust property
Status: in_force

A trustee shall take reasonable steps to take control of and

protect the trust property.
Okla. Stat. tit. 60, § 60-1214 — OK Code / Title 60 / Section 60-1214
Defenses available to trust director
Status: in_force

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.
Okla. Stat. tit. 60, § 60-175.716 — OK Code / Title 60 / Section 60-175.716
Certain distributions prohibited
Status: in_force

CERTAIN DISTRIBUTIONS PROHIBITED

A. Except as provided by subsection B of this section, an

authorized trustee shall not exercise a power to distribute

principal of a trust otherwise provided by Section 3 or 4 of this

Oklahoma Statutes - Title 60. Property Page 115

act if the distribution is expressly prohibited by the terms of the

governing instrument of the trust.

B. A general prohibition of the amendment or revocation of a

trust or a provision that constitutes a spendthrift clause shall not

preclude the exercise of a power to distribute principal of a trust

under Section 3 or 4 of this act.
Okla. Stat. tit. 60, § 60-2008 — OK Code / Title 60 / Section 60-2008
Undocumented property — Conservation measures or disposal
Status: in_force

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 the health and safety of the public or of the museum's

staff.

B. If a museum applies conservation measures to or disposes of

undocumented property, the museum:

1. May impose a lien on the undocumented property and on the

proceeds from any disposition of the property for the costs incurred

by the museum; and

Oklahoma Statutes - Title 60. Property Page 332

2. Is not liable for injury to or loss of the undocumented

property if the museum:

a. had a reasonable belief at the time the action was

taken that the action was necessary to protect the

property or other property in the custody of the

museum, or that the property constituted a hazard to

the health and safety of the public or the museum's

staff, and

b. exercised reasonable care in the choice and

application of the conservation measures.
Okla. Stat. tit. 60, § 60-1604.13 — OK Code / Title 60 / Section 60-1604.13
Modification or termination of uneconomic trust
Status: in_force

A. After notice to the qualified beneficiaries, the trustee of

a trust consisting of trust property having a total value less than

Fifty Thousand Dollars ($50,000.00) may terminate the trust if the

trustee concludes that the value of the trust property is

insufficient to justify the cost of administration.

B. The court may modify or terminate a trust or remove the

trustee and appoint a different trustee if it determines that the

value of the trust property is insufficient to justify the cost of

administration.

C. Upon termination of a trust under this section, the trustee

shall distribute the trust property in a manner consistent with the

purposes of the trust.

D. This section does not apply to an easement for conservation

or preservation.
Okla. Stat. tit. 60, § 60-362 — OK Code / Title 60 / Section 60-362
Discretion of court - Bond of appointee
Status: in_force

The court shall have full discretionary authority to appoint any

suitable person as such conservator and may require such conservator

to execute a surety bond to the State of Oklahoma, to be approved by

the judge of said court, and in such sum as he shall order,

conditioned that the conservator will faithfully execute the duties

of his trust according to law.
Okla. Stat. tit. 60, § 60-175.9 — OK Code / Title 60 / Section 60-175.9
Trustee lending funds to self, affiliate, etc
Status: in_force

Except as provided in Section 10, no corporate trustee shall

lend trust funds to itself or an affiliate, or to any director,

officer, or employee of itself or of an affiliate; nor shall any

noncorporate trustee lend trust funds to himself, or to his

relative, employer, employee, partner, or other business associate.
Okla. Stat. tit. 60, § 60-1601.9 — OK Code / Title 60 / Section 60-1601.9
Methods and waiver of notice
Status: in_force

A. Notice to a person under this act or the sending of a

document to a person under this act must be accomplished in a manner

reasonably suitable under the circumstances and likely to result in

receipt of the notice or document. Permissible methods of notice or

for sending a document include first-class mail, personal delivery,

delivery to the person's last-known place of residence or place of

business, or a properly directed electronic message.

B. Notice otherwise required under this act or a document

otherwise required to be sent under this act need not be provided to

a person whose identity or location is unknown to and not reasonably

ascertainable by the trustee.

C. Notice under this act or the sending of a document under

this act may be waived by the person to be notified or sent the

document.

Oklahoma Statutes - Title 60. Property Page 300

D. Notice of a judicial proceeding must be given as provided in

the applicable rules of civil procedure.
Okla. Stat. tit. 60, § 60-301.8 — OK Code / Title 60 / Section 60-301.8
Private inurement prohibited
Status: in_force

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 charitable trusts

or investment of assets in the common charitable trust fund.

2. 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 loans, gifts, or

other pecuniary benefits from a charitable trust or the common

charitable trust fund except that employees and officers of the

charitable organization may receive reasonable compensation for

their employment as a part of the administrative overhead of the

charitable organization administering a charitable trust or the

common charitable trust fund.
Okla. Stat. tit. 60, § 60-173 — OK Code / Title 60 / Section 60-173
Succession of trustees
Status: in_force

Oklahoma Statutes - Title 60. Property Page 46

Instruments creating express trusts may provide for succession

to any trustee, in case of the death, resignation, removal, or

incapacity of such trustee. In case of any such succession, the

title to the trust property shall at once vest in the succeeding

trustee.
Okla. Stat. tit. 60, § 60-659 — OK Code / Title 60 / Section 60-659
Additional conditions leading to presumption of
Status: in_force

abandonment.

Unless otherwise provided in the Uniform Unclaimed Property Act

or by other statute of this state, intangible personal property is

Oklahoma Statutes - Title 60. Property Page 212

subject to the custody of this state as unclaimed property if the

conditions raising a presumption of abandonment under Sections 651.1

and 651.2 through 658.1A of this title are satisfied, and:

1. The last-known address, as shown on the records of the

holder, of the apparent owner is in this state;

2. The records of the holder do not reflect the identity of the

person entitled to the property and it is established that the last-

known address of the person entitled to the property is in this

state;

3. The records of the holder do not reflect the last-known

address of the apparent owner, and it is established that:

a. the last-known address of the person entitled to the

property is in this state, or

b. the holder is a domiciliary or a government or

governmental subdivision or agency of this state and

has not previously paid or delivered the property to

the state of the last-known address of the apparent

owner or other person entitled to the property;

4. The last-known address, as shown on the records of the

holder, of the apparent owner is in a state that does not provide by

law for the escheat or custodial taking of the property or its

escheat or unclaimed property law is not applicable to the property,

and the holder is a domiciliary, government, or governmental

subdivision or agency, including a municipality, of this state;

5. The last-known address, as shown on the records of the

holder, of the apparent owner is in a foreign nation and the holder

is a domiciliary or a government or governmental subdivision or

agency of this state; or

6. The transaction out of which the property arose occurred in

this state, and

a. (1) the last-known address of the apparent owner or

other person entitled to the property is unknown,

or

(2) the last-known address of the apparent owner or

other person entitled to the property is in a

state that does not provide by law for the

escheat or custodial taking of the property or

its escheat or unclaimed property law is not

applicable to the property, and

b. the holder is a domiciliary of a state that does not

provide by law for the escheat or custodial taking of

the property or its escheat or unclaimed property law

is not applicable to the property.
Okla. Stat. tit. 60, § 60-175.502 — OK Code / Title 60 / Section 60-175.502
Disbursements from principal
Status: in_force

DISBURSEMENTS FROM PRINCIPAL

A. A trustee shall make the following disbursements from

principal:

1. The remaining one-half of the disbursements described in

paragraph 1 and 2 of Section 25 of this act;

2. All of the trustee's compensation calculated on principal as

a fee for acceptance, distribution, or termination, and

disbursements made to prepare property for sale;

3. Payments on the principal of a trust debt;

4. Expenses of a proceeding that concerns primarily principal,

including a proceeding to construe the trust or to protect the trust

or its property;

5. Premiums paid on a policy of insurance not described in

paragraph 4 of Section 25 of this act of which the trust is the

owner and beneficiary;

6. Estate, inheritance, and other transfer taxes, including

penalties, apportioned to the trust; and

7. Disbursements related to environmental matters, including

reclamation, assessing environmental conditions, remedying and

removing environmental contamination, monitoring remedial activities

and the release of substances, preventing future releases of

substances, collecting amounts from persons liable or potentially

liable for the costs of those activities, penalties imposed under

environmental laws or regulations and other payments made to comply

Oklahoma Statutes - Title 60. Property Page 104

with those laws or regulations, statutory or common law claims by

third parties, and defending claims based on environmental matters.

B. If a principal asset is encumbered with an obligation that

requires income from that asset to be paid directly to the creditor,

the trustee shall transfer from principal to income an amount equal

to the income paid to the creditor in reduction of the principal

balance of the obligation.
Okla. Stat. tit. 60, § 60-1601.2 — OK Code / Title 60 / Section 60-1601.2
Scope of application
Status: in_force

The Oklahoma Uniform Trust Code applies to express trusts,

charitable or noncharitable, and trusts created pursuant to a

statute, judgment, or decree that requires the trust to be

administered in the manner of an express trust.
Okla. Stat. tit. 60, § 60-1215 — OK Code / Title 60 / Section 60-1215
Personal jurisdiction
Status: in_force

A. By accepting appointment as a trust director of a trust

subject to this act, the director submits to personal jurisdiction

Oklahoma Statutes - Title 60. Property Page 274

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

jurisdiction over a trust director.
Okla. Stat. tit. 60, § 60-529 — OK Code / Title 60 / Section 60-529
Actions relating to common elements
Status: in_force

Actions may be brought on behalf of two or more of the unit

owners, as their respective interests may appear, by the manager or

board of managers, with respect to any cause of action relating to

the common elements or more than one unit. Service of process on

two or more unit owners in any action relating to the common

elements or more than one unit may be made on the person designated

in the declaration to receive service of process.
Okla. Stat. tit. 60, § 60-678 — OK Code / Title 60 / Section 60-678
Report may be required - Failure to report property -
Status: in_force

Examination of records.

Oklahoma Statutes - Title 60. Property Page 230

A. The State Treasurer may require any person who has not filed

a report to file a verified report stating whether or not the person

is holding any unclaimed property reportable or deliverable under

the Uniform Unclaimed Property Act. If the State Treasurer has

reason to believe that any person has failed to report property in

accordance with the Uniform Unclaimed Property Act, the State

Treasurer may make a demand by certified mail, return receipt

requested, that such report be made and filed with the State

Treasurer. The report of abandoned property or any other report

required shall be made and filed with the State Treasurer within

sixty (60) days after receipt of the demand.

B. The State Treasurer may at reasonable times and upon

reasonable notice examine the records of any person if the State

Treasurer has reason to believe that such person has failed to

report property that should have been reported pursuant to the

Uniform Unclaimed Property Act. The State Treasurer may contract

with any other person or entity to conduct the examination on behalf

of the State Treasurer. The State Treasurer may keep confidential

documents and working papers obtained or compiled by the State

Treasurer or the State Treasurer's agents or designated

representatives in the course of conducting an examination, except

for information required to be subject to public inspection pursuant

to the Uniform Unclaimed Property Act.

C. If a person is treated under Section 656 of this title as

the holder of the property only insofar as the interest of the

business association in the property is concerned, the State

Treasurer, pursuant to subsection B of this section, may examine the

records of the person if the State Treasurer has given the notice

required by subsection B of this section to both the person and the

business association at least ninety (90) days before the

examination.

D. If a holder fails after September 1, 1991, to maintain the

records required by Section 679.1 of this title and the records of

the holder available for the periods subject to the Uniform

Unclaimed Property Act are insufficient to permit the preparation of

a report, the State Treasurer may require the holder to report and

pay the amount that is reasonably estimated from any available

records.
Okla. Stat. tit. 60, § 60-178.9 — OK Code / Title 60 / Section 60-178.9
Real and/or personal property - Acquiring and holding in
Status: in_force

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 chairman of said trust, whichever

the case may be, notwithstanding the number of trustees of such

trust, attested by the secretary or assistant secretary of such

trust, with the seal of the trust affixed thereto.
Okla. Stat. tit. 60, § 60-1608.10 — OK Code / Title 60 / Section 60-1608.10
Enforcement and defense of claims
Status: in_force

A trustee shall take reasonable steps to enforce claims of the

trust and to defend claims against the trust.
Okla. Stat. tit. 60, § 60-175.45 — OK Code / Title 60 / Section 60-175.45
Grant deemed absolute as to purchasers or encumbrances
Status: in_force

for value - Notice of restrictions - Intent of Legislature.

(a) Where an express trust is created in relation to real

property; any grant, deed, conveyance, lease, easement, encumbrance,

assignment, or release by the trustee with respect to such real

property or interest therein shall be deemed authorized and binding

upon the trust in favor of purchasers or encumbrances for value

without either (i) actual notice of restrictions or limitations

established by the trust upon the trustee, or (ii) the constructive

notice as provided in subsection (b) hereof.

(b) If the instrument establishing the trust is recorded in the

county where the real property is located, said purchasers or

encumbrances for value shall be charged with constructive notice of

the restrictions and limitations contained in such instrument.

(c) It is the intent of the Legislature that trusts are private

instruments and it shall not be necessary to record the instrument

establishing a trust unless the trustor desires to put the public on

notice of restrictions or limitations upon the powers of the

trustee, in which case the same must be recorded.
Okla. Stat. tit. 60, § 60-657.3 — OK Code / Title 60 / Section 60-657.3
Personal property held in safe deposit box or other
Status: in_force

safekeeping repository.

All tangible and intangible personal property held in a safe

deposit box or other safekeeping repository in this state in the

ordinary course of the holder’s business and proceeds resulting from

the sale of the property permitted by other law, which remain

unclaimed by the owner for more than five (5) years after the lease

or rental period on the box or other repository has expired, are

presumed abandoned. If a will or trust instrument is included among

the contents of a safe deposit box or other safekeeping repository

delivered to the State Treasurer, the State Treasurer shall provide

Oklahoma Statutes - Title 60. Property Page 209

a copy of the will, trust, and any codicils or amendments to such

will or trust instrument, upon request, to a claimant or claimant's

representative who provides the State Treasurer with evidence of the

death of the testator or settlor and evidence of apparent ownership.
Okla. Stat. tit. 60, § 60-317 — OK Code / Title 60 / Section 60-317
Title deeds
Status: in_force

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.
Okla. Stat. tit. 60, § 60-867 — OK Code / Title 60 / Section 60-867
Size limitation - Exemptions
Status: in_force

Group homes which were licensed by the State Department of

Health prior to November 1, 1989, shall not be subject to the group

Oklahoma Statutes - Title 60. Property Page 263

home size limitation of six persons and are not required to meet

such limitation as a condition of renewal of the license of the

group home by the Department of Human Services or as a condition of

renewal of the contract with the Department, as long as the group

home remains in the same physical facility and otherwise complies

with the provisions of the license, and rules pertaining thereto.
Okla. Stat. tit. 60, § 60-75 — OK Code / Title 60 / Section 60-75
Reformation of interests violating rule against
Status: in_force

perpetuities - Intent.

Any interest in real or personal property that would violate the

rule against perpetuities shall be reformed, or construed within the

limits of the rule, to give effect to the general intent of the

creator of that interest whenever that general intent can be

ascertained. This provision shall be liberally construed and

applied to validate such interest to the fullest extent consistent

with such ascertained intent.
Okla. Stat. tit. 60, § 60-175.44 — OK Code / Title 60 / Section 60-175.44
Estates remaining in trustor
Status: in_force

Where an express trust is created in relation to real or

personal property, every estate not embraced in the trust, and not

otherwise disposed of, is left in the trustor of the trust or his

successors.
Okla. Stat. tit. 60, § 60-60 — OK Code / Title 60 / Section 60-60
Ownership of water - Use of running water
Status: in_force

A. The owner of the land owns water standing thereon, or

flowing over or under its surface but not forming a definite stream.

The use of groundwater shall be governed by the Oklahoma Groundwater

Law. Water running in a definite stream, formed by nature over or

under the surface, may be used by the owner of the land riparian to

the stream for domestic uses as defined in Section 105.1 of Title 82

of the Oklahoma Statutes, but he may not prevent the natural flow of

the stream, or of the natural spring from which it commences its

definite course, nor pursue nor pollute the same, as such water then

becomes public water and is subject to appropriation for the benefit

and welfare of the people of the state, as provided by law; Provided

however, that nothing contained herein shall prevent the owner of

land from damming up or otherwise using the bed of a stream on his

land for the collection or storage of waters in an amount not to

exceed that which he owns, by virtue of the first sentence of this

section so long as he provides for the continued natural flow of the

stream in an amount equal to that which entered his land less the

uses allowed for domestic uses and for valid appropriations made

pursuant to Title 82 of the Oklahoma Statutes; provided further,

that nothing contained herein shall be construed to limit the powers

of the Oklahoma Water Resources Board to grant permission to build

or alter structures on a stream pursuant to Title 82 of the Oklahoma

Oklahoma Statutes - Title 60. Property Page 34

Statutes to provide for the storage of additional water the use of

which the landowner has or acquires by virtue of this act.

B. All rights to the use of water in a definite stream in this

state are governed by this section and other laws in Title 82 of the

Oklahoma Statutes, which laws are exclusive and supersede the common

law.
Okla. Stat. tit. 60, § 60-175.301 — OK Code / Title 60 / Section 60-175.301
When right to income begins and ends
Status: in_force

WHEN RIGHT TO INCOME BEGINS AND ENDS

A. An income beneficiary is entitled to net income from the

date on which the income interest begins. An income interest begins

on the date specified in the terms of the trust or, if no date is

Oklahoma Statutes - Title 60. Property Page 92

specified, on the date an asset becomes subject to a trust or

successive income interest.

B. An asset becomes subject to a trust:

1. On the date it is transferred to the trust in the case of an

asset that is transferred to a trust during the transferor's life;

2. On the date of a testator's death in the case of an asset

that becomes subject to a trust by reason of a will, even if there

is an intervening period of administration of the testator's estate;

or

3. On the date of an individual's death in the case of an asset

that is transferred to a fiduciary by a third party because of the

individual's death.

C. An asset becomes subject to a successive income interest on

the day after the preceding income interest ends, as determined

under subsection D of this section, even if there is an intervening

period of administration to wind up the preceding income interest.

D. An income interest ends on the day before an income

beneficiary dies or another terminating event occurs, or on the last

day of a period during which there is no beneficiary to whom a

trustee may distribute income.
Okla. Stat. tit. 60, § 60-705 — OK Code / Title 60 / Section 60-705
Collection and deposit of funds
Status: in_force

The Attorney General shall present a copy of each final judgment

of escheat to the United States Treasury Department for payment of

the principal due and the interest computed under regulations of the

United States Treasury Department. The payment received shall be

deposited in the General Revenue Fund in the State Treasury.
Okla. Stat. tit. 60, § 60-36.1 — OK Code / Title 60 / Section 60-36.1
Death of life tenant - Prima facie evidence
Status: in_force

In the event of the death of a life tenant leaving an estate

subject to probate, a certified copy of Letters Testamentary or of

Administration shall constitute prima facie evidence of the life

tenant's death.
Okla. Stat. tit. 60, § 60-1610.1 — OK Code / Title 60 / Section 60-1610.1
Electronic records and signatures
Status: in_force

The provisions of this act governing the legal effect, validity,

or enforceability of electronic records or electronic signatures,

and of contracts formed or performed with the use of such records or

signatures, conform to the requirements of Section 102 of the

Electronic Signatures in Global and National Commerce Act (15

U.S.C., Section 7002) and supersede, modify, and limit the

requirements of the Electronic Signatures in Global and National

Commerce Act.
Okla. Stat. tit. 60, § 60-55 — OK Code / Title 60 / Section 60-55
Partition of servitude
Status: in_force

In case of partition of the dominant tenement, the burden must

be apportioned according to the division of the dominant tenement,

but not in such a way as to increase the burden upon the servient

tenement. R.L. 1910 Sec. 6629.
Okla. Stat. tit. 60, § 60-49.22 — OK Code / Title 60 / Section 60-49.22
Uniformity of application and construction
Status: in_force

UNIFORMITY OF APPLICATION AND CONSTRUCTION.

In applying and construing the Uniform Environmental Covenants

Act, consideration must be given to the need to promote uniformity

Oklahoma Statutes - Title 60. Property Page 31

of the law with respect to its subject matter among states that

enact it.