Okla. Stat. tit. 60, § 60-175.70 — OK Code / Title 60 / Section 60-175.70
Language invoking standard of the Oklahoma Uniform
Status: in_force

Prudent Investor Act.

Language Invoking Standard of the Oklahoma Uniform Prudent

Investor Act.

The following terms or comparable language in the provisions of

a trust, unless otherwise limited or modified, authorizes any

investment or strategy permitted under the Oklahoma Uniform Prudent

Investor Act: "Investments permissible by law for investment of

trust funds", "legal investments", "authorized investments", "using

the judgment and care under the circumstances then prevailing that

persons of prudence, discretion, and intelligence exercise in the

management of their own affairs, not in regard to speculation but in

regard to the permanent disposition of their funds, considering the

probable income as well as the probable safety of their capital",

"prudent man rule", "prudent trustee rule", "prudent person rule",

and "prudent investor rule".
Okla. Stat. tit. 60, § 60-1317 — OK Code / Title 60 / Section 60-1317
Non-application of act if transferor is indebted —
Status: in_force

Qualifying situations — Application if transferor is married —

Notice of transfer of property.

Oklahoma Statutes - Title 60. Property Page 283

A. Notwithstanding the provisions of Sections 29 through 34 of

this act, but subject to subsection B of this section, the Oklahoma

Qualified Dispositions into Trust Act does not apply in any respect

to any person to whom at the time of transfer the transferor is

indebted on account of an agreement or order of court for the

payment of support or alimony in favor of the transferor's spouse,

former spouse, or children, or for a division or distribution of

property in favor of the transferor's spouse or former spouse, to

the extent of the debt.

B. If the transferor is married at the time of the transfer,

the provisions of Sections 29 through 34 of this act, apply to:

1. Any of the transferor's separate property transferred to the

trust; and

2. Any marital property transferred to the trust if the spouse

or former spouse was provided with notice in the form set forth in

subsection C of this section, or executed a written consent to the

transfer after being provided the information set forth in the

notice.

C. For purposes of the application of this section, a notice of

transfer of property to a trust pursuant to the Oklahoma Qualified

Dispositions into Trust Act:

1. Shall also contain the following language in capital

letters, at or near the top of the notice: YOUR SPOUSE IS CREATING

A PERMANENT TRUST INTO WHICH PROPERTY IS BEING TRANSFERRED. YOUR

RIGHTS TO THIS PROPERTY MAY BE AFFECTED DURING YOUR MARRIAGE, UPON

DIVORCE (INCLUDING THE PAYMENT OF CHILD SUPPORT OR ALIMONY OR A

DIVISION OR DISTRIBUTION OF PROPERTY IN A DIVORCE), OR AT THE DEATH

OF YOUR SPOUSE. YOU HAVE A VERY LIMITED PERIOD OF TIME TO OBJECT TO

THE TRANSFER OF PROPERTY INTO THIS TRUST. YOU MAY, UPON REQUEST TO

THE TRUSTEE AT THE ADDRESS BELOW, BE FURNISHED A COPY OF THE TRUST

DOCUMENT. IF YOU HAVE ANY QUESTIONS, YOU SHOULD IMMEDIATELY SEEK

INDEPENDENT LEGAL ADVICE. IF YOU FAIL TO OBJECT WITHIN THE REQUIRED

TIME PERIOD, YOU WILL HAVE CONSENTED TO THE TRANSFER OF PROPERTY

INTO THIS TRUST;

2. Shall contain a description of the property being

transferred to the trust and the name of the trust;

3. May require that any person who is eligible to receive

information pursuant to this section be bound by the duty of

confidentiality that binds the trustee before receiving such

information from the trustee; and

4. Shall be provided by the transferor, the transferor's agent,

the trustee, or other fiduciary of the trust.

D. If a notice is provided under this section before the

property is transferred, the period to commence an action under

Section 30 of this act shall commence running on the date of the

transfer. If a notice is provided after the date the property is

Oklahoma Statutes - Title 60. Property Page 284

transferred, the period to commence an action pursuant to Section 30

of this act commences running on the date the notice is provided.

E. The exception contained in subsection A of this section does

not apply to any claim for forced heirship or legitime.
Okla. Stat. tit. 60, § 60-178.10 — OK Code / Title 60 / Section 60-178.10
Conveyance, assignment or other transfer as evidence of
Status: in_force

trust existence.

Any conveyance, assignment or other transfer executed in the

name of such trust pursuant to Section 1 of this act and bearing a

signature which purports to be the signature of the president or

chairman of said trust, shall be deemed prima facie evidence that

such trust exists and the conveyance, assignment or other transfer

is the act of the trust and the trustees thereof, that it was duly

executed and signed by the president or chairman of said trust who

were trustees of the trust and that such instrument conforms in all

respects to the requirements of the instrument creating such trust;

and such conveyance, assignment or other transfer shall be

admissible in evidence without further proof of execution.
Okla. Stat. tit. 60, § 60-126 — OK Code / Title 60 / Section 60-126
Foreclosure procedure — Minors or persons of unsound mind
Status: in_force

as owners.

In case the lands, at the time foreclosure proceedings are about

to be commenced, are owned by minors, or by persons of unsound mind,

such notice shall be addressed to the guardian of the minors, or

persons of unsound mind, and if there is no such guardian, the

Attorney General of the state or district attorney shall make

application in the name of the state to the court and procure the

appointment of a guardian ad litem to represent such minor, or

person of unsound mind in such proceedings; thereafter the district

attorney shall direct the clerk of such court to ascertain the

residence or post office address of the next of kin of such minor,

or person of unsound mind, and to transmit to such next of kin a

copy of the petition or application to foreclose such lands, and

such minor or person of unsound mind shall have ninety (90) days

after the mailing of such notice to appear and defend the action.

R.L. 1910, § 6651. Amended by Laws 2024, c. 373, § 4, eff. Nov. 1,

2024.
Okla. Stat. tit. 60, § 60-175.710 — OK Code / Title 60 / Section 60-175.710
Court-ordered distribution
Status: in_force

COURT-ORDERED DISTRIBUTION

A. An authorized trustee may petition a court to order a

distribution under this act.

B. If the authorized trustee receives a written objection to a

distribution under this act from a beneficiary before the proposed

effective date of the distribution specified in the notice provided

to the beneficiary under Section 6 of this act, the trustee or 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.

C. If the authorized trustee receives a written objection to

the distribution from the attorney general not later than the

thirtieth day after the date the notice required by Section 6 of

this act was received by the attorney general, the trustee shall not

make a distribution under Section 3 or 4 of this act without

petitioning a court to approve or modify the exercise of the

trustee's power to make a distribution under this act.

D. In a judicial proceeding under this section, the authorized

trustee may present the trustee's reasons for supporting or opposing

a proposed distribution, including whether the trustee believes the

distribution would enable the trustee to better carry out the

purposes of the trust.

E. The authorized trustee has the burden of proving that the

proposed distribution furthers the purposes of the trust, is not

expressly prohibited by the terms of the trust, and is in the

interests generally of the beneficiaries.

F. This section does not limit a beneficiary's right to bring

an action against a trustee for a breach of trust.
Okla. Stat. tit. 60, § 60-806 — OK Code / Title 60 / Section 60-806
State, governmental units, individuals, corporations, etc
Status: in_force

as possessing same powers and duties with respect to airspace as to

other property.

A. The state and all of its departments, commissions, agencies,

instrumentalities, divisions, subdivisions and authorities,

including all counties, municipal corporations and governmental

units of any kind, shall have the same powers, rights and duties

with respect to airspace as are possessed with respect to other real

property.

B. All private individuals, partnerships, corporations,

foundations, trustees, fiduciaries, and all other private persons

whatever their legal status, shall have the same powers, rights and

duties with respect to airspace as are possessed with respect to

other real property.
Okla. Stat. tit. 60, § 60-1602.1 — OK Code / Title 60 / Section 60-1602.1
Role of courts in administration of trust
Status: in_force

A. The court may intervene in the administration or

construction of a trust to the extent its jurisdiction is invoked by

an interested person or as provided by law.

B. A trust is not subject to continuing judicial supervision

unless ordered by the court.

C. A judicial proceeding involving a trust may relate to any

matter involving the trust's administration or construction,

including a request for instructions and an action to declare

rights.
Okla. Stat. tit. 60, § 60-1315 — OK Code / Title 60 / Section 60-1315
Actions against trustee or advisor of trust subject to
Status: in_force

qualified disposition — Jurisdiction — Attorney fees and costs —

Burden of proof.

Notwithstanding any other provision of law, no action of any

kind, including an action to enforce a judgment entered by a court

or other body having adjudicative authority, may be brought at law

or in equity 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, if, as of the date such action

is brought, an action by a creditor with respect to such qualified

disposition would be barred under Sections 29 through 32 of this

act. A court of this state has exclusive jurisdiction over an

action brought under a claim for relief that is based on a transfer

of property to a trust that is the subject of this section. A court

of this state may award attorney fees and costs to the prevailing

party in such an action. In any action described in this section,

the burden to prove the matter by clear and convincing evidence is

upon the creditor.
Okla. Stat. tit. 60, § 60-180 — OK Code / Title 60 / Section 60-180
Termination of trust - Contracts not impaired
Status: in_force

A. Any such trust may be terminated by agreement of the

trustee, or, if there be more than one, then all of the trustees and

the approval of a majority of the governing body of the beneficiary,

and for trusts whose beneficiary is the State of Oklahoma, with the

approval of the Governor of the State of Oklahoma; provided, that

such trust shall not be terminated while there exists outstanding

any contractual obligations chargeable against the trust property,

Oklahoma Statutes - Title 60. Property Page 138

which, by reason of such termination, might become an obligation of

the beneficiary of such trust.

B. Nothing in this act shall operate to impair existing

obligations of contracts or existing trust indentures of any trust

created prior to July 15, 1970; but to the extent that such existing

obligations of contracts are not impaired by the provisions hereof,

all of the provisions shall be applicable; provided further, that

nothing in this act shall operate to impair or alter the trust

indenture of the Oklahoma Ordinance Works Authority or contracts

executed prior to July 15, 1970.
Okla. Stat. tit. 60, § 60-49.8 — OK Code / Title 60 / Section 60-49.8
Additional Construction
Status: in_force

ADDITIONAL CONSTRUCTION

Oklahoma Statutes - Title 60. Property Page 24

Unless the grantor of a conservation easement elects otherwise

at the time of and in the same manner as the grant of the easement:

1. Nothing in this act shall be construed to impair the rights

of a party with respect to the acquisition of rights-of-way,

easements, or other property rights, whether through voluntary

conveyance or eminent domain, upon or under which facilities, plant,

system, or other improvements including, but not limited to, a

pipeline for transmission, gathering, or transportation of

hydrocarbons are to be constructed; and

2. The holder of a conservation easement must subordinate,

without construction restrictions or other obligations, the

conservation easement upon the request of any party owning any of

the above rights-of-way, easements, or other property rights whether

acquired prior or subsequent to the conservation easement.
Okla. Stat. tit. 60, § 60-299.6 — OK Code / Title 60 / Section 60-299.6
Two or more persons vested with a power of appointment
Status: in_force

When a power of appointment is vested in two or more persons,

all such persons shall unite in its exercise. However, if one or

more of such persons die, become legally incapable of exercising the

power or renounce such power, the power may be exercised by the

others.
Okla. Stat. tit. 60, § 60-1310 — OK Code / Title 60 / Section 60-1310
Qualified disposition — Applicability of act — Limit on
Status: in_force

powers and rights of transferor.

A qualified disposition is subject to Sections 29 through 34 of

this act, notwithstanding a transferor's retention of any or all of

the powers and rights described in paragraph 2 of subsection A of

Section 21 of this act and the transferor's service as a trust

advisor pursuant to Section 25 of this act. The transferor has only

such powers and rights as are conferred by the trust instrument.

Except as permitted by Sections 21 and 25 of this act, a transferor

has no rights or authority with respect to the property that is the

subject of a qualified disposition or the income therefrom, and any

agreement or understanding purporting to grant or permit the

retention of any greater rights or authority is void.
Okla. Stat. tit. 60, § 60-658 — OK Code / Title 60 / Section 60-658
Miscellaneous personal property held for another
Status: in_force

A. Except as otherwise provided in the Uniform Unclaimed

Property Act, all intangible personal property, including income or

increment derived from the property, less any lawful charges, that

is held, issued, or owing in the ordinary course of a holder’s

business and has remained unclaimed by the owner for more than five

(5) years after becoming payable or distributable is presumed

abandoned.

Oklahoma Statutes - Title 60. Property Page 210

B. Holders of presumed abandoned intangible property shall

report annually and remit all proceeds accrued to date, including

the current balance held by the holder. When and if any part of the

proceeds has been held for the statutory abandonment period or

longer, the holder must report and remit all interest, additions,

and increments accrued to the account of the owner. Any additional

amounts accruing to an owner of the same intangible property

presumed abandoned previously reported will be reported and remitted

on an annual basis, including additional amounts from the “as of

date” of the previous report year through the “as of date” of the

current report year.

C. In no event shall mineral interest proceeds be required to

be reported or remitted sooner than six (6) months after the date of

first sale from the applicable well.

D. Property is payable or distributable for the purposes of

this act notwithstanding the owner’s failure to demand the property

or to present an instrument or document required to receive payment

of the property.
Okla. Stat. tit. 60, § 60-49.2 — OK Code / Title 60 / Section 60-49.2
Definitions
Status: in_force

DEFINITIONS

As used in this act:

1. "Conservation easement" means a nonpossessory interest of a

holder in real property imposing limitations or affirmative

obligations the purposes of which include, but are not limited to,

retaining or protecting natural, scenic, or open-space values of

real property, assuring its availability for agricultural, forest,

recreational, or open-space use, protecting natural resources,

maintaining or enhancing air or water quality, or preserving the

historical, architectural, archaeological, or cultural aspects of

real property; and

2. "Holder" means:

Oklahoma Statutes - Title 60. Property Page 22

a. a governmental body empowered to hold an interest in

real property under the laws of this state or the

United States, or

b. a charitable corporation, charitable association, or

charitable trust, the purposes or powers of which

include retaining or protecting the natural, scenic,

or open-space values of real property, assuring the

availability of real property for agricultural,

forest, recreational, or open-space use, protecting

natural resources, maintaining or enhancing air or

water quality, or preserving the historical,

architectural, archaeological, or cultural aspects of

real property.
Okla. Stat. tit. 60, § 60-527 — OK Code / Title 60 / Section 60-527
Damage or destruction of building - Repair or restoration-
Status: in_force

Deficiency assessments - Distribution of funds.

Except as hereinafter provided, damage to or destruction of the

building shall be promptly repaired and restored by the manager or

board of managers, using the proceeds of insurance, if any, on the

building for that purpose, and the unit owners shall be liable for

assessment for any deficiency except in the case of an unconstructed

building which may be insured under a master policy of insurance as

described in Section 526 of this title, in which event the declarant

shall be liable for any deficiency relating to such unconstructed

building. If there is substantially total destruction of the

property, or if seventy-five percent (75%) of the unit owners

computed on the basis set forth in Section 503 of this title duly

resolve not to proceed with repair or restoration, then and in that

event the property or so much thereof as shall remain, shall be

subject to partition at the suit of any unit owner, in which event

the net proceeds of sale, together with the net proceeds of

insurance policies, if any, shall be considered as one fund except

for the declarant in respect to uncompleted units on which declarant

is not making the pro rata contribution described in subsection (a)

of Section 512 of this title, said fund shall be divided among all

the unit owners in proportion to their respective undivided

ownership of the common elements, after first paying off, out of the

respective shares of unit owners, to the extent sufficient for that

purpose, all liens on the unit of each unit owner. With respect to

uncompleted units or uncompleted buildings for which the declarant

is not making pro rata contributions pursuant to subsection (b) of

Section 512 of this title, the declarant shall not receive its

portion of said fund according to its respective undivided ownership

in the common elements but shall receive net proceeds of sale

according to the formula described in paragraph (j) of Section 514

of this title and such proceeds of insurance, if any, attributable

to said uncompleted buildings and/or uncompleted units under a

master policy of insurance as permitted in Section 526 of this

Oklahoma Statutes - Title 60. Property Page 194

title. The manager, or board of managers, as the case may be, and

their agents and employees shall have an easement to enter units to

make repairs to common elements or when the repairs reasonably

appear to be necessary for public safety or to prevent damage to

property other than the unit.
Okla. Stat. tit. 60, § 60-175.709 — OK Code / Title 60 / Section 60-175.709
Settlor of second trust
Status: in_force

SETTLOR OF SECOND TRUST

A. Except as provided by subsection B of this section, the

settlor of a first trust is considered to be the settlor of a second

trust established under this act.

B. If a settlor of a first trust is not also the settlor of a

second trust into which principal of that first trust is

distributed, the settlor of the first trust is considered the

Oklahoma Statutes - Title 60. Property Page 113

settlor of the portion of the second trust distributed to the second

trust from that first trust under this act.
Okla. Stat. tit. 60, § 60-1609.4 — OK Code / Title 60 / Section 60-1609.4
Event affecting administration or distribution
Status: in_force

If the happening of an event, including marriage, divorce,

performance of educational requirements, or death, affects the

administration or distribution of a trust, a trustee who has

Oklahoma Statutes - Title 60. Property Page 325

exercised reasonable care to ascertain the happening of the event is

not liable for a loss resulting from the trustee's lack of

knowledge.
Okla. Stat. tit. 60, § 60-175.11 — OK Code / Title 60 / Section 60-175.11
Trustee buying from, or selling to, self, affiliate,
Status: in_force

etc.

No trustee shall directly or indirectly buy or sell any property

for the trust from or to itself or an affiliate; or from or to a

director, officer, or employee of such trustee or of an affiliate;

or from or to himself, a relative, employer, partner, or other

business associate; provided a national banking association or a

state bank and trust company performing trust functions, where

acting as executor, administrator, guardian, or trustee, may sell

stock of itself to one or more of its officers, stockholders, or

directors upon a court of competent jurisdiction finding that such

sale will be for the best interest of the trust estate and making an

order for such sale.
Okla. Stat. tit. 60, § 60-175.71 — OK Code / Title 60 / Section 60-175.71
Application to existing trusts
Status: in_force

Application to Existing Trusts.

The Oklahoma Uniform Prudent Investor Act applies to trusts

existing on and created after its effective date. As applied to

trusts existing on its effective date, this act governs only

decisions or actions occurring after that date.
Okla. Stat. tit. 60, § 60-664 — OK Code / Title 60 / Section 60-664
Relief from liability by payment or delivery
Status: in_force

A. Upon the payment or delivery of abandoned property to the

State Treasurer, the state assumes custody and responsibility for

Oklahoma Statutes - Title 60. Property Page 217

the safekeeping of the property. A person who pays or delivers

property to the State Treasurer in good faith is relieved of all

liability to the extent of the value of the property paid or

delivered for any claim then existing or which thereafter may arise

or be made in respect to the property.

B. A holder who has paid money to the State Treasurer pursuant

to the Uniform Unclaimed Property Act may make payment to any person

appearing to the holder to be entitled to payment; and upon filing

proof of such payment and proof that the payee was entitled thereto,

the State Treasurer shall promptly reimburse the holder for the

payment without imposing a fee or other charge. If reimbursement is

sought for a payment made on a negotiable instrument, including a

travelers check or money order, the holder shall be reimbursed under

this subsection upon filing proof that the instrument was presented

and that payment was made to a person who appeared to the holder to

be entitled to payment. The holder shall be reimbursed for payment

made under this subsection even if the holder paid a person whose

claim was barred under subsection A of Section 666 of this title.

C. A holder who has delivered property, including, but not

limited to, a certificate of an ownership interest in a business

association, other than money to the State Treasurer pursuant to the

Uniform Unclaimed Property Act may reclaim the property if still in

the possession of the Treasurer, without paying any fee or other

charge, upon filing proof that the owner has claimed the property

from the holder.

D. The State Treasurer may accept the holder's affidavit as

sufficient proof of the facts that entitle the holder to recover

money and property under this section.

E. If the holder pays or delivers property to the State

Treasurer in good faith and thereafter another person claims the

property from the holder or another state claims the money or

property under its laws relating to escheat or abandoned or

unclaimed property, the State Treasurer, upon written notice of the

claim, shall defend the holder against the claim and, to the extent

of the property's value, shall indemnify the holder against

liability on the claim. Neither the holder nor the State Treasurer

shall be liable for more than the value of the property, determined

as of the time of its payment or delivery to the State Treasurer, if

the holder paid or delivered the property to the State Treasurer in

good faith.

F. For the purposes of this section, "good faith" means that:

1. Payment or delivery was made in a reasonable attempt to

comply with the Uniform Unclaimed Property Act;

2. The person delivering the property was not a fiduciary then

in breach of trust in respect to the property and had a reasonable

basis for believing, based on the facts then known, that the

Oklahoma Statutes - Title 60. Property Page 218

property was abandoned for the purposes of the Uniform Unclaimed

Property Act;

3. There is no showing that the records under which the

delivery was made did not meet reasonable commercial standards of

practice in the industry; and

4. The reporting and delivery of property was made in

compliance with Sections 661 and 663 of this title and any

applicable administrative rules.
Okla. Stat. tit. 60, § 60-1604.4 — OK Code / Title 60 / Section 60-1604.4
Trust purposes
Status: in_force

Oklahoma Statutes - Title 60. Property Page 305

A trust may be created only to the extent its purposes are

lawful, not contrary to public policy, and possible to achieve. A

trust and its terms must be for the benefit of its beneficiaries.
Okla. Stat. tit. 60, § 60-175.405 — OK Code / Title 60 / Section 60-175.405
Rental property
Status: in_force

RENTAL PROPERTY

To the extent that a trustee accounts for receipts from rental

property pursuant to this section, the trustee shall allocate to

income an amount received as rent of real or personal property,

including an amount received for cancellation or renewal of a lease.

An amount received as a refundable deposit, including a security

deposit or a deposit that is to be applied as rent for future

periods, must be added to principal and held subject to the terms of

the lease and is not available for distribution to a beneficiary

until the trustee's contractual obligations have been satisfied with

respect to that amount.
Okla. Stat. tit. 60, § 60-1604.11 — OK Code / Title 60 / Section 60-1604.11
Modification or termination because of unanticipated
Status: in_force

circumstances or inability to administer trust effectively.

A. The court may modify the administrative or dispositive terms

of a trust or terminate the trust if, because of circumstances not

anticipated by the settlor, modification or termination will further

the purposes of the trust. To the extent practicable, the

modification must be made in accordance with the settlor's probable

intention.

B. The court may modify the administrative terms of a trust if

continuation of the trust on its existing terms would be

impracticable or wasteful or impair the trust's 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.
Okla. Stat. tit. 60, § 60-662 — OK Code / Title 60 / Section 60-662
Notice and publication of lists of abandoned property
Status: in_force

A. The State Treasurer shall cause at least two notices to be

published during the year following the report required by Section

661 of this title in a legal newspaper of general circulation in the

county in this state in which is located the last-known address of

any person to be named in the notice. Different legal newspapers of

general circulation may be used for each notice. If no address is

listed or if the address is outside this state, the notice shall be

published in the county within this state which is the principal

place of business of the holder of the abandoned property, or in a

newspaper in this state which the State Treasurer believes most

likely to be seen by the owner of the property or by heirs of the

owner.

B. The published notice shall be entitled “Notice of Names of

Persons Appearing to be Owners of Abandoned Property”, and contain:

1. The names in alphabetical order and last-known address, if

any, of persons listed in the report and entitled to notice within

the county as specified in subsection A of this section;

2. A statement that information concerning the property and the

name and last-known address of the holder may be obtained by any

person possessing an interest in the property by addressing an

inquiry to the State Treasurer; and

3. A statement that the property is in the custody of the State

Treasurer and all claims must be directed to the State Treasurer.

C. The State Treasurer is not required to publish in the notice

any items of less than Two Hundred Fifty Dollars ($250.00) as of the

date the notice is prepared unless the State Treasurer considers

their publication to be in the public interest.

D. The State Treasurer shall provide electronic access to the

new names and last-known addresses of all persons reported to the

State Treasurer as owners of unclaimed property on an Internet

website. The State Treasurer shall take reasonable steps to

publicize the existence of this website and shall publish an

advertisement no less than once each calendar quarter in a legal

newspaper of general circulation in each county of this state.
Okla. Stat. tit. 60, § 60-28 — OK Code / Title 60 / Section 60-28
Particular estate not necessary to remainder
Status: in_force

A future estate may be limited by the act of the party to

commence in possession at a future day, either without the

intervention of a precedent estate, or on the termination, by lapse

of time, or otherwise, of a precedent estate, created at the same

time.
Okla. Stat. tit. 60, § 60-50 — OK Code / Title 60 / Section 60-50
Easements not attached to land
Status: in_force

The following land burdens or servitudes upon land may be

granted and held, though not attached to land:

1. The right to pasture, and of fishing and taking game.

2. The right of seat in church.

3. The right of burial.

4. The right of taking rents and tolls.

5. The right-of-way.

6. The right of taking water, wood, minerals, or other things.
Okla. Stat. tit. 60, § 60-803 — OK Code / Title 60 / Section 60-803
Airspace as real property
Status: in_force

Airspace as defined herein is real property, and until title

thereto or rights, interests or estates therein are separately

transferred, airspace is the property of the person or persons

holding title to the land surface beneath it, subject to the

limitations relating to wind or solar energy agreements provided in

Section 1 of this act.
Okla. Stat. tit. 60, § 60-651 — OK Code / Title 60 / Section 60-651
Definitions
Status: in_force

As used in the Uniform Unclaimed Property Act, unless the

context otherwise requires:

1. “Apparent owner” means the person whose name appears on the

records of the holder as the person entitled to property held,

issued, or owing by the holder;

2. “Attorney General” means the chief legal officer of this

state;

3. “Banking organization” means any bank, trust company,

savings bank, safe deposit company, private banker, or any

organization defined by other law as a bank or banking organization;

4. “Business association” means a non-public corporation,

joint-stock company, investment company, business trust,

partnership, or association for business purposes of two or more

individuals whether or not for profit, including a banking

organization, financial organization, insurance company, or utility;

5. “Claimant” means a person who claims an interest in

unclaimed property in the custody of the State Treasurer;

6. “Claimant’s representative” means a person who has been

hired by a claimant to file an unclaimed property claim on behalf of

Oklahoma Statutes - Title 60. Property Page 196

a claimant pursuant to a written agreement, including a duly

executed power of attorney;

7. “Domicile” means the state of incorporation of a corporation

and the state of the principal place of business of an

unincorporated person;

8. “Financial organization” means a savings and loan

association, building and loan association, or credit union;

9. “Holder” means a person, wherever organized or domiciled,

who is:

a. in possession of property belonging to another,

b. a trustee, or

c. indebted to another on an obligation;

10. “Insurance company” means an association, corporation,

fraternal or mutual benefit organization, whether or not for profit,

which is engaged in providing insurance coverage, including

accidental, burial, casualty, credit life, contract performance,

dental, fidelity, fire, health, hospitalization, illness, life

(including endowments and annuities), malpractice, marine, mortgage,

surety, and wage protection insurance;

11. “Intangible property” includes:

a. money, checks, drafts, deposits, interest, dividends,

and income,

b. credit balances, customer overpayments, security

deposits, refunds, credit memos, unpaid wages, unused

airline tickets, and unidentified remittances,

c. stocks and other intangible ownership interests in

business associations,

d. monies deposited to redeem stocks, bonds, coupons, and

other securities, or to make distributions,

e. amounts due and payable under the terms of insurance

policies, and

f. amounts distributable from a trust or custodial fund

established under a plan to provide health, welfare,

pension, vacation, severance, retirement, death, stock

purchase, profit sharing, employee savings,

supplemental unemployment insurance, education or

similar benefits;

12. “Last-known address” means a description of the location of

the apparent owner sufficient for the purpose of the delivery of

mail;

13. “Memorandum” shall include a mark, symbol or statement

indicating knowledge of or interest in funds on deposit;

14. “Mineral proceeds” includes:

a. all obligations to pay mineral proceeds resulting from

the production and sale of minerals, including net

revenue interest, royalties, overriding royalties,

Oklahoma Statutes - Title 60. Property Page 197

production payments, and payments under joint

operating agreements, and

b. all obligations for the acquisition and retention of a

mineral lease, including bonuses, delay rentals, shut-

in royalties, and minimum royalties;

15. “Museum” means an institution which is located in this

state and operated by a nonprofit corporation or a public agency

primarily for educational, scientific, historic preservation or

aesthetic purposes, and which owns, borrows, cares for, exhibits,

studies archives or catalogues property. “Museum” includes, but is

not limited to, historical societies, historical sites or landmarks,

parks, monuments and libraries;

16. “Owner” means a depositor in the case of a deposit, a

beneficiary in case of a trust other than a deposit in trust, a

creditor, claimant, or payee in the case of other intangible

property, or a person having a legal or equitable interest in

property or the person’s legal representative. Where more than one

person is an owner, the property shall not be presumed abandoned

unless it has remained unclaimed by all of its owners for the

periods hereinafter prescribed;

17. “Person” means an individual, business association, state

or other government, governmental subdivision or agency, public

corporation, public authority, estate, trust, two or more persons

having a joint or common interest, or any other legal or commercial

entity;

18. “State” means any state, district, commonwealth, territory,

insular possession, or other area subject to the legislative

authority of the United States;

19. “State Treasurer” or “Treasurer” means the duly elected and

acting State Treasurer of Oklahoma;

20. “Tax Commission” or “Commission” means the Oklahoma Tax

Commission;

21. “Utility” means a person who owns or operates for public

use any plant, equipment, property, franchise, or license for the

transmission of communications, or the production, storage,

transmission, sale, delivery, or furnishing of electricity, water,

steam, or gas; and

22. “Written agreement” means a legally binding document

between a claimant and the claimant’s representative outlining the

terms and conditions of the agreement. It provides a clear record

of the agreement, specifying each party's rights, responsibilities,

and obligations, which authorizes the claimant’s representative to

claim and recover unclaimed property in the custody of the Treasurer

on behalf of the claimant. The agreement may include an

authorization that directs the Treasurer to remit payment of fees

due to the claimant’s representative subject to the provisions of

this title.

Oklahoma Statutes - Title 60. Property Page 198
Okla. Stat. tit. 60, § 60-815 — OK Code / Title 60 / Section 60-815
Laws pertaining to powers, privileges, immunities, duties
Status: in_force

and liabilities of agencies not affected.

Except as specifically provided herein, this act shall not

alter, amend, repeal, modify or affect the laws of this state which

pertain to the powers, privileges, immunities, duties and

liabilities of authorities, agencies, instrumentalities or other

such divisions or departments of state and local governments, or to

improvement districts or to private persons.Oklahoma Statutes - Title 60. Property Page 11
Okla. Stat. tit. 60, § 60-751 — OK Code / Title 60 / Section 60-751
Definitions
Status: in_force

As used in this act, unless otherwise clearly required by the

context:

1. "Beneficiary" means and includes any person entitled, but

for his disclaimer, to take an interest, as grantee; as donee; under

any assignment or instrument of conveyance or transfer; by

succession to a disclaimed interest, other than by will, intestate

succession or through the exercise or nonexercise of a testamentary

power of appointment; as beneficiary of an inter vivos trust or

insurance contract; pursuant to the exercise or nonexercise of a

nontestamentary power of appointment; as donee of a power of

appointment created by a nontestamentary instrument; or otherwise

under any nontestamentary instrument;

2. "Interest" means and includes the whole of any property,

real or personal, legal or equitable, or any fractional part, share

or particular portion or specific assets thereof or any estate in

any such property including but not limited to a joint tenancy

interest in any such property, or power to appoint, consume, apply

or expend property or any other right, power, privilege or immunity

relating thereto; and

3. "Disclaimer" means a written instrument which declines,

refuses, releases or disclaims an interest which would otherwise be

succeeded to by a beneficiary, which instrument defines the nature

and extent of the interest disclaimed thereby and which must be

signed, witnessed and acknowledged by the disclaimant in the manner

provided for deeds of real estate.
Okla. Stat. tit. 60, § 60-505 — OK Code / Title 60 / Section 60-505
Undivided interest in common elements - Ratio
Status: in_force

A. Each unit owner shall be entitled to an undivided interest

in the common elements in the ratio expressed in the declaration.

Such ratio shall be in the approximate relation that the estimated

fair value upon completion of the unit determined at the date of the

declaration bears to the aggregate estimated fair value upon

completion of all the units having an interest in such common

elements.

B. The ratio of the undivided interest of each unit owner in

the common elements as expressed in the declaration shall have a

permanent character and shall not be altered except as specifically

provided in the declaration pursuant to paragraph (i) of Section 514

of this title, or with the unanimous consent of all unit owners

having an interest, expressed in an amended declaration duly

recorded.

C. The undivided interest in the common elements and limited

common elements set aside to the unit, shall not be separated from

the unit to which same appertains and shall be deemed conveyed or

encumbered with the unit even though such interest is not expressly

mentioned or described in the conveyance or other instrument. The

common elements and limited common elements shall not be conveyed

separately from the unit.
Okla. Stat. tit. 60, § 60-76 — OK Code / Title 60 / Section 60-76
Construction in accordance with cy pres doctrine
Status: in_force

To effectuate the provisions hereof, all courts of this state

are, within their otherwise jurisdictional limits, hereby granted

the power to reform or construe interests in real or personal

property, as provided in Section 1 hereof, in accordance with the

doctrine of cy pres.
Okla. Stat. tit. 60, § 60-520 — OK Code / Title 60 / Section 60-520
Necessary contents of bylaws
Status: in_force

The bylaws must necessarily provide for at least the following:(a) Form of administration, indicating whether in charge of an administrator or a board of administration, or otherwise, and specifying the powers,

manner of removal and, where proper, the compensation therefor.

(b) Method calling or summoning the unit owners to assemble;

that a majority of unit owners, as defined in Section 3(n) of this

act, is required to adopt decisions; who is to preside over the

meeting and who will keep the minute book wherein the resolutions

shall be recorded,

(c) Care, upkeep and surveillance of the building and its

general or limited common elements and services.

(d) Manner of collecting from the unit owners for the payment of

the common expenses,

(e) Designation and dismissal of the personnel necessary for the

maintenance, upkeep and repair of the common elements,

(f) Such restrictions on and requirements respecting the use and

maintenance of the units and the use of the common elements, not set

forth in or appended to the declaration, as are designed to prevent

unreasonable interference with the use of their respective units and

of the common elements by the several unit owners,

(g) That seventy-five percent (75%) of the unit owners, computed

on the basis set forth in Section 3(n) of this act, may at any time

modify or amend the bylaws, but each one of the particulars set

forth in this Section shall always be embodied in the bylaws. Such

modification or amendment shall not become operative unless set

forth in an amended declaration and duly recorded.
Okla. Stat. tit. 60, § 60-674 — OK Code / Title 60 / Section 60-674
Claim for abandoned property
Status: in_force

A. A person, excluding another state, but including a

claimant’s representative, claiming an interest in any property paid

or delivered to the State Treasurer may file with the State

Treasurer a claim on a form prescribed by the State Treasurer and

verified by the claimant or the claimant’s representative. The date

of filing of a claim shall be the date it is received by the State

Treasurer with all supporting documentation from the claimant. Any

information submitted by a claimant which is required to be

submitted to the State Treasurer to establish a claim may be kept

confidential by the State Treasurer if it contains personal

financial information of the claimant, personal identifying

information such as the address, date of birth, telephone number or

email address of the claimant, Social Security numbers, birth

certificates or similar documents related to the parentage of an

individual, or any other document which is confidential by statute

if in the custody of another public agency or person. Failure to

use the claim form prescribed by the State Treasurer shall void the

claim. The claim form shall require information the State Treasurer

believes to be reasonably necessary to administer the requirements

of this section, including, but not limited to:

1. A legible copy of the claimant’s valid driver license;

2. If the claimant has not been issued a valid driver license

at the time the original claim form is filed, a legible copy of a

photographic identification card of the claimant issued by the

United States or a state or territory of the United States, a valid

passport or national identification card issued by a foreign nation,

or other evidence deemed acceptable by the State Treasurer; and

3. For claims submitted by a claimant’s representative, a duly

executed copy of the written agreement between the claimant and the

claimant’s representative, including a duly executed power of

attorney.

Oklahoma Statutes - Title 60. Property Page 225

B. The State Treasurer may waive the requirements in subsection

A of this section and may pay or deliver property directly to a

person if:

1. The person receiving the payment or property is shown to be

the apparent owner included on a report filed under this title; and

2. The State Treasurer reasonably believes the person is

entitled to receive the payment or property and has validated the

identity and address of the person receiving the payment or

property.

C. The State Treasurer shall consider each claim within ninety

(90) days after it is filed and give written notice to the claimant

and, if the person is utilizing the service of a claimant’s

representative, to the claimant’s representative if the claim is

denied in whole or in part. The notice may be given by email

notification or by mailing it to the claimant’s representative, if

any, and to the claimant’s last-known address, if any, as stated in

the claim as the address to which notices are to be sent. If no

address for notices is stated in the claim, the notice may be mailed

to the last-known address, if any, of the claimant as stated in the

claim. No notice of denial need be given if the claim fails to

state either the last-known address to which notices are to be sent

or the address of the claimant.

D. If a claim submitted by the claimant is approved, the State

Treasurer shall pay over or deliver to the claimant the property or

the amount the State Treasurer actually received or the net proceeds

if it has been sold by the State Treasurer, together with any

additional amount required by Section 665 of this title, but no

person shall have any claim under this section against the state,

the holder, any transfer agent, registrar or other person acting for

or on behalf of the state or a holder, for any appreciation or

depreciation in the value of the property or any earnings that might

otherwise accrue, after sale of the property by the State Treasurer.

E. 1. If a claim submitted by a claimant’s representative is

approved, the State Treasurer shall pay or deliver to the claimant

the balance remaining after deduction and payment of the amount due

to the claimant’s representative by the State Treasurer; provided,

however, that any payments made directly to the claimant’s

representative shall be made only pursuant to the terms of the

written agreement between the claimant and the claimant’s

representative that was submitted with the claim.

2. The State Treasurer is authorized to make distribution of

the property or money in accordance with the terms of the agreement.

3. Payments of fees and costs to the claimant’s representative

shall be made by paper check or other means approved by the State

Treasurer on such periodic schedule as the State Treasurer may

define; provided, however, payment for approved claims shall be made

Oklahoma Statutes - Title 60. Property Page 226

to both the claimant and the claimant’s representative within sixty

(60) days of approval.

F. The contents of safe deposit boxes shall be released

directly to the claimant, claimant’s representative, or to a

commercial carrier as provided in the written agreement if

authorized in writing by the claimant. Any lien owed to the lessor

of the safe deposit box shall be satisfied before the contents of

the safe deposit box shall be released. At the claimant or

claimant's representative's option, any lien owed to the lessor of

the safe deposit box shall be deducted from the value of the

contents of the safe deposit box obtained at the next scheduled

auction with the remaining value to be distributed in accordance

with this section.

G. The State Treasurer shall maintain an electronic copy of all

records related to the property received by the State Treasurer.

Such records shall be retained pursuant to the State Treasurer’s

retention schedules as provided by Title 67 of the Oklahoma

Statutes.

H. The State Treasurer shall consider any claim filed under

this act and, in rendering a determination on the merits of any such

claim, shall rely on the applicable statutes, regulations, and

relevant court decisions and may hold a hearing and receive evidence

concerning the claim. If a hearing is held, the State Treasurer

shall prepare a finding and a decision in writing on each claim

filed, stating the substance of any evidence heard and the reasons

for the decision. The decision shall be a public record.

I. If the claim is approved, the State Treasurer shall make

payment pursuant to this section. The claim shall be paid without

deduction for costs of notice. If a claim is denied, the State

Treasurer may hold a hearing and receive evidence concerning any

unclaimed property claim filed under this act. If a hearing is

held, the State Treasurer, or his or her representative, shall

consider evidence that would be admissible in contested cases under

the Administrative Procedures Act. In any proceeding for

determination of a claim to property, the burden shall be upon the

claimant, or the claimant’s representative, including a claimant’s

representative, to establish entitlement to the property by a

preponderance of evidence.

J. If a hearing is held, the State Treasurer, or his or her

representative, shall prepare a finding and a decision in writing on

each claim filed, stating the substance of any evidence heard by him

or her and the reasons for his or her decision. The decision shall

be a public record and deemed the final agency decision.

K. If the claim is approved, the State Treasurer shall make

payment pursuant to paragraph 2 of subsection E of this section.

Claims shall be paid without deduction for costs of notice.

Oklahoma Statutes - Title 60. Property Page 227
Okla. Stat. tit. 60, § 60-1402 — OK Code / Title 60 / Section 60-1402
Binding nonjudicial settlement agreements — Validity
Status: in_force

A. Except as otherwise provided in subsection B of this

section, the trustee and the qualified beneficiaries may enter into

a binding nonjudicial settlement agreement with respect to any

matter involving a trust.

B. A nonjudicial settlement agreement is valid only to the

extent it does not violate a material purpose of the trust and

includes terms and conditions that could be properly approved by the

court under this act or other applicable law.

C. Matters that may be resolved by a nonjudicial settlement

agreement include, but are not limited to:

Oklahoma Statutes - Title 60. Property Page 286

1. The interpretation or construction of the terms of the

trust;

2. The approval of a trustee's report or accounting;

3. Direction to a trustee to refrain from performing a

particular act or the grant to a trustee of any necessary or

desirable power;

4. The resignation or appointment of a trustee and the

determination of a trustee's compensation;

5. Transfer of a trust's principal place of administration;

6. Liability of a trustee for an action relating to the trust;

7. The extent or waiver of bond of a trustee;

8. The governing law of the trust;

9. The criteria for distribution to a beneficiary where the

trustee is given discretion;

10. The resignation, appointment, and establishment of the

powers and duties of trust protectors or trust advisors; and

11. The approval of an investment decision, delegation, policy,

plan, or program.

D. Any qualified beneficiary or trustee may request the court

to approve a nonjudicial settlement agreement, to determine whether

the representation was adequate, and to determine whether the

agreement contains terms and conditions the court could have

properly approved.
Okla. Stat. tit. 60, § 60-1608.6 — OK Code / Title 60 / Section 60-1608.6
Trustee's skills
Status: in_force

A trustee who has special skills or expertise, or is named

trustee in reliance upon the trustee's representation that the

trustee has special skills or expertise, shall use those special

skills or expertise.
Okla. Stat. tit. 60, § 60-1604.15 — OK Code / Title 60 / Section 60-1604.15
Modification to achieve settlor's tax objectives
Status: in_force

To achieve the settlor's tax objectives, the court may modify

the terms of a trust in a manner that is not contrary to the

settlor's probable intention. The court may provide that the

modification has retroactive effect.
Okla. Stat. tit. 60, § 60-175.57 — OK Code / Title 60 / Section 60-175.57
Breach of trust – Remedies - Liability
Status: in_force

A. A violation by a trustee of a duty the trustee owes a

beneficiary is a breach of trust.

B. To remedy a breach of trust that has occurred or may occur,

the court may:

1. Compel the trustee to perform the trustee's duties;

2. Enjoin the trustee from committing a breach of trust;

3. Compel the trustee to redress a breach of trust by payment

of money or otherwise;

4. Order a trustee to account;

5. Appoint a receiver or temporary trustee to take possession

of the trust property and administer the trust;

6. Suspend or remove the trustee;

7. Reduce or deny compensation to the trustee;

8. Subject to subsection I of this section, void an act of the

trustee, impose an equitable lien or a constructive trust on trust

property, or trace trust property wrongfully disposed of and recover

the property or its proceeds; or

9. Grant any other appropriate remedy.

C. A beneficiary may charge a trustee who commits a breach of

trust with the amount required to restore the value of the trust

property and trust distributions to what they would have been had

the breach not occurred, or, if greater, the profit that the trustee

made by reason of the breach.

D. In a judicial proceeding involving a trust, the court may in

its discretion, as justice and equity may require, award costs and

expenses, including reasonable attorney fees, to any party, to be

paid by another party or from the trust which is the subject of the

controversy.

E. 1. For purposes of this subsection, "accounting" means any

interim or final report or other statement provided by a trustee

Oklahoma Statutes - Title 60. Property Page 72

reflecting all transactions, receipts, and disbursements during the

reporting period and a list of assets as of the end of the period

covered by the report or statement.

2. For any trust that is before a district court under

subsection A of Section 175.23 of this title, the trustee may submit

an accounting and seek approval of the accounting by the court.

Such accounting and the final approval by a district court, whether

or not such accounting is contested, shall be conclusive against all

persons interested in the trust, and the trustee, absent fraud,

intentional misrepresentation, or material omission, shall be

released and discharged from any and all liability as to all matters

set forth in the accounting.

3. If a trust is not before a district court under subsection A

of Section 175.23 of this title and if no objection has been made by

a beneficiary who is an eligible distributee or permissible

distributee of the trust's income or principal within one hundred

eighty (180) days after a copy of the trustee's accounting has been

provided to such beneficiaries together with written notice of the

provisions of this section, the distribution beneficiary is deemed

to have approved such accounting of the trustee, and the trustee,

absent fraud, intentional misrepresentation, or material omission,

shall be released and discharged from any and all liability to all

beneficiaries of the trust as to all matters set forth in such

accounting.

4. If paragraphs 2 and 3 of this subsection do not apply,

absent fraud, intentional misrepresentation, or material omission,

an action to recover for breach of trust against a trustee who is a

resident of this state or who has its principal place of business in

this state, or an officer, director, or employee of such trustee may

be commenced only within two (2) years of a trustee's accounting for

the period of the breach. In the case of fraud, intentional

misrepresentation, or material omission, the limitation period shall

not commence until discovery of the breach of trust.

5. For the purpose of this subsection, a beneficiary is deemed

to have received a report or other statement:

a. in the case of an adult, if it is received by the

adult personally, or if the adult lacks capacity, if

it is received by the adult's conservator, guardian,

or agent with authority, or

b. in the case of a minor, if it is received by the

minor's guardian or conservator or, if the minor does

not have a guardian or conservator, if it is received

by a parent of the minor who does not have a conflict

of interest.

6. Except as otherwise provided by the terms of a trust, while

the trust is revocable and the settlor has capacity to revoke, the

rights of the beneficiaries are held by, and the duties of the

Oklahoma Statutes - Title 60. Property Page 73

trustee are owed exclusively to, the settlor; the rights to be held

by and owed to the beneficiaries arise only upon the settlor's death

or incapacity. The trustee may follow a written direction of the

settlor, even if contrary to the terms of the trust. The holder of

a presently exercisable power of withdrawal or a testamentary

general power of appointment has the rights of a settlor of a

revocable trust under this section to the extent of the property

subject to the power.

F. 1. A term of the trust relieving a trustee of liability for

breach of trust is unenforceable to the extent that it:

a. relieves a trustee of liability for breach of trust

committed in bad faith or with reckless indifference

to the purposes of the trust or the interest of the

beneficiaries, or

b. was inserted as the result of an abuse by the trustee

of a fiduciary or confidential relationship to the

settlor.

2. An exculpatory term drafted by or on behalf of the trustee

is presumed to have been inserted as a result of an abuse of a

fiduciary or confidential relationship unless the trustee proves

that the exculpatory term is fair under the circumstances and that

its existence and contents were adequately communicated to the

settlor.

G. A beneficiary may not hold a trustee liable for a breach of

trust if the beneficiary, while having capacity, consented to the

conduct constituting the breach, released the trustee from liability

for the breach, or ratified the transaction constituting the breach,

unless:

1. The beneficiary at the time of the consent, release, or

ratification did not know of the beneficiary's rights and of the

material facts that the trustee knew, or with the exercise of

reasonable inquiry, the beneficiary should have known, and that the

trustee did not reasonably believe that the beneficiary knew; or

2. The consent, release, or ratification of the beneficiary was

induced by improper conduct of the trustee.

H. 1. Except as otherwise agreed, a trustee is not personally

liable on a contract properly entered into in the trustee's

fiduciary capacity in the course of administration of the trust if

the trustee in the contract discloses the fiduciary capacity.

2. A trustee is personally liable for obligations arising from

ownership or control of trust property, or for torts committed in

the course of administering a trust, only if the trustee is

personally at fault, whether negligently or intentionally.

3. A trustee who does not join in exercising a power held by

three or more trustees is not liable to third persons for the

consequences of the exercise of the power. A dissenting trustee who

joins in an action at the direction of the majority cotrustees is

Oklahoma Statutes - Title 60. Property Page 74

not liable to third persons for the action if the dissenting trustee

expressed the dissent in writing to any other cotrustee at or before

the time the action was taken.

4. 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 against the

trust in a judicial proceeding against the trustee in the trustee's

fiduciary capacity, whether or not the trustee is personally liable

on the claim.

I. 1. A person who in good faith assists a trustee or who in

good faith and for value deals with a trustee without knowledge that

the trustee is exceeding or improperly exercising the trustee's

powers is protected from liability as if the trustee properly

exercised the power.

2. Dealing in good faith with another person with knowledge

that the other person is a trustee does not place a third person on

notice to inquire into the extent of the trustee's powers or the

propriety of his or her exercise.

3. A person who in good faith deals with another person with

knowledge that the other person is a trustee is not solely on that

account placed on notice to inquire into the extent of the trustee's

powers or the propriety of his or her exercise or to see to the

proper application of assets of the trust paid or delivered to a

trustee.

4. A person who in good faith assists a former trustee or who

for value and in good faith deals with a former trustee without

knowledge that the person is no longer a trustee is protected from

liability as if the former trustee were still a trustee.

5. The protection provided by this section to persons assisting

or dealing with a trustee is secondary to that provided under

comparable provisions of other laws relating to commercial

transactions or to the transfer of securities by fiduciaries.
Okla. Stat. tit. 60, § 60-513 — OK Code / Title 60 / Section 60-513
Common profits - Distribution
Status: in_force

The common profits of the property shall be distributed among

the unit owners in the percentages computed according to Section 5

of this Act.

Oklahoma Statutes - Title 60. Property Page 187
Okla. Stat. tit. 60, § 60-319 — OK Code / Title 60 / Section 60-319
Oil and gas well equipment - Lease, loan or option to
Status: in_force

purchase - Filing instrument in county clerk's office.

Any instrument in writing leasing or lending or giving option to

purchase any personal property, used in the digging, drilling,

completing or equipping of an oil and gas well shall be void as

against innocent purchasers or creditors of the lessee or bailee,

Oklahoma Statutes - Title 60. Property Page 164

unless the original instrument, or a true copy thereof, shall have

been filed prior to the time the rights of any innocent purchaser or

the creditors of the lessee or bailee accrue or come into being, in

the office of the county clerk of the county in which the lessee or

bailee keeps or uses such personal property.
Okla. Stat. tit. 60, § 60-1601.6 — OK Code / Title 60 / Section 60-1601.6
Common law of trusts — Principles of equity
Status: in_force

The common law of trusts and principles of equity supplement

this act, except to the extent modified by this act or another

statute of this state.
Okla. Stat. tit. 60, § 60-1504 — OK Code / Title 60 / Section 60-1504
Right of servient estate owner to relocate easement
Status: in_force

A servient estate owner may relocate an easement under this act

only if the relocation does not materially:

1. Lessen the utility of the easement;

Oklahoma Statutes - Title 60. Property Page 290

2. After the relocation, increase the burden on the easement

holder in its reasonable use and enjoyment of the easement;

3. Impair an affirmative, easement-related purpose for which

the easement was created;

4. During or after the relocation, impair the safety of the

easement holder or another entitled to use and enjoy the easement;

5. During the relocation, disrupt the use and enjoyment of the

easement by the easement holder or another entitled to use and enjoy

the easement, unless the servient estate owner substantially

mitigates the duration and nature of the disruption;

6. Impair the physical condition, use, or value of the dominant

estate or improvements on the dominant estate; or

7. Impair the value of the collateral of a security-interest

holder of record in the servient estate or dominant estate, impair a

real-property interest of a lessee of record in the dominant estate,

or impair a recorded real-property interest of any other person in

the servient estate or dominant estate.
Okla. Stat. tit. 60, § 60-175.38 — OK Code / Title 60 / Section 60-175.38
Resignation of trustee
Status: in_force

Upon petition of any trustee of an express trust, a court having

jurisdiction may accept his resignation, and discharge him from the

trust upon such terms as the rights of the persons interested in the

execution of the trust may require.
Okla. Stat. tit. 60, § 60-175.14 — OK Code / Title 60 / Section 60-175.14
Trustee voting corporate stock
Status: in_force

A trustee owning corporate stock may vote it by proxy, with or

without power of substitution, but shall be liable for any loss

resulting to the beneficiaries from a failure to use reasonable care

in deciding how to vote the stock and in voting it.
Okla. Stat. tit. 60, § 60-512 — OK Code / Title 60 / Section 60-512
Expense of administration and repair of common elements -
Status: in_force

Pro rata share - Exemptions.

(a) Except as provided in subsection (b) of this section the

unit owners are bound to contribute pro rata, in the percentages

computed according to Section 505 of this title, toward the expenses

of administration and of maintenance and repair of the general

commom elements and, in proper cases, of the limited common

elements, of the building and toward any other expense lawfully

agreed upon.

(b) A declarant, by specific reservation, in the declaration as

permitted by paragraph (j) of Section 514 of this title may:

1. Exempt unconstructed units within unconstructed buildings

owned by declarant from payment of its pro rata share of the

expenses described in subsection (a) of this section; and

2. Reserve the right to contribute less than its pro rata share

of such expenses for unconstructed units within a completed

building. Such expenses shall not be less than twenty percent (20%)

of such pro rata share. The cost of administration and of

maintenance, repair and insurance of any such unconstructed building

and any such unconstructed unit shall be borne solely by the

declarant until such time as such unconstructed unit and/or building

has been completed. Upon such completion of a unit or building, the

declarant's obligation for payment of the expenses described in this

section shall be governed by subsection (a) of this section.

(c) Except as provided in subsection (b) of this section, no

unit owner may exempt himself from contributing toward such expense

by waiver of the use or enjoyment of the common elements or by

abandonment of the unit belonging to him.
Okla. Stat. tit. 60, § 60-1009 — OK Code / Title 60 / Section 60-1009
Indian Meridian and Baseline — Cimarron Meridian and
Status: in_force

Baseline — Effect of act.

Oklahoma Statutes - Title 60. Property Page 267

Nothing in this act shall invalidate or affect surveys done by

the land tie method or surveys referring to the Indian Meridian and

Baseline or Cimarron Meridian and Baseline.
Okla. Stat. tit. 60, § 60-175.104 — OK Code / Title 60 / Section 60-175.104
Trustee's power to adjust
Status: in_force

TRUSTEE'S POWER TO ADJUST

A. A trustee may adjust between principal and income to the

extent the trustee considers necessary if the trustee invests and

manages trust assets as a prudent investor, the terms of the trust

describe the amount that may or must be distributed to a beneficiary

by referring to the trust's income, and the trustee determines,

after applying the rules in subsection A of Section 175.103 of Title

60 of the Oklahoma Statutes, that the trustee is unable to comply

with subsection B of Section 175.103 of Title 60 of the Oklahoma

Statutes.

B. In deciding whether and to what extent to exercise the power

conferred by subsection A of this section, a trustee shall consider

all factors relevant to the trust and its beneficiaries, including

the following factors to the extent they are relevant:

1. The nature, purpose, and expected duration of the trust;

2. The intent of the settlor;

3. The identity and circumstances of the beneficiaries;

4. The needs for liquidity, regularity of income, and

preservation and appreciation of capital;

5. The assets held in the trust; the extent to which they

consist of financial assets, interests in closely held enterprises,

tangible and intangible personal property, or real property; the

extent to which an asset is used by a beneficiary; and whether an

asset was purchased by the trustee or received from the settlor;

6. The net amount allocated to income under the other sections

of this act and the increase or decrease in the value of the

principal assets, which the trustee may estimate as to assets for

which market values are not readily available;

Oklahoma Statutes - Title 60. Property Page 88

7. Whether and to what extent the terms of the trust give the

trustee the power to invade principal or accumulate income or

prohibit the trustee from invading principal or accumulating income,

and the extent to which the trustee has exercised a power from time

to time to invade principal or accumulate income;

8. The actual and anticipated effect of economic conditions on

principal and income and effects of inflation and deflation; and

9. The anticipated tax consequences of an adjustment.

C. A trustee may not make an adjustment:

1. That diminishes the income interest in a trust that requires

all of the income to be paid at least annually to a spouse and for

which an estate tax or gift tax marital deduction would be allowed,

in whole or in part, if the trustee did not have the power to make

the adjustment;

2. That reduces the actuarial value of the income interest in a

trust to which a person transfers property with the intent to

qualify for a gift tax exclusion;

3. That changes the amount payable to a beneficiary as a fixed

annuity or a fixed fraction of the value of the trust assets;

4. From any amount that is permanently set aside for charitable

purposes under a will or the terms of a trust unless both income and

principal are so set aside;

5. If possessing or exercising the power to make an adjustment

causes an individual to be treated as the owner of all or part of

the trust for income tax purposes, and the individual would not be

treated as the owner if the trustee did not possess the power to

make an adjustment;

6. If possessing or exercising the power to make an adjustment

causes all or part of the trust assets to be included for estate tax

purposes in the estate of an individual who has the power to remove

a trustee or appoint a trustee, or both, and the assets would not be

included in the estate of the individual if the trustee did not

possess the power to make an adjustment;

7. If the trustee is a beneficiary of the trust (except where

the trustee is a charitable, religious or educational organization

recognized as tax exempt under Section 501(c)(3) of the Internal

Revenue Code and as a beneficiary will hold the beneficial interest

as an institutional endowment fund as that term is defined in the

Oklahoma Uniform Management of Institutional Endowment Funds Act

solely for the benefit of one or more other charitable, religious or

educational organizations recognized as tax exempt under Section

501(c)(3) of the Internal Revenue Code); or

8. If the trustee is not a beneficiary, but the adjustment

would benefit the trustee directly or indirectly.

D. If paragraph 5, 6, 7, or 8 of subsection C of this section

applies to a trustee and there is more than one trustee, a cotrustee

to whom the provision does not apply may make the adjustment unless

Oklahoma Statutes - Title 60. Property Page 89

the exercise of the power by the remaining trustee or trustees is

not permitted by the terms of the trust.

E. A trustee may release the entire power conferred by

subsection A of this section or may release only the power to adjust

from income to principal or the power to adjust from principal to

income if the trustee is uncertain about whether possessing or

exercising the power will cause a result described in paragraphs 1

through 6 or 8 of subsection C of this section or if the trustee

determines that possessing or exercising the power will or may

deprive the trust of a tax benefit or impose a tax burden not

described in subsection C of this section. The release may be

permanent or for a specified period, including a period measured by

the life of an individual.

F. Terms of a trust that limit the power of a trustee to make

an adjustment between principal and income do not affect the

application of this section unless it is clear from the terms of the

trust that the terms are intended to deny the trustee the power of

adjustment conferred by subsection A of this section.
Okla. Stat. tit. 60, § 60-301.5 — OK Code / Title 60 / Section 60-301.5
Charitable organizations authorized to exercise certain
Status: in_force

powers as trustees.

In addition to the powers conferred on fiduciaries by the

Oklahoma Trust Act, the Uniform Prudent Management of Institutional

Funds Act, and the Oklahoma Uniform Prudent Investor Act, all

charitable organizations acting as trustees of charitable trusts

shall expressly be permitted to exercise the following powers:

Oklahoma Statutes - Title 60. Property Page 157

1. To limit the investment of property received in trust to

investments in real or personal property; securities including

bonds, stocks, all kinds of negotiable and nonnegotiable paper; and

other investment instruments, which are consistent with the

charitable, religious, educational, or other eleemosynary purposes

of the charitable organization;

2. To make distributions from an institutional endowment fund

as that term is defined in the Uniform Prudent Management of

Institutional Funds Act in a manner that will provide a consistent

source of funds to charitable organizations benefited by such

charitable trusts;

3. For assets held in an institutional endowment fund as that

term is defined in the Uniform Prudent Management of Institutional

Funds Act, to invest in loans of money upon adequate collateral

security to affiliated charitable organizations provided that the

charitable organization serving in a fiduciary capacity conforms to

the standard for care set forth in the document creating the trust

or, in the absence of a standard of care in the document creating

the trust, to the standard of care for fiduciaries as set forth in

the Oklahoma Trust Code, the Uniform Prudent Management of

Institutional Funds Act, and the Oklahoma Uniform Prudent Investor

Act, and provided further that the loan furthers the charitable,

religious, educational and other eleemosynary purposes of the

affiliated charitable organization;

4. To recover costs and expenses to include a reasonable charge

for administrative overhead incurred in administering charitable

trusts to include costs incurred for investment counselors, advisors

and agents; and

5. To delegate the investment of assets of charitable trusts

and the administration of charitable trusts to state banks in

Oklahoma having trust powers, national banking associations having

trust powers, and trust companies having trust powers.
Okla. Stat. tit. 60, § 60-175.103 — OK Code / Title 60 / Section 60-175.103
Fiduciary duties - General principles
Status: in_force

FIDUCIARY DUTIES; GENERAL PRINCIPLES

A. In allocating receipts and disbursements to or between

principal and income, and with respect to any matter within the

scope of Articles 2 and 3 of this act, a fiduciary:

1. Shall administer a trust or estate in accordance with the

terms of the trust or the will, even if there is a different

provision in this act;

2. May administer a trust or estate by the exercise of a

discretionary power of administration given to the fiduciary by the

terms of the trust or the will, even if the exercise of the power

produces a result different from a result required or permitted by

this act;

3. Shall administer a trust or estate in accordance with this

act if the terms of the trust or the will do not contain a different

Oklahoma Statutes - Title 60. Property Page 87

provision or do not give the fiduciary a discretionary power of

administration; and

4. Shall add a receipt or charge a disbursement to principal to

the extent that the terms of the trust and this act do not provide a

rule for allocating the receipt or disbursement to or between

principal and income.

B. In exercising the power to adjust under subsection A of

Section 4 of this act or a discretionary power of administration

regarding a matter within the scope of this act, whether granted by

the terms of a trust, a will, or this act, a fiduciary shall

administer a trust or estate impartially, based on what is fair and

reasonable to all of the beneficiaries, except to the extent that

the terms of the trust or the will clearly manifest an intention

that the fiduciary shall or may favor one or more of the

beneficiaries. A determination in accordance with this act is

presumed to be fair and reasonable to all of the beneficiaries.
Okla. Stat. tit. 60, § 60-515 — OK Code / Title 60 / Section 60-515
Deeds conveying estates - Recording - Contents
Status: in_force

A. Deeds conveying unit ownership estates shall be recorded and

shall contain the following particulars:

1. The unit designation, whether contained in the original

declaration, or in an amended, restated or supplementary

declaration, which shall be identified by date, book and page of

recording; and

2. Any further details which grantor and grantee may deem

desirable.

B. Deeds executed in compliance with this section shall be

sufficient to identify the interest conveyed or encumbered and shall

be entitled to be recorded in the office of the county clerk, in the

same manner as other documents relating to real property are

recorded.
Okla. Stat. tit. 60, § 60-175.407 — OK Code / Title 60 / Section 60-175.407
Insurance policies and similar contracts
Status: in_force

INSURANCE POLICIES AND SIMILAR CONTRACTS

A. Except as otherwise provided in subsection B of this

section, a trustee shall allocate to principal the proceeds of a

life insurance policy or other contract in which the trust or its

trustee is named as beneficiary, including a contract that insures

the trust or its trustee against loss for damage to, destruction of,

Oklahoma Statutes - Title 60. Property Page 97

or loss of title to a trust asset. The trustee shall allocate

dividends on an insurance policy to income if the premiums on the

policy are paid from income, and to principal if the premiums are

paid from principal.

B. A trustee shall allocate to income proceeds of a contract

that insures the trustee against loss of occupancy or other use by

an income beneficiary, loss of income, or, subject to Section 12 of

this act, loss of profits from a business.

C. This section does not apply to a contract to which Section

18 of this act applies.
Okla. Stat. tit. 60, § 60-653.1 — OK Code / Title 60 / Section 60-653.1
Abandoned property - Demutualization or related
Status: in_force

reorganization of insurance company.

Oklahoma Statutes - Title 60. Property Page 204

Property distributable in the course of a demutualization or

related reorganization of an insurance company shall be deemed

abandoned as follows:

1. Any funds, two (2) years after the date of the

demutualization or reorganization, if there is no memorandum or

other record on file with the holder or its agent evidencing the

owner’s communication with the holder or its agent within two (2)

years following the date of the demutualization or reorganization,

and:

a. a check is mailed to the last-known address of the

owner by the holder or its agent and the funds remain

unclaimed by the owner,

b. a check is mailed to the last-known address of the

owner by the holder or its agent and returned by the

post office as undeliverable, or

c. a check is not mailed to the owner because the last-

known address on the books and records of the holder

is known to be invalid;

2. Any stock or equity interest, two (2) years after the date

of the demutualization or reorganization, if there is no memorandum

or other record on file with the holder or its agent evidencing the

owner’s communication with the holder or its agent within two (2)

years following the date of the demutualization or reorganization,

and instruments or statements reflecting the distribution are:

a. mailed to the last-known address of the owner by the

holder or its agent and returned by the post office as

undeliverable, or

b. not mailed to the owner because the last-known address

on the books and records of the holder is known to be

invalid;

3. Property distributable in the course of demutualization or

related reorganization not subject to paragraphs 1 or 2 of this

section within two (2) years of the distribution shall remain

reportable under other sections of this chapter;

4. A report of property presumed abandoned pursuant to this

section must be filed in accordance with Section 661 of Title 60 of

the Oklahoma Statutes. The initial report for property

distributable in the course of demutualization, rehabilitation, or

related reorganization of an insurance company shall be filed on or

before November 1, 2004, with respect to conditions in effect on

December 31, 2003, and all property shall be determined to be

reportable under this section as if this section were in effect on

the date of the demutualization, rehabilitation, or related

reorganization of an insurance company.Oklahoma Statutes - Title 60. Property Page 9
Okla. Stat. tit. 60, § 60-328 — OK Code / Title 60 / Section 60-328
Power to alienate or encumber - Exemption from process and
Status: in_force

claims.

Any person having an interest in any such plan, trust or

contract, or in any property or any right subject to any such plan,

trust or contract, containing the provisions set forth in the next

Oklahoma Statutes - Title 60. Property Page 165

preceding section of this act, or provisions of substantially the

same force and effect, shall have no right to alienate or encumber

such right or interest in any manner contrary thereto, and the

interest of any such person in any such plan, trust or contract, or

in any property or any right subject to any such plan, trust or

contract, shall be exempt from garnishment, attachment, execution or

the claims of creditors.
Okla. Stat. tit. 60, § 60-1609.1 — OK Code / Title 60 / Section 60-1609.1
Damages for breach of trust — Contribution
Status: in_force

Except as otherwise provided in subsections A and B of Section

175.57 of Title 60 of the Oklahoma Statutes, if more than one

trustee is liable to the beneficiaries for a breach of trust, a

trustee is entitled to contribution from the other trustee or

trustees. A trustee is not entitled to contribution if the trustee

was substantially more at fault than another trustee or if the

trustee committed the breach of trust in bad faith or with reckless

indifference to the purposes of the trust or the interests of the

beneficiaries. A trustee who received a benefit from the breach of

trust is not entitled to contribution from another trustee to the

extent of the benefit received.
Okla. Stat. tit. 60, § 60-301.12 — OK Code / Title 60 / Section 60-301.12
Applicability of other laws
Status: in_force

The provisions of Section 161 of Title 60 of the Oklahoma

Statutes and of the Oklahoma Trust Act, Sections 175.1 to 175.56,

inclusive, of Title 60 of the Oklahoma Statutes which are in

conflict with this act are not applicable to charitable trusts.

Provided however, with the exception of such provisions that are in

conflict, charitable organizations shall be subject to all other

provisions of law, now existing and hereafter adopted or

adjudicated, which affect fiduciary responsibilities.
Okla. Stat. tit. 60, § 60-1313 — OK Code / Title 60 / Section 60-1313
Qualified disposition — Time deemed to have been made — Property transferred to
Status: in_force

spendthrift trust for purpose of obtaining loan secured by mortgage or deed of trust —Property transferred to spendthrift trust for purpose of obtaining

loan secured by mortgage or deed of trust — Enforceability.

A qualified disposition that is made by means of a disposition

by a transferor who is a trustee is deemed to have been made as of

the time, whether before, on, or after the effective date of this

act, the property that is the subject of the qualified disposition

was originally transferred to the transferor, or any predecessor

trustee, making the qualified disposition in a form that meets the

requirements of paragraphs 2 and 3 of subsection A of Section 21 of

this act. Further, the provisions of this section shall apply to

determine the date the transfer is deemed to have been made,

notwithstanding that the original transfer was to a trust originally

within or outside of the jurisdiction of Oklahoma.

If property transferred to a spendthrift trust is conveyed to

the settlor or to a beneficiary for the purpose of obtaining a loan

secured by a mortgage or deed of trust on the property and then

reconveyed to the trust within one hundred eighty (180) days of

recording the mortgage or deed of trust, the transfer is disregarded

and the reconveyance relates back to the date the property was

originally transferred to the trust. The mortgage or deed of trust

on the property is enforceable against the trust.
Okla. Stat. tit. 60, § 60-1603.2 — OK Code / Title 60 / Section 60-1603.2
Representation by holder of general testamentary power
Status: in_force

of appointment.

To the extent there is no conflict of interest between the

holder of a general testamentary power of appointment and the

persons represented with respect to the particular question or

dispute, the holder may represent and bind persons whose interests,

as permissible appointees, takers in default, or otherwise, are

subject to the power.
Okla. Stat. tit. 60, § 60-518 — OK Code / Title 60 / Section 60-518
Resubmission of property to provisions of act
Status: in_force

The removal provided for in the preceding section shall in no

way bar the subsequent resubmission of the property to the

provisions of this act.
Okla. Stat. tit. 60, § 60-175.6 — OK Code / Title 60 / Section 60-175.6
Manner of creating trust - Beneficiary as cotrustee
Status: in_force

A trust may be created by:

Oklahoma Statutes - Title 60. Property Page 51

A. A declaration by the owner of property that he holds it as

trustee for another person, or for himself and another person or

persons; or

B. A transfer inter vivos by the owner of property to another

person as trustee for the transferor or for a third person; or

C. A transfer by will by the owner of property to another

person as trustee for a third person; or

D. An appointment by one person having a power of appointment

to another person as trustee for the donee of the power or for a

third person; or

E. A promise by one person to another person whose rights

thereunder are to be held in trust for a third person; or

F. A beneficiary may be a cotrustee and the legal and equitable

title to the trust estate shall not merge by reason thereof.

Provided, however, that no trust in relation to real property shall

be valid, unless created or declared:

1. By a written instrument subscribed by the trustor or by his

agent thereto authorized by writing;

2. By the instrument under which the trustee claims the estate

affected.
Okla. Stat. tit. 60, § 60-1603.3 — OK Code / Title 60 / Section 60-1603.3
Representation by fiduciaries and parents
Status: in_force

Oklahoma Statutes - Title 60. Property Page 303

To the extent there is no conflict of interest between the

representative and the person represented or among those being

represented with respect to a particular question or dispute:

1. A guardian of the property may represent and bind the estate

that the guardian controls;

2. A guardian of the person may represent and bind the ward if

a guardian of the property of the ward's estate has not been

appointed;

3. An agent having authority to act with respect to the

particular question or dispute may represent and bind the principal;

4. A trustee may represent and bind the beneficiaries of the

trust;

5. A personal representative of a decedent's estate may

represent and bind persons interested in the estate; and

6. A parent may represent and bind the parent's minor or unborn

child if a guardian of the property or guardian of the person for

the child has not been appointed.
Okla. Stat. tit. 60, § 60-1102 — OK Code / Title 60 / Section 60-1102
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, § 60-46 — OK Code / Title 60 / Section 60-46
Action after notice
Status: in_force

After the notice prescribed by the two preceding sections has

been served in the manner therein directed, and the period specified

by such notice has expired, but not before, the landlord may reenter

or proceed according to law to recover possession.
Okla. Stat. tit. 60, § 60-809 — OK Code / Title 60 / Section 60-809
Taxation
Status: in_force

All titles, estates, rights and interests in airspace are

subject to taxation to the same extent and in the same manner as

other real property is taxed; and for the purpose of taxation,

titles, estates, rights and interests in airspace held by persons

other than by the owner or owners of the land surface shall be taxed

separately from the land surface and from other separately owned

airspace, and the owner or owners of the land surface shall not be

taxed for airspace which is not owned, nor to the extent that his or

their rights therein have been diminished. Nothing contained in

this section shall be construed to authorize taxation of unimproved

or undeveloped airspace either by adding to the assessed valuation

of the surface or by taxation on said unimproved or undeveloped

Oklahoma Statutes - Title 60. Property Page 245

airspace itself. This act shall not apply to aviation, air or space

travel.
Okla. Stat. tit. 60, § 60-175.412 — OK Code / Title 60 / Section 60-175.412
Timber
Status: in_force

TIMBER

A. To the extent that a trustee accounts for receipts from the

sale of timber and related products pursuant to this section, the

trustee shall allocate the net receipts:

1. To income to the extent that the amount of timber removed

from the land does not exceed the estimated rate of growth of the

timber during the accounting periods in which a beneficiary has a

mandatory income interest;

2. To principal to the extent that the amount of timber removed

from the land exceeds the estimated rate of growth of the timber or

the net receipts are from the sale of standing timber;

3. To or between income and principal if the net receipts are

from the lease of timberland or from a contract to cut timber from

land owned by a trust, by determining the amount of timber removed

from the land under the lease or contract and applying the rules in

paragraphs 1 and 2 of this subsection; or

Oklahoma Statutes - Title 60. Property Page 101

4. To principal to the extent that advance payments, bonuses,

and other payments are not allocated pursuant to paragraph 1, 2, or

3 of this subsection.

B. In determining net receipts to be allocated pursuant to

subsection A of this section, a trustee may deduct and transfer to

principal a reasonable amount for depletion.

C. This act applies whether or not a decedent or transferor was

harvesting timber from the property before it became subject to the

trust.

D. If a trust exists on the effective date of this act, the

trustee may allocate receipts from an interest in timber as provided

in this act or in the manner used by the trustee before the

effective date of this act. For every trust created after the

effective date of this act, the trustee shall allocate receipts from

an interest in timber as provided in this act. If and to the extent

that the terms of a trust expressly provide for a different

allocation of receipts or grants the trustee discretionary authority

to determine the amount of the allocation, this act shall not apply

to those receipts.
Okla. Stat. tit. 60, § 60-3 — OK Code / Title 60 / Section 60-3
Wild animals may be owned, when
Status: in_force

Animals, wild by nature, are the subjects of ownership while

living only when on the land of the person claiming them, or when

tamed, or taken and held in possession, or disabled and immediately

pursued.
Okla. Stat. tit. 60, § 60-131 — OK Code / Title 60 / Section 60-131
Trusts of real property
Status: in_force

Uses and trusts, in relation to real property, are those only

which are specified in this article.
Okla. Stat. tit. 60, § 60-2 — OK Code / Title 60 / Section 60-2
Ownership, what subject to
Status: in_force

There may be ownership of all inanimate things which are capable

of appropriation, or of manual delivery; of all domestic animals; of

all obligations; of such products of labor or skill, as the

composition of an author, the good will of a business, trade marks

and signs, and of rights created or granted by statute.
Okla. Stat. tit. 60, § 60-175.67 — OK Code / Title 60 / Section 60-175.67
Investment costs
Status: in_force

Investment Costs.

In investing and managing trust assets, a trustee may only incur

costs that are appropriate and reasonable in relation to the assets,

the purposes of the trust, and the skills of the trustee.
Okla. Stat. tit. 60, § 60-49 — OK Code / Title 60 / Section 60-49
Easements attached to land
Status: in_force

The following land burdens or servitudes upon land, may be

attached to other land as incidents or appurtenances, and are then

called easements:

1. The right of pasture;

2. The right of fishing;

Oklahoma Statutes - Title 60. Property Page 21

3. The right of taking game;

4. The right-of-way;

5. The right of taking water, wood, minerals, and other things;

6. The right of transacting business upon land;

7. The right of conducting lawful sports upon land;

8. The right of receiving air, light, or heat from or over, or

discharging the same upon or over land;

9. The right of receiving water from or discharging the same

upon land;

10. The right of flooding land;

11. The right of having water flow without diminution or

disturbance of any kind;

12. The right of using a wall as a party wall;

13. The right of receiving more than natural support from

adjacent land or things affixed thereto;

14. The right of having the whole of a division fence

maintained by a coterminous owner;

15. The right of having public conveyances stopped, or of

stopping the same on land;

16. The right of a seat in church;

17. The right of burial; and

18. The right to impose limitations or affirmative obligations

relating to conservation pursuant to the Uniform Conservation

Easement Act.
Okla. Stat. tit. 60, § 60-143 — OK Code / Title 60 / Section 60-143
Realty passes subject to power
Status: in_force

In every case where a trust is valid as a power in trust, the

real property to which the trust relates, remains in or passes by

Oklahoma Statutes - Title 60. Property Page 43

succession to the persons otherwise entitled, subject to the

execution of the trust as a power in trust.
Okla. Stat. tit. 60, § 60-300.11 — OK Code / Title 60 / Section 60-300.11
Short title
Status: in_force

Oklahoma Statutes - Title 60. Property Page 147

SHORT TITLE. Sections 1 through 10 of this act shall be known

and may be cited as the “Uniform Prudent Management of Institutional

Funds Act.”
Okla. Stat. tit. 60, § 60-321 — OK Code / Title 60 / Section 60-321
Verbal lease or loan void as against innocent purchasers
Status: in_force

or creditors.

Any verbal leasing or lending of personal property used in the

digging, drilling, completing or equipping an oil and gas well shall

be void as against innocent purchasers or creditors of the lessee or

bailee.
Okla. Stat. tit. 60, § 60-175.86 — OK Code / Title 60 / Section 60-175.86
Distribution interest - Mandatory, support, and
Status: in_force

discretionary interests.

A. A distribution interest in a trust shall be classified as a

mandatory interest, a support interest or a discretionary interest.

B. A beneficiary may concurrently hold a mandatory interest,

support interest or discretionary interest. To the extent a trust

contains a combination of a discretionary interest, a support

interest or a mandatory interest, the trust shall be a mandatory

interest only to the extent of the mandatory language and a support

interest only to the extent of the support language. The remaining

trust property shall be held as a discretionary interest.
Okla. Stat. tit. 60, § 60-366 — OK Code / Title 60 / Section 60-366
Removal of conservator
Status: in_force

When a conservator appointed by the court becomes insane or

otherwise incapable of discharging his trust, or unsuitable

therefor, or has wasted or mismanaged the estate, or failed for

thirty (30) days to render an account or report, the court may upon

such notice to the conservator as the court may require, remove him

and compel him to surrender the estate to the person found to be

lawfully entitled thereto.
Okla. Stat. tit. 60, § 60-311 — OK Code / Title 60 / Section 60-311
Law governing personalty
Status: in_force

If there is no law to the contrary in the place where personal

property is situated, it is deemed to follow the person of its

owner, and is governed by the law of his domicile.
Okla. Stat. tit. 60, § 60-175.56 — OK Code / Title 60 / Section 60-175.56
Death of beneficiary before distribution - Distribution to beneficiary's lineal
Status: in_force

Oklahoma Statutes - Title 60. Property Page 4to beneficiary's lineal descendants.

Oklahoma Statutes - Title 60. Property Page 71

When the declaration or agreement of an express trust provides

for any of the property held in trust to be distributed to a

beneficiary related by blood to the grantor or to a grantor of the

trust, and the beneficiary is living at the time the trust is

created but dies before the time for distribution of the trust

leaving one or more lineal descendants who are living at the time

for distribution of the trust, and no provision is made in the trust

declaration or agreement for disposition of the property in the

event that the beneficiary is not living at the time for

distribution of the trust, the beneficiary's lineal descendants take

the share of the trust property so given to the beneficiary in the

trust declaration or agreement, by right of representation, in the

same manner as the beneficiary would have done had he been living at

the time for distribution of the trust.
Okla. Stat. tit. 60, § 60-30 — OK Code / Title 60 / Section 60-30
Remainder defined
Status: in_force

When a future estate, other than a reversion, is dependent on a

precedent estate, it may be called a remainder, and may be created

and transferred by that name.
Okla. Stat. tit. 60, § 60-301.9 — OK Code / Title 60 / Section 60-301.9
Annual audit
Status: in_force

Each year a charitable organization administering charitable

trusts shall have prepared a comprehensive annual audit conforming

to generally accepted accounting principles which is certified by an

independent certified public accounting firm. A copy of this annual

audit shall be delivered to the Oklahoma Banking Department within

ninety (90) days of receipt of the final audit report by the

charitable organization. The Oklahoma Banking Department shall

serve only as a depository of the annual audits received by it but

the audit reports shall be made available for inspection by the

public. Nothing in this provision shall be construed either to

authorize the Oklahoma Banking Department to exercise regulatory

authority over charitable organizations exercising the powers and

rights granted by this act or to create any duty on the Oklahoma

Banking Department to enforce any provision of this act, including

the obligation of a charitable organization to submit an annual

audit.
Okla. Stat. tit. 60, § 60-665 — OK Code / Title 60 / Section 60-665
Dividends, interest, or other increments realized or
Status: in_force

accruing after payment or delivery.

Whenever property other than money is paid or delivered to the

State Treasurer under the Uniform Unclaimed Property Act, the owner

is entitled to receive from the State Treasurer dividends, interest,

or other increments realized or accruing on the property at or

before liquidation or conversion thereof into money.
Okla. Stat. tit. 60, § 60-349 — OK Code / Title 60 / Section 60-349
Damages
Status: in_force

One who wrongfully employs materials belonging to another is

liable to him in damages, as well as under the foregoing provisions

of this article.
Okla. Stat. tit. 60, § 60-661 — OK Code / Title 60 / Section 60-661
Report of abandoned property
Status: in_force

A. A person holding property, tangible or intangible, presumed

abandoned and subject to custody as unclaimed property under the

Uniform Unclaimed Property Act shall report to the State Treasurer

concerning the property as provided in this section.

B. The report shall be verified and shall include:

1. The name, if known, and last-known address, if any, of each

person appearing from the records of the holder to be the owner of

property of the value of Fifty Dollars ($50.00) or more presumed

abandoned under the Uniform Unclaimed Property Act and items of

value under Fifty Dollars ($50.00), reported in the aggregate,

except property which is one of a recurring number of continuous

payments including but not limited to royalties, annuities,

dividends, distributions, and other sums presumed abandoned pursuant

to subsection C of Section 655 of this title, which shall be

reported in the same manner as property with a value of Fifty

Dollars ($50.00) or more;

2. In the case of unclaimed funds of Fifty Dollars ($50.00) or

more held or owing under any life or endowment insurance policy or

annuity contract, the full name and last-known address of the

insured or annuitant and of the beneficiary according to the records

of the insurance company holding or owing the funds;

3. In the case of the contents of a safe deposit box or other

safekeeping repository or of other tangible personal property, a

description of the property and the place where it is held, which

may be inspected by the State Treasurer, and any amounts, including

offsets for drilling costs and rent, owing to the holder;

4. The description of the property, including type and

identifying number if any, and the amount appearing from the records

to be due;

5. The date when the property became payable, demandable or

returnable, and the date of the last transaction with the owner with

respect to the property;

6. In the case of a cashier’s check, if known, the names and

last-known addresses of all payees, all payors and all purchasers;

and

7. Any other information reasonably required by the State

Treasurer.

C. If the person holding property presumed abandoned and

subject to custody as unclaimed property is a successor to other

persons who previously held the property for the apparent owner or

if the name of the holder has changed while holding the property,

Oklahoma Statutes - Title 60. Property Page 214

the holder shall file with the report all known names and addresses

of each previous holder of the property.

D. The report shall be filed before November 1 of each year for

property reportable as of the preceding July 1, but the report of

any life insurance company shall be filed before May 1 of each year

for property reportable as of the preceding March 1. The State

Treasurer may postpone the reporting date upon written request by

any person required to file a report.

E. Not more than one hundred twenty (120) days before filing

the report required by this section, the holder in possession of

property presumed abandoned and subject to custody as unclaimed

property under the Uniform Unclaimed Property Act shall send written

notice to the apparent owner at the owner’s last-known address

informing the owner that the holder is in possession of property

subject to the Uniform Unclaimed Property Act if:

1. The holder has in the records of the holder an address for

the apparent owner which the holder’s records do not disclose to be

inaccurate;

2. The claim of the apparent owner is not barred by the statute

of limitations; and

3. The property has a value of Fifty Dollars ($50.00) or more,

or the property has a value of less than Fifty Dollars ($50.00) and

is one of a recurring number of continuous payments including but

not limited to royalties, annuities, dividends, distributions and

other recurring sums presumed abandoned pursuant to subsection C of

Section 655 of this title. Notice shall include written notice and,

if consented to by the apparent owner, electronic mail and other

forms of electronic correspondence. The mailing of notice by first-

class mail to the last-known address of the owner by the holder

shall constitute compliance with this subsection and, if done, no

further act on the part of the holder shall be necessary.

F. Reports filed by a holder shall remain confidential except

for information required to be subject to public inspection pursuant

to the Uniform Unclaimed Property Act.

G. The State Treasurer may require a holder reporting fifteen

or more items of property pursuant to this section to file the

report online. The State Treasurer shall promulgate rules necessary

to carry out provisions for online filing.
Okla. Stat. tit. 60, § 60-2007 — OK Code / Title 60 / Section 60-2007
Loaned property — Conservation measures or disposal of
Status: in_force

property.

A. Unless there is a written loan agreement to the contrary, a

museum may apply conservation measures to or dispose of property on

loan to the museum without a lender's permission if immediate action

is required to protect the property on loan or to protect other

property in the custody of the museum, or the property on loan has

become a hazard to the health and safety of the public or of the

museum's staff, and:

1. The museum cannot reach the lender at the lender's last

address of record so that the museum and the lender can promptly

agree on a solution; or

2. The lender will not agree to the protective measures the

museum recommends, yet is unwilling or unable to terminate the loan

and retrieve the property.

B. If a museum applies conservation measures to or disposes of

property under subsection A of this section, the museum:

1. Has a lien on the property and on the proceeds from any

disposition of the property for the costs incurred by the museum;

and

2. Is not liable for injury to or loss of the 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 on loan or other property in the custody of

the museum, or that the property on loan 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, § 60-299.5 — OK Code / Title 60 / Section 60-299.5
Persons who may exercise
Status: in_force

Any donee, except a minor, who would be capable of conveying the

property covered by the power may exercise a power of appointment.
Okla. Stat. tit. 60, § 60-525 — OK Code / Title 60 / Section 60-525
Joint and several liability of grantor and grantee for
Status: in_force

unpaid common expenses.

The grantee of a unit shall be jointly and severally liable with

the grantor for all unpaid assessments against the latter for his

proportionate share of the common expenses up to the time of the

grant or conveyance, without prejudice to the grantee's right to

recover from the grantor therefor. However, any such grantee shall

be entitled to a statement from the manager or Board of managers, as

the case may be, setting forth the amount of the unpaid assessments

against the grantor and such grantee shall not be liable for, nor

shall the unit conveyed be subject to a lien for any unpaid

assessments in excess of the amount therein set forth.
Okla. Stat. tit. 60, § 60-176.1 — OK Code / Title 60 / Section 60-176.1
Presumptions and conditions - Relationship of trust and
Status: in_force

beneficiary.

A. Except as provided in subsection F of this section and if

the conditions set out in subsection B of this section are satisfied

in compliance with Section 176 et seq. of this title, a public trust

duly created in accordance with the provisions of Section 176 et

seq. of this title shall be presumed for all purposes of Oklahoma

law to:

1. Exist for the public benefit;

2. Exist as a legal entity separate and distinct from the

settlor and from the governmental entity that is its beneficiary;

and

3. Act on behalf and in the furtherance of a public function or

functions for which it is created even though facilities financed by

the public trust or in which the public trust has an ownership

Oklahoma Statutes - Title 60. Property Page 122

interest may be operated by private persons or entities pursuant to

contract.

B. The conditions to be satisfied as required in subsection A

of this section are as follows:

1. The trustees of the public trust are appointed by the

governing body of the beneficiary or beneficiaries or as otherwise

provided by law. This paragraph shall not apply to public trusts in

existence as of July 1, 1992;

2. The public trust delivers to the governing body of the

beneficiaries, or in the case of the state as beneficiary, to the

State Auditor and Inspector, annual audits as provided in Section

180.1 of this title;

3. With respect to city or county beneficiary public trusts,

the function or enterprise in which the public trust is engaged is

or could be authorized by state law to be performed by the

beneficiary; and

4. With respect to city or county beneficiary public trusts,

all indebtedness incurred by the public trust is approved by the

governing body of the beneficiary as provided in subsection E of

Section 176 of this title.

C. The existence of a contract for the operation or management

of the facility financed by the public trust is hereby declared to

be in furtherance of the public purpose of the public trust and

shall not affect the validity of such public trust.

D. Except where the provisions of the trust indenture or of

Section 176 et seq. of this title, or of any other law written

specifically to govern the affairs of public trusts, expressly

requires otherwise, the affairs of the public trust shall be

separate and independent from the affairs of the beneficiary in all

matters or activities authorized by the written instrument creating

such public trust including, but not limited to, the public trust's

budget, expenditures, revenues and general operation and management

of its facilities or functions; provided, that either the public

trust or the beneficiary may make payment of money to the other

unless prohibited by the written instrument creating such public

trust or by existing state law.

E. For all purposes of Oklahoma law, the existence and validity

of any public trust shall be determined and established solely by

the provisions of the written instrument creating such public trust,

and by the provisions of Section 176 et seq. of this title and of

any other law written specifically to create a public trust.

Actions taken or omitted by the trustees of a public trust shall not

affect the existence or validity of the entity as a public trust but

shall be subject to subsequent review or ratification by said

trustees or to correction by the district court in a proper

proceeding.

Oklahoma Statutes - Title 60. Property Page 123

F. Nothing in this section shall affect coverage of any entity

under The Governmental Tort Claims Act.
Okla. Stat. tit. 60, § 60-658.1A — OK Code / Title 60 / Section 60-658.1A
Mineral interests generating intangible personal
Status: in_force

property.

Mineral interests which have generated intangible personal

property may be presumed by the district court to be abandoned and

subject to the provisions that apply to mineral interests covered by

Section 658.1 of this title and Sections 271 through 277 of Title

84 of the Oklahoma Statutes if the court determines that the mineral

interests should have been reported to the State Treasurer but were

not so reported as required by the Uniform Unclaimed Property Act.
Okla. Stat. tit. 60, § 60-301.4 — OK Code / Title 60 / Section 60-301.4
Fiduciary capacities
Status: in_force

Charitable organizations shall be permitted to act in the

following fiduciary capacities within this state:

1. To act as trustee under charitable trusts created by will,

inter vivos declaration of trust or trust agreement, corporate

Oklahoma Statutes - Title 60. Property Page 156

resolution, or order, judgment or decree of any of the courts of

record of this state or of any state or of the United States;

2. To accept and execute all charitable trusts and perform such

duties of every description as may be committed to them under such

trust by any person or persons, any corporation, or any order,

judgment or decree of any of the courts of record of this state or

of any state or of the United States provided that such duties are

not inconsistent with the charitable, religious, educational, or

other eleemosynary purposes of the charitable organization;

3. To take, accept and hold by gift, grant, assignment,

transfer, devise or bequest of any person or persons, any

corporation, or any order, judgment or decree of any of the courts

of record of this state or of any state or of the United States any

real or personal property as a charitable trust;

4. To execute and perform any and all charitable trusts upon

the terms, conditions, limitations and restrictions which may be

declared, imposed, established or agreed upon in and by the person

or persons, corporation, or order, judgment, decree, gift, grant,

assignment, transfer, devise or bequest establishing such trust;

5. To act as attorney-in-fact for any person establishing a

charitable trust; and

6. To act as personal representative in the probate of the will

of any decedent, whether such decedent was a resident of this state

or not, and whether the probate of the will of such decedent is by

original or ancillary proceeding, where the will makes a present or

future gift to or confers a present or future benefit on the

charitable organization serving as personal representative or one or

more of its affiliated charitable organizations and the total of all

gifts made to the charitable organization serving as personal

representative or one or more of its affiliated charitable

organizations in the will is as large as the largest distribution

made to another person who is not a charitable organization, but in

no event shall the total of all gifts made to the charitable

organization serving as personal representative or one or more of

its affiliated charitable organizations in the will be less than

twenty-five percent (25%) of the estate which is available for

distribution.
Okla. Stat. tit. 60, § 60-175.47 — OK Code / Title 60 / Section 60-175.47
Suspension of absolute power of alienation - Period of
Status: in_force

suspension.

A. Except as otherwise provided in subsection B of this

section, the absolute power of alienation of real and personal

property, or either of them, shall not be suspended by any

limitations or conditions for a longer period than during the

continuance of a life or lives of the beneficiaries in being at the

Oklahoma Statutes - Title 60. Property Page 68

creation of the estate and twenty-one (21) years thereafter. The

absolute power of alienation is not suspended if there is any person

in being who, alone or in combination with one or more others, has

the power to sell, exchange, or otherwise convey the real or

personal property. If the terms of a trust do not suspend the

absolute power of alienation of any trust property beyond the term

permitted in this subsection, the trust may exist in perpetuity.

B. The provisions of this section shall not apply when property

is given, granted, bequeathed, or devised to:

1. A charitable use;

2. Literary, educational, scientific, religious, or charitable

corporations for their sole use and benefit;

3. Any cemetery corporation, society or association;

4. The Department of Mental Health and Substance Abuse Services

as provided in Section 2-111 of Title 43A of the Oklahoma Statutes;

or

5. Gifts absolute, limited, or in trust, for the advancement of

medical science to an incorporated state society of physicians and

surgeons.

C. Except as provided in this section, the common law rule

against perpetuities shall not apply to a trust subject to the trust

laws of this state. A trust created in this state or subject to the

trust laws of this state may have a perpetual duration if a timing

provision or limit is not specified in the trust document.
Okla. Stat. tit. 60, § 60-45 — OK Code / Title 60 / Section 60-45
Notice of termination
Status: in_force

The notice prescribed by the last section must be in writing,

and must be served by delivering the same to the tenant, or to some

person of discretion residing on the premises; or if neither can,

with reasonable diligence, be found, the notice may be served by

affixing it on a conspicuous part of the premises, where it may be

conveniently read.
Okla. Stat. tit. 60, § 60-807 — OK Code / Title 60 / Section 60-807
Division of airspace
Status: in_force

Airspace may be divided or apportioned horizontally and

vertically, and in any geometric shape or design, in the exercise of

any of the powers, rights or duties by public bodies or private

persons under this act.
Okla. Stat. tit. 60, § 60-516 — OK Code / Title 60 / Section 60-516
Plans attached to declarations
Status: in_force

There shall be attached to the declaration, at the time it is

filed for record, a full and exact copy of the plans of the

building, which copy of plans shall be entered of record along with

the declaration. Said plans shall show graphically all particulars

of the building, including but not limited to, the dimensions, area

and location of each unit therein and the dimensions, area and

location of common elements affording access to each unit. Other

common elements, both limited and general, shall be shown

graphically insofar as possible and shall be described in detail in

words and figures. Said plans shall be certified to by an engineer

or architect, whichever is appropriate to the project, who is

authorized and licensed to practice his profession in this State.
Okla. Stat. tit. 60, § 60-175.7 — OK Code / Title 60 / Section 60-175.7
Rights of transferee of trust property for value and
Status: in_force

without notice.

If the trustee in breach of trust transfers trust property to,

or creates a legal interest in the subject matter of the trust in, a

person who takes for value and without notice of breach of the

trust, actual or constructive under the recording act, and who is

not knowingly taking part in an illegal transaction, the latter

holds the interest so transferred or created free of the trust and

is under no liability to the beneficiary.
Okla. Stat. tit. 60, § 60-21 — OK Code / Title 60 / Section 60-21
Real property, what law governs
Status: in_force

Real property within this state is governed by the law of this

state, except where the title is in the United States.
Okla. Stat. tit. 60, § 60-1101 — OK Code / Title 60 / Section 60-1101
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, § 60-175.302 — OK Code / Title 60 / Section 60-175.302
Apportionment of receipts and disbursements when
Status: in_force

decedent dies or income interest begins.

APPORTIONMENT OF RECEIPTS AND DISBURSEMENTS

WHEN DECEDENT DIES OR INCOME INTEREST BEGINS

A. A trustee shall allocate an income receipt or disbursement

other than one to which paragraph 1 of Section 5 of this act applies

to principal if its due date occurs before a decedent dies in the

case of an estate or before an income interest begins in the case of

a trust or successive income interest.

B. A trustee shall allocate an income receipt or disbursement

to income if its due date occurs on or after the date on which a

decedent dies or an income interest begins and it is a periodic due

date. An income receipt or disbursement must be treated as accruing

from day to day if its due date is not periodic or it has no due

date. The portion of the receipt or disbursement accruing before

the date on which a decedent dies or an income interest begins must

be allocated to principal and the balance must be allocated to

income.

C. An item of income or an obligation is due on the date the

payer is required to make a payment. If a payment date is not

stated, there is no due date for the purposes of this act.

Distributions to shareholders or other owners from an entity to

which Section 10 of this act applies are deemed to be due on the

date fixed by the entity for determining who is entitled to receive

the distribution or, if no date is fixed, on the declaration date

Oklahoma Statutes - Title 60. Property Page 93

for the distribution. A due date is periodic for receipts or

disbursements that must be paid at regular intervals under a lease

or an obligation to pay interest or if an entity customarily makes

distributions at regular intervals.Oklahoma Statutes - Title 60. Property Page 5
Okla. Stat. tit. 60, § 60-1106 — OK Code / Title 60 / Section 60-1106
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, § 60-1604.10 — OK Code / Title 60 / Section 60-1604.10
Modification or termination of noncharitable
Status: in_force

irrevocable trust by consent.

A. If, upon petition, the court finds that the settlor and all

beneficiaries consent to the modification or termination of a

noncharitable irrevocable trust, the court shall approve the

modification or termination even if the modification or termination

is inconsistent with a material purpose of the trust. A settlor's

power to consent to a trust's modification or termination may be

exercised by an agent under a power of attorney only to the extent

expressly authorized by the power of attorney or the terms of the

trust; by the settlor's guardian of the property with the approval

of the court supervising the guardianship if an agent is not so

authorized; or by the settlor's guardian of the person with the

approval of the court supervising the guardianship if an agent is

not so authorized and a guardian of the property has not been

appointed. This subsection does not apply to irrevocable trusts

created before or to revocable trusts that become irrevocable before

the effective date of this act.

B. A noncharitable irrevocable trust may be terminated upon

consent of all of the beneficiaries if the court concludes that

continuance of the trust is not necessary to achieve any material

purpose of the trust. A noncharitable irrevocable trust may be

modified upon consent of all of the beneficiaries if the court

concludes that modification is not inconsistent with a material

purpose of the trust.

Oklahoma Statutes - Title 60. Property Page 307

C. A spendthrift provision in the terms of the trust is not

presumed to constitute a material purpose of the trust.

D. Upon termination of a trust under subsection A or B of this

section, the trustee shall distribute the trust property as agreed

by the beneficiaries.

E. If not all of the beneficiaries consent to a proposed

modification or termination of the trust under subsection A or B of

this section, the modification or termination may be approved by the

court if the court is satisfied that:

1. If all of the beneficiaries had consented, the trust could

have been modified or terminated under this section; and

2. The interests of a beneficiary who does not consent will be

adequately protected.
Okla. Stat. tit. 60, § 60-1209 — OK Code / Title 60 / Section 60-1209
Directed trustee — Reasonable action to comply —
Status: in_force

Exceptions — Non-effective release of trustee.

A. Subject to subsection B of this section, a directed trustee

shall take reasonable action to comply with a trust director's

exercise or nonexercise of a power of direction or further power

under paragraph 1 of subsection B of Section 7 of this act, and the

trustee is not liable for the action.

B. A directed trustee must not comply with a trust director's

exercise or nonexercise of a power of direction or further power

under paragraph 1 of subsection B of Section 7 of this act to the

extent that by complying, the trustee would engage in willful

misconduct.

Oklahoma Statutes - Title 60. Property Page 272

C. An exercise of a power of direction under which a trust

director may release a trustee or another trust director from

liability for breach of trust is not effective if:

1. The breach involved the trustee's or other director's

willful misconduct;

2. The release was induced by improper conduct of the trustee

or other director in procuring the release; or

3. At the time of the release, the trust director did not know

the material facts relating to the breach.

D. A directed trustee that has reasonable doubt about its duty

under this section may petition the district court for instructions.

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

directed trustee in addition to the duties and liabilities under

this section.
Okla. Stat. tit. 60, § 60-175.72 — OK Code / Title 60 / Section 60-175.72
Uniformity of application and construction
Status: in_force

Uniformity of Application and Construction.

The Oklahoma Uniform Prudent Investor Act shall be applied and

construed to effectuate its general purpose to make uniform the law

with respect to the subject of this act among the states enacting

it.
Okla. Stat. tit. 60, § 60-175.69 — OK Code / Title 60 / Section 60-175.69
Delegation of investment and management functions
Status: in_force

Delegation of Investment and Management Functions.

A. A trustee may delegate investment and management functions

that a prudent trustee of comparable skills could properly delegate

under the circumstances. The trustee shall exercise reasonable

care, skill, and caution in:

1. Selecting an agent;

2. Establishing the scope and terms of the delegation,

consistent with the purposes and terms of the trust; and

3. Periodically reviewing the agent's actions in order to

monitor the agent's performance and compliance with the terms of the

delegation.

B. In performing a delegated function, an agent owes a duty to

the trust to exercise reasonable care to comply with the terms of

the delegation.

C. A trustee who complies with the requirements of subsection A

of this section is not liable to the beneficiaries or to the trust

for the decisions or actions of the agent to whom the function was

delegated.

D. By accepting the delegation of a trust function from the

trustee of a trust that is subject to the laws of this state, an

agent submits to the jurisdiction of the courts of this state.
Okla. Stat. tit. 60, § 60-27 — OK Code / Title 60 / Section 60-27
Estate pour autre vie
Status: in_force

An estate during the life of a third person, whether limited to

heirs or otherwise, is a freehold.
Okla. Stat. tit. 60, § 60-175.10 — OK Code / Title 60 / Section 60-175.10
Deposits by corporate trustee with itself - Security
Status: in_force

A corporate trustee may deposit with itself trust funds in

checking and savings accounts, savings certificates, certificates of

deposit, and any other type of demand or time deposit, provided it

maintains under control of its trust department, if it has a trust

department separate from its banking department, as security for

such deposit a separate fund consisting of securities legal for

trust investments which have at all times during the deposit a total

market value exceeding the amount of the deposit. No such security

Oklahoma Statutes - Title 60. Property Page 53

shall be required to the extent said deposit is guaranteed by or

under state or federal law.

The separate fund of securities shall be marked as such.

Withdrawals from or additions to it may be made from time to time,

as long as the required value is maintained. The income of such

securities shall belong to the corporate trustee.
Okla. Stat. tit. 60, § 60-1206 — OK Code / Title 60 / Section 60-1206
Power of direction
Status: in_force

A. Subject to Section 8 of this act, the terms of a trust may

grant a power of direction to a trust director.

B. Unless the terms of a trust provide otherwise:

1. A trust director may exercise any further power appropriate

to the exercise or nonexercise of a power of direction granted to

the director under subsection A of this section; and

2. Trust directors with joint powers must act by majority

decision.
Okla. Stat. tit. 60, § 60-387 — OK Code / Title 60 / Section 60-387
Sale of real property not suitable for particular
Status: in_force

institutions - Personal property - Lease until sale.

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

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, which may not be occupied and used

advantageously, as determined by the Office of Management and

Enterprise Services, by any particular state institution,

department, or agency as contemplated by Section 386 of this title,

and any tangible personal 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

Oklahoma Statutes - Title 60. Property Page 176

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, which is determined to

be, by the Office of Management and Enterprise Services, not

especially suited to the special needs of any particular state

institution, department, or agency, or may not be used

advantageously by any particular state institution, department, or

agency in performing its assigned duties or functions, as

contemplated by Section 386 of this title, shall be sold by the

Office of Management and Enterprise Services as required by law.

If, in the judgment of the Office of Management and Enterprise

Services, any such real property which is or becomes subject to sale

may not be sold immediately to advantage, it may be leased or

otherwise rented, until such time as, in the opinion of said Office,

it may be sold to advantage.Oklahoma Statutes - Title 60. Property Page 8
Okla. Stat. tit. 60, § 60-1302 — OK Code / Title 60 / Section 60-1302
Definitions
Status: in_force

A. As used in the Oklahoma Qualified Dispositions into Trust

Act:

1. "Claim" means a right to payment, whether or not the right

is reduced to judgment liquidated, unliquidated, fixed, contingent,

matured, unmatured, disputed, undisputed, legal, equitable, secured,

or unsecured;

2. "Creditor" means, with respect to a transferor, a person who

has a claim;

3. "Debt" means liability on a claim;

4. "Disposition" means a transfer, conveyance, or assignment of

property, including a change in the legal ownership of property

Oklahoma Statutes - Title 60. Property Page 275

occurring upon the substitution of one trustee for another or the

addition of one or more new trustees, or the exercise of a power so

as to cause a transfer of property to a trustee or trustees. The

term does not include the release or relinquishment of an interest

in property that theretofore was the subject of a qualified

disposition;

5. "Property" means real property, personal property, and

interests in real or personal property;

6. "Qualified disposition" means a disposition by or from a

transferor to a qualified person or qualified persons, without

consideration or for less than fair market value, by means of a

trust instrument;

7. "Spouse" and "former spouse" mean only persons to whom the

transferor was married at, or before, the time the qualified

disposition was made; and

8. "Transferor" means any person as an owner of property or as

a holder of a power of appointment which authorizes the holder to

appoint in favor of the holder, the holder's creditors, the holder's

estate, or the creditors of the holder's estate or as a trustee,

directly or indirectly, who makes a disposition or causes a

disposition to be made.

B. The terms transferor and beneficiary may be any individual,

corporation, partnership, limited liability company, association,

joint stock company, business trust, trust, unincorporated

organization, or two or more persons having a joint or common

interest.
Okla. Stat. tit. 60, § 60-338 — OK Code / Title 60 / Section 60-338
Islands in other streams
Status: in_force

An island or accumulation of land, formed in a stream which is

not navigable, belongs to the owner of the shore on that side where

the island or accumulation is formed, or if not formed on one side

only, to the owners of the shore on the two sides, divided by an

imaginary line drawn through the middle of the river. R.L. 1910 Sec.

6753.
Okla. Stat. tit. 60, § 60-175.53 — OK Code / Title 60 / Section 60-175.53
Agreements, wills and trust relations to which statute
Status: in_force

applicable.

The terms of this act shall apply in the construction of, and

operation under,

A. All agreements containing trust provisions entered into

subsequent to the effective date hereof;

B. All wills made by testators who shall die subsequent to the

effective date hereof; and

C. All other wills and trust agreements and trust relations in

so far as such terms do not impair the obligation of contract or

deprive persons of property without due process of law under the

Constitution of the State of Oklahoma or the United States of

America.
Okla. Stat. tit. 60, § 60-175.503 — OK Code / Title 60 / Section 60-175.503
Transfers from income to principal for depreciation
Status: in_force

TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION

A. In this section, "depreciation" means a reduction in value

due to wear, tear, decay, corrosion, or gradual obsolescence of a

fixed asset having a useful life of more than one (1) year.

B. A trustee may transfer to principal a reasonable amount of

the net cash receipts from a principal asset that is subject to

depreciation, but may not transfer any amount for depreciation:

1. Of that portion of real property used or available for use

by a beneficiary as a residence or of tangible personal property

held or made available for the personal use or enjoyment of a

beneficiary;

2. During the administration of a decedent's estate; or

3. Under this section if the trustee is accounting under

Section 12 of this act for the business or activity in which the

asset is used.

C. An amount transferred to principal need not be held as a

separate fund.
Okla. Stat. tit. 60, § 60-175.25 — OK Code / Title 60 / Section 60-175.25
Alienation of interest of beneficiary - Rights and
Status: in_force

remedies of creditors - Spendthrift trusts - Trustor's interest

alienable and subject to claims of creditors.

A. Any instrument creating a trust may provide by specific

words that the interest of any beneficiary in the income of the

trust shall not be subject to voluntary or involuntary alienation by

Oklahoma Statutes - Title 60. Property Page 64

such beneficiary. Subject to the following provisions of this

section, a direction to this effect shall be valid and enforceable.

B. Notwithstanding a provision in the terms of a trust

restraining the alienation of the interest of a beneficiary, such

interest shall be entitled to be reached in the satisfaction of

claims to the following extent:

1. All income due or to accrue in the future to the beneficiary

shall be subject to enforceable claims under the laws of this state

for:

a. support of a husband, wife, or child of the

beneficiary,

b. necessary services rendered or necessary supplies

furnished to the beneficiary, or

c. a judgment based on any such claim under subparagraph

a or b; and

2. In all cases not mentioned in paragraph 1 of this

subsection, all income due or to accrue in the future to the

beneficiary in excess of Twenty-five Thousand Dollars ($25,000.00)

per calendar year shall be subject to garnishment by creditors of

the beneficiary and shall be fully alienable by the beneficiary.

C. Where two or more creditors undertake to reach the interest

of any beneficiary of a trust, pursuant to the provisions of this

section, they shall be subject to priority of payment in the order

of the service of a notice of garnishment on the trustee. The

pendency of any attachment or garnishment shall not prevent the

filing of a further attachment or garnishment by the same or any

other creditor.

D. Where the beneficiary of any spendthrift trust is also the

beneficiary under any other spendthrift trust created or

administered either within or without this state, the aggregate

income payable under all such trusts to the beneficiary shall be

considered together for the purpose of determining the rights of

creditors and assignees under this section.

E. The right of any beneficiary of a trust to receive the

principal of the trust or any part of it, presently or in the

future, shall not be alienable and shall not be subject to the

claims of his creditors.

F. Where the interest of the beneficiary of a trust is subject

to the exercise of discretion by the trustee or by another, the

provisions of this act as to the rights of creditors and assignees

shall apply with respect to any sums which the trustee or such other

person determines shall be paid to or for the beneficiary.

G. A trust in which the interest of the beneficiary is subject

to restraints on alienation as provided in this act may be called a

"spendthrift trust" and a direction in any instrument creating a

trust that the interest of any beneficiary shall be held on or

Oklahoma Statutes - Title 60. Property Page 65

subject to a spendthrift trust shall be sufficient to restrain the

alienation of such interest to the extent provided in this act.

H. Nothing in this act shall authorize a person to create a

spendthrift trust or other inalienable interest for his own benefit.

The interest of the trustor as a beneficiary of any trust shall be

freely alienable and subject to the claims of his creditors.

I. The provisions of this section may be enforced only by an

action in a court of competent jurisdiction and the obligor

beneficiary shall be a party defendant in such action. The trustee

shall not be required to recognize any of the obligations provided

for in this section or to withhold any income from the beneficiary

until said trustee has been served with summons or garnishment

summons. Such action shall be governed by the rules of civil

procedure under the laws of this state.
Okla. Stat. tit. 60, § 60-680 — OK Code / Title 60 / Section 60-680
Interest - Penalties - Waiver or remittance
Status: in_force

A. A person who fails to pay or deliver property within the

time prescribed by the Uniform Unclaimed Property Act may be

required to pay interest at the annual rate of ten percent (10%) on

the property or value thereof from the date the property should have

been paid or delivered.

B. In addition to the penalty imposed in subsection A of this

section, a person who willfully fails to render any report or

deliver property or perform any other duties required under the

Uniform Unclaimed Property Act may be required to pay a civil

penalty of One Hundred Dollars ($100.00) for each day the report is

withheld or the duty is not performed, but not more than Five

Thousand Dollars ($5,000.00).

C. A person who willfully fails to pay or deliver property to

the State Treasurer as required under the Uniform Unclaimed Property

Act may be required to pay a civil penalty equal to twenty-five

percent (25%) of the value of the property that should have been

paid or delivered.

D. A person who willfully refuses after written demand by the

State Treasurer to pay or deliver property to the State Treasurer as

required under the Uniform Unclaimed Property Act is guilty of a

misdemeanor and upon conviction may be punished by a fine of not

less than Five Hundred Dollars ($500.00) nor more than Five Thousand

Dollars ($5,000.00), or imprisonment for not more than six (6)

months, or both.

E. The interest or penalty or any portion thereof, as imposed

by subsection A, B or C of this section, may be waived or remitted

by the State Treasurer if the person’s failure to pay abandoned

funds or deliver property is satisfactorily explained to the State

Treasurer or if such failure has resulted from a mistake by the

person of either the law or the facts subjecting that person to pay

abandoned funds or deliver property subject to the Uniform Unclaimed

Property Act, or inability to pay such interest or penalty resulting

from insolvency. The State Treasurer shall promulgate rules in

accordance with the Administrative Procedures Act requiring the

identification and recording of those circumstances under which

interest or penalty, as imposed by subsection A, B, or C of this

section, may be waived. The State Treasurer may also authorize

amnesty programs to promote voluntary compliance with the Uniform

Unclaimed Property Act, and may participate and cooperate with other

state administrators of abandoned or unclaimed property programs in

nationwide amnesty programs. For purposes of this section, amnesty

programs are programs in which potential holders of unclaimed

property are granted waivers of interest and civil penalties if they

Oklahoma Statutes - Title 60. Property Page 233

voluntarily begin to comply with the reporting requirements of the

state’s unclaimed property laws.
Okla. Stat. tit. 60, § 60-1108 — OK Code / Title 60 / Section 60-1108
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, § 60-1609.7 — OK Code / Title 60 / Section 60-1609.7
Certification of trust
Status: in_force

A. Instead of furnishing a copy of the trust instrument to a

person other than a beneficiary, and in lieu of or in addition to a

memorandum of trust under subsection A of Section 175.6 of Title 60

Oklahoma Statutes - Title 60. Property Page 326

of the Oklahoma Statutes, the trustee may furnish to the person a

certification of trust containing the following information:

1. That the trust exists and the date the trust instrument was

executed;

2. The identity of the settlor;

3. The identity and address of the currently acting trustee;

4. The powers of the trustee;

5. The revocability or irrevocability of the trust and the

identity of any person holding a power to revoke the trust;

6. The authority of co-trustees to sign or otherwise

authenticate and whether all or less than all are required in order

to exercise powers of the trustee;

7. The trust's taxpayer identification number; and

8. The manner of taking title to trust property.

B. A certification of trust under this section may be signed or

otherwise authenticated by any trustee.

C. A certification of trust under this section must state that

the trust has not been revoked, modified, or amended in any manner

that would cause the representations contained in the certification

of trust to be incorrect.

D. A certification of trust under this section need not contain

the dispositive terms of a trust.

E. A recipient of a certification of trust under this section

may require the trustee to furnish copies of those excerpts from the

original trust instrument and later amendments which designate the

trustee and confer upon the trustee the power to act in the pending

transaction.

F. A person who acts in reliance upon a certification of trust

under this section without knowledge that the representations

contained therein are incorrect is not liable to any person for so

acting and may assume without inquiry the existence of the facts

contained in the certification. Knowledge of the terms of the trust

may not be inferred solely from the fact that a copy of all or part

of the trust instrument is held by the person relying upon the

certification.

G. A person who in good faith enters into a transaction in

reliance upon a certification of trust under this section may

enforce the transaction against the trust property as if the

representations contained in the certification were correct.

H. A person making a demand for the trust instrument in

addition to a certification of trust under this section, or excerpts

of the trust instrument, is liable for damages if the court

determines that the person did not act in good faith in demanding

the trust instrument.

I. This section does not limit the right of a person to obtain

a copy of the trust instrument in a judicial proceeding concerning

the trust.

Oklahoma Statutes - Title 60. Property Page 327

ARTICLE 10

MISCELLANEOUS PROVISIONS
Okla. Stat. tit. 60, § 60-175.202 — OK Code / Title 60 / Section 60-175.202
Distribution to residuary and remainder beneficiaries
Status: in_force

DISTRIBUTION TO RESIDUARY AND REMAINDER BENEFICIARIES

Oklahoma Statutes - Title 60. Property Page 91

A. Each beneficiary described in paragraph 4 of Section 175.201

of Title 60 of the Oklahoma Statutes is entitled to receive a

portion of the net income equal to the beneficiary's fractional

interest in undistributed principal assets, using values as of the

distribution date. If a fiduciary makes more than one distribution

of assets to beneficiaries to whom this section applies, each

beneficiary, including one who does not receive part of the

distribution, is entitled, as of each distribution date, to the net

income the fiduciary has received after the date of death or

terminating event or earlier distribution date but has not

distributed as of the current distribution date.

B. In determining a beneficiary's share of net income, the

following rules apply:

1. The beneficiary is entitled to receive a portion of the net

income equal to the beneficiary's fractional interest in the

undistributed principal assets immediately before the distribution

date, including assets that later may be sold to meet principal

obligations;

2. The beneficiary's fractional interest in the undistributed

principal assets must be calculated without regard to property

specifically given to a beneficiary and property required to pay

pecuniary amounts not in trust;

3. The beneficiary's fractional interest in the undistributed

principal assets must be calculated on the basis of the aggregate

value of those assets as of the distribution date without reducing

the value by any unpaid principal obligation; and

4. The distribution date for purposes of this section may be

the date as of which the fiduciary calculates the value of the

assets if that date is reasonably near the date on which assets are

actually distributed.

C. If a fiduciary does not distribute all of the collected but

undistributed net income to each person as of a distribution date,

the fiduciary shall maintain appropriate records showing the

interest of each beneficiary in that net income.

D. A fiduciary may apply the rules in this section, to the

extent that the fiduciary considers it appropriate, to net gain or

loss realized after the date of death or terminating event or

earlier distribution date from the disposition of a principal asset

if this section applies to the income from the asset.
Okla. Stat. tit. 60, § 60-175.41 — OK Code / Title 60 / Section 60-175.41
Revocation of trust by trustor
Status: in_force

Every trust shall be revocable by the trustor, unless expressly

made irrevocable by the terms of the instrument creating the same.

Provided, that any trust may be revoked by the trustor upon the

written consent of all living persons having vested or contingent

interest therein. The term "contingent interest," as used in this

section, shall include an interest which a beneficiary may take by

purchase, and exclude any interest which a beneficiary may take by

descent. Provided further that this section shall not apply to a

spendthrift trust unless same is created by the trustor for his own

benefit.
Okla. Stat. tit. 60, § 60-530 — OK Code / Title 60 / Section 60-530
Persons subject to act
Status: in_force

(a) All unit owners, tenants of such owners, employees of owners

and tenants, or any other persons that may in any manner use

property or any part thereof submitted to the provisions of this

act, shall be subject to this act and to the declaration and bylaws

of the council of unit owners adopted pursuant to the provisions of

this act.
Okla. Stat. tit. 60, § 60-31 — OK Code / Title 60 / Section 60-31
Suspension of alienation
Status: in_force

A. The absolute power of alienation shall not be

suspended, by any limitation or condition whatever, for a

longer period than during the continuance of the lives of

persons in being at the creation of the limitation or

condition plus twenty-one (21) years, except as provided

in Section 34 of Title 60 of the Oklahoma Statutes.

B. The provisions of this section apply solely to real property

not held in trust.
Okla. Stat. tit. 60, § 60-835 — OK Code / Title 60 / Section 60-835
Limitation of seller's liability
Status: in_force

A. The seller shall not be liable for a defect or other

condition in the property if the existence of the defect or other

condition in the property was disclosed in the disclosure statement

or any amendment delivered to the purchaser before acceptance of the

offer to purchase.

B. The seller shall not be liable for any erroneous, inaccurate

or omitted information supplied to the purchaser as a disclosure

required by this act if:

1. The error, inaccuracy or omission results from an

approximation of information by the seller, provided:

a. accurate information was unknown to the seller at the

time the disclosure was made,

b. the approximation was clearly identified as such and

was reasonable and based on the best information

available to the seller, and

c. the approximation was not used to circumvent the

disclosure requirements of this act;

2. The error, inaccuracy or omission was not within the actual

knowledge of the seller; or

3. The disclosure was based on information provided by public

agencies and the seller reasonably believed the information to be

correct.

Oklahoma Statutes - Title 60. Property Page 253

C. The delivery by a public agency of any information required

to be disclosed by the seller of the property shall satisfy the

requirements of this act as to the disclosures to which the

information being furnished is applicable.
Okla. Stat. tit. 60, § 60-666 — OK Code / Title 60 / Section 60-666
Periods of limitation - Effect - Application
Status: in_force

A. The expiration after September 1, 1991, of any period of

time specified by contract, statute, or court order, during which a

claim for money or property can be made or during which an action or

proceeding may be commenced or enforced to obtain payment of a claim

for money or to recover property, does not prevent the money or

property from being presumed abandoned property or affect any duty

to file a report or to pay or deliver abandoned property to the

State Treasurer as required by the Uniform Unclaimed Property Act.

B. No action or proceeding may be commenced by the State

Treasurer with respect to any duty of a holder under the Uniform

Unclaimed Property Act more than four (4) years after the holder

files the report pursuant to Section 661 of this title or ten (10)

years after the duty arose, whichever is earlier.

C. Notwithstanding the provisions of subsection B of this

section or any other provision of law, the expiration of any period

of time specified by law during which an action or proceeding may be

commenced or enforced to obtain payment of a claim for money or

recovery of property shall not serve as a defense in any action or

proceeding brought by or on behalf of the State Treasurer against

any federal, state or local government or governmental subdivision,

agency, entity, officer or appointee thereof, for the payment or

delivery of any abandoned property to the State Treasurer pursuant

Oklahoma Statutes - Title 60. Property Page 219

to the Uniform Unclaimed Property Act or to enforce or collect any

penalty provided by the Uniform Unclaimed Property Act.

D. The provisions of subsection C of this section shall apply

to all abandoned property held by any federal, state or local

government or governmental subdivision, agency, entity, officer or

appointee thereof, at the time of enactment, or at any time

thereafter, regardless of when such property became or becomes

presumptively abandoned.
Okla. Stat. tit. 60, § 60-511 — OK Code / Title 60 / Section 60-511
Liens against unit estates - Discharge
Status: in_force

(a) While the property remains subject to this act, no lien

shall arise or be effective against the property as a whole, but

only against each unit ownership estate and such lien shall attach

in the same manner and under the same conditions in every respect as

liens or encumbrances may arise or be created upon or against any

other separate parcel of real property subject to individual

ownership; provided, however, that no labor performed or materials

furnished with the consent or at the request of a unit owner or his

agent, his contractor, or subcontractor, shall constitute the basis

for a mechanic's or materialmen's lien against the unit ownership

estate or any other property of any other unit owner who has not

expressly consented to or requested the same, except that for the

purposes of this act such express consent shall be presumed to have

been given by the unit owner in case of emergency repairs thereto.

Labor performed or materials furnished for the common elements, if

duly authorized by the council of unit owners or its duly authorized

agent in accordance with this act, the declaration or bylaws shall

be deemed to be performed or furnished with the express consent of

each unit owner and shall constitute the basis for a mechanic's or

materialmen's lien as now provided by law against each of the unit

ownership estates in the property but shall be subject to the

provisions of subparagraph (b) hereunder.

Oklahoma Statutes - Title 60. Property Page 186

(b) When a lien against two or more unit owners is asserted,

each unit owner may discharge his unit ownership estate from such

lien by payment to the lienor of the fractional or proportional

amount which is attributable to his unit ownership estate. Such

individual obligation shall be computed by reference to the

percentage of interest set forth in the declaration. Upon such

payment or satisfaction of the lien claim, the unit ownership estate

shall be free and clear of the lien claim but such release of the

unit owner shall not prevent the lienor from proceeding to establish

and enforce his rights against any other unit owner who has not so

discharged his obligation to the lienor.
Okla. Stat. tit. 60, § 60-175.719 — OK Code / Title 60 / Section 60-175.719
Compensation of trustee
Status: in_force

COMPENSATION OF TRUSTEE

A. Except as provided by subsection B of this section and

unless a court, on application of the authorized trustee, directs

otherwise, the trustee shall not exercise a power under Section 3 or

4 of this act solely to change trust provisions regarding the

determination of the compensation of any trustee.

B. An authorized trustee, in connection with the exercise of a

power under Section 3 or 4 of this act for another valid and

reasonable purpose, may bring the trustee's compensation into

conformance with reasonable limits authorized by state law.

C. The compensation payable to an authorized trustee of the

first trust may continue to be paid to the trustee of the second

trust during the term of the second trust and may be determined in

Oklahoma Statutes - Title 60. Property Page 117

the same manner as the compensation would have been determined in

the first trust.

D. An authorized trustee shall not receive a commission or

other compensation for the distribution of a particular asset from a

first trust to a second trust under Section 3 or 4 of this act.
Okla. Stat. tit. 60, § 60-1507 — OK Code / Title 60 / Section 60-1507
Expenses of relocation
Status: in_force

A servient estate owner is responsible for reasonable expenses

of relocation of an easement under this act, including the expense

of:

1. Constructing improvements on the servient estate or dominant

estate in accordance with an order under Section 6 of this act;

2. During the relocation, mitigating disruption in the use and

enjoyment of the easement by the easement holder or another person

entitled to use and enjoy the easement;

3. Obtaining a governmental approval or permit to relocate the

easement and construct necessary improvements;

4. Preparing and recording the certified copy required by

subsection D of Section 6 of this act and any other document

required to be recorded;

5. Any title work required to complete the relocation or

required by a party to the civil action as a result of the

relocation;

6. Applicable premiums for title insurance related to the

relocation;

7. Any expert necessary to review plans and specifications for

an improvement to be constructed in the relocated easement or on the

dominant estate and to confirm compliance with the plans and

specifications referred to in the order under paragraph 6 of

subsection B of Section 6 of this act;

8. Payment of any maintenance cost associated with the

relocated easement which is greater than the maintenance cost

associated with the easement before relocation; and

9. Obtaining any third-party consent required to relocate the

easement.
Okla. Stat. tit. 60, § 60-175.68 — OK Code / Title 60 / Section 60-175.68
Reviewing compliance
Status: in_force

Reviewing Compliance.

Oklahoma Statutes - Title 60. Property Page 77

Compliance with the prudent investor rule is determined in light

of the facts and circumstances existing at the time of a trustee's

decision or action and not by hindsight.
Okla. Stat. tit. 60, § 60-4 — OK Code / Title 60 / Section 60-4
Property classified
Status: in_force

Property is either:

1. Real or immovable; or

2. Personal or movable.

Oklahoma Statutes - Title 60. Property Page 15
Okla. Stat. tit. 60, § 60-1508 — OK Code / Title 60 / Section 60-1508
Duty to act in good faith
Status: in_force

After the court, under Section 6 of this act, approves

relocation of an easement and the servient estate owner commences

the relocation, the servient estate owner, the easement holder, and

Oklahoma Statutes - Title 60. Property Page 293

other parties in the civil action shall act in good faith to

facilitate the relocation in compliance with this act.
Okla. Stat. tit. 60, § 60-1604.5 — OK Code / Title 60 / Section 60-1604.5
Charitable purposes — Enforcement
Status: in_force

A. A charitable trust may be created for the relief of poverty,

the advancement of education or religion, the promotion of health,

governmental or municipal purposes, or other purposes the

achievement of which is beneficial to the community.

B. If the terms of a charitable trust do not indicate a

particular charitable purpose or beneficiary, the court may select

one or more charitable purposes or beneficiaries. The selection

must be consistent with the settlor's intention to the extent it can

be ascertained.

C. The settlor of a charitable trust, among others, may

maintain a proceeding to enforce the trust.
Okla. Stat. tit. 60, § 60-1312 — OK Code / Title 60 / Section 60-1312
Cause of action or claim for relief by creditor of
Status: in_force

transferor — Requirements.

A. A cause of action or claim for relief with respect to a

qualified disposition of a transferor's assets under Section 29 of

this act is extinguished unless the action under Section 29 of this

act may only be brought by a creditor of the transferor who meets

one of the following requirements:

1. Is a creditor of the settlor before the settlor's assets are

transferred to the trust; or

2. Becomes a creditor subsequent to the transfer into trust,

and the asset was listed on a financial statement provided to a bank

or financial institution by or on behalf of the transferor for the

purpose of obtaining credit as a borrower, guarantor, surety,

pledgor, or otherwise.

B. Any action under Section 29 of this act may be filed at any

time, but in any event not later than five (5) years after the

Oklahoma Statutes - Title 60. Property Page 281

creditor has obtained a final, unappealable judgment against the

transferor. In such action, the creditor may proceed against the

transferred property or recover the value thereof in an amount up to

the amount of such judgment against the transferor.

C. This section and Sections 29, 31, 32, and 33 of this act are

inseparably interwoven with substantive rights that a deprivation of

legal rights would result if another jurisdiction's laws and

regulations to the contrary are applied to a claim or cause of

action described therein.
Okla. Stat. tit. 60, § 60-1203 — OK Code / Title 60 / Section 60-1203
Scope and application
Status: in_force

A. This act applies to a trust, whenever created, that has its

principal place of administration in this state and is subject to

the following rules:

1. If the trust was created before the effective date of this

act, this act applies only to a decision or action occurring on or

after the effective date of this act; and

2. If the principal place of administration of the trust is

changed to this state on or after the effective date of this act,

this act applies only to a decision or action occurring on or after

the date of the change.

B. Without precluding other means to establish a sufficient

connection with the designated jurisdiction in a directed trust, the

terms of the trust which designate the principal place of

administration of the trust are valid and controlling if:

1. A trustee's principal place of business is located in or a

trustee is a resident of the designated jurisdiction;

2. A trust director's principal place of business is located in

or a trust director is a resident of the designated jurisdiction; or

3. All or part of the administration occurs in the designated

jurisdiction.
Okla. Stat. tit. 60, § 60-37 — OK Code / Title 60 / Section 60-37
Remainder on successive lives must be in fee
Status: in_force

Oklahoma Statutes - Title 60. Property Page 19

No remainder can be created upon successive estates for life,

provided for in the preceding section, unless such remainder is in

fee; nor can a remainder be created upon such estate in a term for

years unless it is for the whole residue of such term.
Okla. Stat. tit. 60, § 60-658.1 — OK Code / Title 60 / Section 60-658.1
Mineral interests in land
Status: in_force

Any mineral interest in land in Oklahoma shall be subject to

sale under the provisions of Sections 271.1 through 277 of Title 84

of the Oklahoma Statutes if it generates an intangible property

interest which is presumed abandoned for a period of fifteen (15)

years under the Uniform Unclaimed Property Act or under similar laws

of another state.

All holders of intangible property interests generated by a

mineral interest in land in Oklahoma shall report to the State

Treasurer, in addition to the reporting otherwise required by law,

the names and the last-known addresses of owners of record of the

unclaimed mineral interest, the legal description of the land

affected, and the extent of the property rights in the mineral

interest. Only one report with respect to each owner and mineral

interest is necessary; subsequent reports must include complete

information with respect to all new owners and new unclaimed mineral

interests.

The State Treasurer shall send a copy of the report required by

this section to the Attorney General and the district attorney of

the county in which the land is located. Except to a claimant of

the unclaimed mineral interest, or as necessary to effectuate a

judicial sale as set forth in Section 271.1 of Title 84 of the

Oklahoma Statutes, the legal description of the mineral interest and

the extent of the property rights in the mineral interest shall be

Oklahoma Statutes - Title 60. Property Page 211

deemed confidential and not released to the general public by the

State Treasurer, Attorney General or district attorney. The State

Treasurer shall send a report reflecting only the names and last-

known addresses of owners of record of the unclaimed mineral

interest to the county clerk of the county in which the land is

located, and the clerk shall maintain the list for public viewing.

The clerk shall also report to the board of county commissioners

that the report has been received, and note the receipt in the

minutes of the meeting, so the public can be informed.

The State Treasurer is authorized to develop procedures for the

implementation of the Uniform Unclaimed Property Act.
Okla. Stat. tit. 60, § 60-810 — OK Code / Title 60 / Section 60-810
Powers of state over highways, streets, bridges, etc. not
Status: in_force

extended so as to cause violations.

The powers granted under this act shall in no way extend the

power of state and local authorities having jurisdiction over

highways, roads, streets, alleys, bridges or rights-of-way to the

point that (a) federal regulations pertaining to federal aid rights-

of-way are violated, (b) constitutional limits on the power of such

authorities are exceeded, or (c) the right of the public to full and

unobstructed use of highways, roads, streets, alleys, bridges and

rights-of-way is impaired.
Okla. Stat. tit. 60, § 60-528 — OK Code / Title 60 / Section 60-528
Obsolete property
Status: in_force

Ninety percent (90%) of the unit owners computed on the basis

set forth in Section 503 of this title may agree that the property

is obsolete in whole or in part and whether or not the same shall be

renewed and restored or the property sold and the proceeds of sale

distributed. If such percent of the unit owners agree to renew and

restore the property, then the expense thereof shall be payable by

all the unit owners as common expenses. If, however, such percent

of the unit owners agree that the property be sold, then the

property shall be subject to partition at the suit of any unit

owner, in which event the net proceeds of sale shall be divided

among all the unit owners in proportion to their respective

undivided ownership of the common elements, after first paying off

out of the respective shares of the unit owners, all liens on the

unit of each unit owner except a declarant not making pro rata

contributions pursuant to subsection (b) of Section 512 of this

title shall receive a reduced share of the proceeds in accordance

with the same formula described in paragraph (j) of Section 514 of

this title.
Okla. Stat. tit. 60, § 60-332 — OK Code / Title 60 / Section 60-332
Title by occupancy
Status: in_force

Occupancy for any period confers a title sufficient against all

except the state, and those who have title by prescription,

accession, transfer, will or succession.
Okla. Stat. tit. 60, § 60-69 — OK Code / Title 60 / Section 60-69
Duties of life tenant
Status: in_force

The owner of a life estate must keep the buildings and fences in

repair from ordinary waste, and must pay the taxes and other annual

charges, and a just proportion of extraordinary assessments

benefiting the whole inheritance. R.L. 1910 Sec. 6644.
Okla. Stat. tit. 60, § 60-1607.6 — OK Code / Title 60 / Section 60-1607.6
Removal of trustee
Status: in_force

A. The settlor, a co-trustee, or a beneficiary may request the

court to remove a trustee, or a trustee may be removed by the court

on its own initiative.

B. The court may remove a trustee if:

1. The trustee has committed a serious breach of trust;

2. Lack of cooperation among co-trustees substantially impairs

the administration of the trust;

3. Due to unfitness, unwillingness, or persistent failure of

the trustee to administer the trust effectively, the court

determines that removal of the trustee best serves the interests of

the beneficiaries; or

4. There has been a substantial change of circumstances or

removal is requested by all of the qualified beneficiaries, the

court finds that removal of the trustee best serves the interests of

all of the beneficiaries and is not inconsistent with a material

purpose of the trust, and a suitable co-trustee or successor trustee

is available.

C. Pending a final decision on a request to remove a trustee,

or in lieu of or in addition to removing a trustee, the court may

order such appropriate relief under subsection B of Section 175.57

of Title 60 of the Oklahoma Statutes as may be necessary to protect

the trust property or the interests of the beneficiaries.

Oklahoma Statutes - Title 60. Property Page 314
Okla. Stat. tit. 60, § 60-175.60 — OK Code / Title 60 / Section 60-175.60
Short title
Status: in_force

Short Title.

Sections 1 through 13 of this act shall be known and may be

cited as the "Oklahoma Uniform Prudent Investor Act".
Okla. Stat. tit. 60, § 60-32 — OK Code / Title 60 / Section 60-32
Suspension of ownership limited
Status: in_force

Oklahoma Statutes - Title 60. Property Page 18

A. The absolute ownership of a term of years cannot be

suspended for a longer period than the absolute power of

alienation can be suspended in respect to a fee.

B. The provisions of this section apply solely to real property

not held in trust.
Okla. Stat. tit. 60, § 60-677.1 — OK Code / Title 60 / Section 60-677.1
Destruction of property having insubstantial commercial
Status: in_force

value.

If the State Treasurer determines after investigation that any

property delivered under the Uniform Unclaimed Property Act has

insubstantial commercial value, the State Treasurer may destroy or

otherwise dispose of the property at any time. No action or

proceeding may be maintained against the state or any officer or

against the holder for or on account of any action taken by the

State Treasurer pursuant to this section.
Okla. Stat. tit. 60, § 60-180.1 — OK Code / Title 60 / Section 60-180.1
Annual audits
Status: in_force

A. The trustees of every trust created for the benefit and

furtherance of any public function with the State of Oklahoma or any

county or municipality as the beneficiary or beneficiaries thereof,

with assets or revenues in excess of Fifty Thousand Dollars

($50,000.00) or with outstanding debt obligations, must cause an

audit to be made of the financial statements of the trust, such

audit to be ordered within thirty (30) days of the close of each

fiscal year of the trust. The audit shall be filed in accordance

with the requirements set forth for financial statement audits in

Section 212A of Title 74 of the Oklahoma Statutes.

B. The trustees of a trust which has more than Fifty Thousand

Dollars ($50,000.00) in revenues or assets, and for whom an annual

financial statement audit is not required by another law, regulation

or contract, shall cause to be conducted, by an independent licensed

public accountant or a certified public accountant, an annual audit

of the trust’s financial statements in accordance with auditing

standards generally accepted in the United States and Government

Auditing Standards as issued by the Comptroller General of the

United States or an agreed-upon-procedures engagement over certain

financial information and compliance requirements to be performed in

accordance with the applicable attestation standards of The American

Institute of Certified Public Accountants. The specific procedures

to be performed are:

1. Prepare a schedule of revenues, expenditures/expenses and

changes in fund balances/net assets for each fund and determine

compliance with any applicable trust or other prohibitions for

creating fund balance deficits;

2. Agree material bank account balances to bank statements, and

trace significant reconciling items to subsequent clearance;

3. Compare uninsured deposits to fair value of pledged

collateral;

4. Compare use of material-restricted revenues and resources to

their restrictions;

Oklahoma Statutes - Title 60. Property Page 139

5. Determine compliance with requirements for separate funds;

and

6. Determine compliance with reserve account and debt service

coverage requirements of bond indentures.

Such engagement shall be ordered within thirty (30) days of the

close of each fiscal year of the trust. Copies of the annual audit

or agreed-upon-procedures report shall be filed with the State

Auditor and Inspector within six (6) months after the close of the

fiscal year and with the trustees and governing body of the

beneficiaries.

C. Public trusts which have less than Fifty Thousand Dollars

($50,000.00) in revenue and less than Fifty Thousand Dollars

($50,000.00) in assets, and for whom an annual financial statement

audit is not required by another law, regulation or contract and any

public trust which did not have financial activity exceeding Fifty

Thousand Dollars ($50,000.00) since its last audit shall be exempt

from the requirements of subsections A and B of this section unless

the public trust has outstanding debt obligations.

D. A public trust with a municipal government or governments as

the beneficiary that meet the same financial requirements

established in subsection B of Section 17-105 of Title 11 of the

Oklahoma Statutes may, as an alternative to obtaining an audit as

required in this section, follow the biennial agreed-upon-procedures

engagement outlined in subsection D of Section 17-105 of Title 11 of

the Oklahoma Statutes.
Okla. Stat. tit. 60, § 60-657.4 — OK Code / Title 60 / Section 60-657.4
Intangible property - Presumption of abandonment
Status: in_force

A. All intangible property, including but not limited to

securities, principal, interest, dividends or other earnings

thereon, less any lawful charges, held by a business association,

federal, state or local government or governmental subdivision,

agency or entity, or any other person or entity, regardless of where

the holder may be found, if the owner has not claimed such property

or corresponded in writing with the holder concerning the property

within three (3) years after the date prescribed for payment or

delivery by the issuer, unless the holder is a state that has taken

custody pursuant to its own unclaimed property laws, in which case

no additional period of holding beyond that of such state is

necessary hereunder, is presumed abandoned and subject to the

custody of this state as unclaimed property if:

1. The last-known address of the owner is unknown; and

2. The person or entity originating or issuing the intangible

property is in this state or any political subdivision of this

state, or is incorporated, organized, created or otherwise located

in this state.

B. The provisions of subsection A of this section shall not

apply to property which is or may be presumed abandoned and subject

to the custody of this state pursuant to any other provision of law

containing a dormancy period different than that prescribed in

subsection A of this section.

C. The provisions of subsection A of this section shall apply

to all property held at the time of the effective date of this act,

or at any time thereafter, regardless of when such property became

or becomes presumptively abandoned.
Okla. Stat. tit. 60, § 60-674.1 — OK Code / Title 60 / Section 60-674.1
Limitation on service fees for recovery of funds or
Status: in_force

property - Mineral proceeds as payment for services prohibited.

A. No person who:

1. Informs a potential claimant of any unclaimed funds or other

property, tangible or intangible, held pursuant to the Uniform

Disposition of Unclaimed Property Act that such claimant may be

entitled to claim such unclaimed property; or

2. Files a claim for any funds or other property, tangible or

intangible, on behalf of a claimant of such funds or property,

shall contract for or receive from the claimant, for services, an

amount that exceeds twenty-five percent (25%) of the value of the

funds or property recovered.

If the funds or property involved are mineral proceeds, the

amount for services shall not include a portion of the underlying

minerals or any production payment, overriding royalty, or similar

payment.

In the event the claimant of such funds or property is deceased

and did not personally agree to the fee in writing, a fee for

recovery can only be collected from each identified heir, devisee or

legatee that has affirmatively agreed to that fee in writing.

The agreement shall be in writing and signed by the claimant

either by manual signature or electronic signature.

B. The provisions of this section shall apply to contracts

executed on or after November 1, 2021.
Okla. Stat. tit. 60, § 60-70 — OK Code / Title 60 / Section 60-70
Boundaries and fences
Status: in_force

Coterminous owners are mutually bound equally to maintain:

1. The boundaries and monuments between them.

2. The fences between them, unless one of them chooses to let

his land lie open as a public common, in which case, if he

afterwards encloses it, he must refund to the other a just

proportion of the value, at that time, of any division fence made by

the latter. R.L. 1910 Sec. 6645.
Okla. Stat. tit. 60, § 60-838 — OK Code / Title 60 / Section 60-838
Exemptions from application of act
Status: in_force

A. This act does not apply to:

1. Transfers pursuant to court order, including, but not

limited to, transfers pursuant to a writ of execution, transfers by

eminent domain and transfers pursuant to an order for partition;

2. Transfers to a mortgagee by a mortgagor or successor in

interest who is in default, transfers by any foreclosure sale after

default in an obligation secured by a mortgage, transfers by a

mortgagee's sale under a power of sale after default in an

obligation secured by any instrument containing a power of sale, or

transfers by a mortgagee who has acquired the real property at a

sale conducted pursuant to a power of sale or a sale pursuant to a

decree of foreclosure or has acquired the real property by deed in

lieu of foreclosure;

Oklahoma Statutes - Title 60. Property Page 255

3. Transfers by a fiduciary who is not an owner occupant of the

subject property in the course of the administration of a decedent's

estate, guardianship, conservatorship or trust;

4. Transfers from one co-owner to one or more other co-owners;

5. Transfers made to a spouse, or to the person or persons in

the lineal line of consanguinity of one or more of the owners;

6. Transfers between spouses resulting from a decree of

dissolution of marriage or a decree of legal separation or from a

property settlement agreement incidental to such a decree;

7. Transfers made pursuant to mergers and from a subsidiary to

a parent or the reverse;

8. Transfers or exchanges to or from any governmental entity;

or

9. Transfers of a newly constructed, previously unoccupied

dwelling.

B. Nothing in this act shall be construed to alter or change

the requirements of Section 858-513 of Title 59 of the Oklahoma

Statutes, regarding psychologically impacted real estate.
Okla. Stat. tit. 60, § 60-755 — OK Code / Title 60 / Section 60-755
Disposition of interest disclaimed
Status: in_force

Unless otherwise provided in the nontestamentary instrument

creating the interest with reference to the possibility of a

disclaimer by the beneficiary, the interest disclaimed shall be

distributed or otherwise be disposed of in the same manner as if the

disclaimant had died immediately preceding the death or other event

which causes him to become finally ascertained as a beneficiary and

his interest to become indefeasibly fixed both in quality and

quantity and, in any case, the disclaimer shall relate for all

purposes to that date, whether filed before or after such death or

other event. However, one disclaiming an interest in a nonresiduary

gift under a trust instrument or otherwise shall not be excluded,

unless his disclaimer so provides, from sharing in a gift of the

residue even though, through lapse, such residue includes the assets

disclaimed. If the disclaimer pertains to a joint tenancy interest

in property, the interest disclaimed shall be distributed or

otherwise be disposed of in the same manner as if the disclaimant

had died immediately preceding the death of the other person having

a joint tenancy interest in the same property whose death most

closely preceded the effective date of the disclaimer or, if no

person having a joint tenancy interest has died, then as if the

disclaimant never owned the joint tenancy interest which was

disclaimed.
Okla. Stat. tit. 60, § 60-345 — OK Code / Title 60 / Section 60-345
Blended materials
Status: in_force

Where one has made use of materials which in part belong to him

and in part to another, in order to form a thing of a new

description, without having destroyed any of the materials, but in

such a way that they cannot be separated without inconvenience, the

thing formed is common to both proprietors in proportion, as

respects the one, of the materials belonging to him, and as respects

the other, of the materials belonging to him and the price of his

workmanship.
Okla. Stat. tit. 60, § 60-1608.7 — OK Code / Title 60 / Section 60-1608.7
Delegation by trustee
Status: in_force

A. A trustee may delegate duties and powers that a prudent

trustee of comparable skills could properly delegate under the

circumstances. The trustee shall exercise reasonable care, skill,

and caution in:

1. Selecting an agent;

2. Establishing the scope and terms of the delegation,

consistent with the purposes and terms of the trust; and

3. Periodically reviewing the agent's actions in order to

monitor the agent's performance and compliance with the terms of the

delegation.

B. In performing a delegated function, an agent owes a duty to

the trust to exercise reasonable care to comply with the terms of

the delegation.

C. A trustee who complies with subsection A of this section is

not liable to the beneficiaries or to the trust for an action of the

agent to whom the function was delegated.

D. By accepting a delegation of powers or duties from the

trustee of a trust that is subject to the law of this state, an

agent submits to the jurisdiction of the courts of this state.
Okla. Stat. tit. 60, § 60-674.2 — OK Code / Title 60 / Section 60-674.2
Property delivered to the State Treasurer
Status: in_force

A. If any claimant asserts an interest in any property

delivered to the State Treasurer in which the owner of the property

is determined to be deceased, the State Treasurer shall not pay over

or deliver to the claimant property as provided in Section 651 et

seq. of this title, unless the claimant provides a certified copy of

court or other lawful documents establishing entitlement to the

decedents' unclaimed property.

B. If the value of the property at the time the claim is to be

paid is Ten Thousand Dollars ($10,000.00) or more, the claimant

Oklahoma Statutes - Title 60. Property Page 228

shall provide a certified copy of a record that provides evidence of

the death of the owner of the property issued by any government

authority who maintains such records.

C. If the unclaimed property account was previously held by a

bank, credit union, or savings and loan association, a claimant may

use the small estate affidavit provided for under Section 906 of

Title 6 of the Oklahoma Statutes.

D. The State Treasurer may require other reasonable

documentation, in addition to the items listed in subsections A, B,

and C of this section, to determine the validity of the claim.
Okla. Stat. tit. 60, § 60-136 — OK Code / Title 60 / Section 60-136
Requisites of a trust
Status: in_force

No trust in relation to real property is valid, unless created

or declared:

1. By a written instrument, subscribed by the grantor or by his

agent thereto authorized by writing.

2. By the instrument under which the trustee claims the estate

affected; or,

3. By operation of law.
Okla. Stat. tit. 60, § 60-679 — OK Code / Title 60 / Section 60-679
Proceeding to compel delivery - Costs of examinations or
Status: in_force

investigations.

Oklahoma Statutes - Title 60. Property Page 231

A. The State Treasurer may bring an action in a court of

appropriate jurisdiction to enforce the Uniform Unclaimed Property

Act.

B. The actual cost of any examination or investigation incurred

by the State Treasurer in administering any provision of the Uniform

Unclaimed Property Act may be borne by the holder examined or

investigated, provided that in no case may the charges exceed the

value of the property found to be reportable and deliverable as a

result of the examination, and either:

1. A written demand for a report shall have been made and not

forthcoming in time specified in Section 678 of this title;

2. A report has not been received, and the examination or

investigation by the State Treasurer establishes that the holder

willfully or without reasonable cause has failed to report property

reportable under the Uniform Unclaimed Property Act and property

reportable thereunder is discovered by such examination or

investigation; or

3. A report has been received and the examination or

investigation by the State Treasurer establishes that the holder

willfully or without reasonable cause has failed to report

additional property reportable under the Uniform Unclaimed Property

Act.

C. The cost of examination made pursuant to subsection C of

Section 678 of this title may be imposed only against the business

association.
Okla. Stat. tit. 60, § 60-299.16 — OK Code / Title 60 / Section 60-299.16
Absolute power of disposition in grantee or
Status: in_force

beneficiary.

When an absolute power of disposition is given to a grantee or a

beneficiary under a will of real or personal property and no

reversion, remainder or gift in default of the property undisposed

of by the grantee or a beneficiary under a will is expressed in the

instrument creating the power, the grantee or a beneficiary under a

will shall be the absolute owner of the property.
Okla. Stat. tit. 60, § 60-1505 — OK Code / Title 60 / Section 60-1505
Civil action to obtain order to relocate
Status: in_force

A. To obtain an order to relocate an easement under this act, a

servient estate owner must commence a civil action.

B. A servient estate owner that commences a civil action under

subsection A of this section:

1. Shall serve a summons and petition on:

a. the easement holder whose easement is the subject of

the relocation,

b. a security-interest holder of record of an interest in

the servient estate or dominant estate,

c. a lessee of record of an interest in the dominant

estate, and

d. except as otherwise provided in paragraph 2 of this

subsection, any other owner of a recorded real-

property interest if the relocation would encroach on

an area of the servient estate or dominant estate

burdened by the interest; and

2. Is not required to serve a summons and petition on the owner

of a recorded real-property interest in oil, gas, or minerals unless

the interest includes an easement to facilitate oil, gas, or mineral

development.

C. A petition under this section must state:

1. The intent of the servient estate owner to seek the

relocation;

2. The nature, extent, and anticipated dates of commencement

and completion of the proposed relocation;

3. The current and proposed locations of the easement;

Oklahoma Statutes - Title 60. Property Page 291

4. The reason the easement is eligible for relocation under

Section 3 of this act;

5. The reason the proposed relocation satisfies the conditions

for relocation under Section 4 of this act; and

6. That the servient estate owner has made a reasonable attempt

to notify the holders of any public-utility easement, conservation

easement, or negative easement on the servient estate or dominant

estate of the proposed relocation.

D. At any time before the court renders a final order in an

action under subsection A of this section, a person served under

subparagraph b, c, or d of subsection B of this section may file a

document, in recordable form, that waives its rights to contest or

obtain relief in connection with the relocation or subordinates its

interests to the relocation. On filing of the document, the court

may order that the person is not required to answer or participate

further in the action.
Okla. Stat. tit. 60, § 60-655.1 — OK Code / Title 60 / Section 60-655.1
Intangible property distributable in course of
Status: in_force

dissolution of business corporation.

Intangible property distributable in the course of a dissolution

of a business association which remains unclaimed by the owner for

more than one (1) year after the date specified for final

distribution is presumed abandoned.
Okla. Stat. tit. 60, § 60-175.501 — OK Code / Title 60 / Section 60-175.501
Disbursements from income
Status: in_force

DISBURSEMENTS FROM INCOME

A trustee shall make the following disbursements from income to

the extent that they are not disbursements to which subparagraph b

or c of paragraph 2 of Section 5 of this act applies:

1. One-half of the regular compensation of the trustee and of

any person providing investment advisory or custodial services to

the trustee;

2. One-half of all expenses for accountings, judicial

proceedings, or other matters that involve both the income and

remainder interests;

3. All of the other ordinary expenses incurred in connection

with the administration, management, or preservation of trust

property and the distribution of income, including interest,

ordinary repairs, regularly recurring taxes assessed against

principal, and expenses of a proceeding or other matter that

concerns primarily the income interest; and

4. Recurring premiums on insurance covering the loss of a

principal asset or the loss of income from or use of the asset.
Okla. Stat. tit. 60, § 60-41 — OK Code / Title 60 / Section 60-41
Remainder in fee to heirs after life estate
Status: in_force

When a remainder is limited to the heirs, or heirs of the body,

of a person to whom a life estate in the same property is given, the

persons who, on the termination of the life estate, are the

successors or heirs of the body of the owner for life, are entitled

to take by virtue of the remainder so limited to them, and not as

mere successors of the owner for life.
Okla. Stat. tit. 60, § 60-8 — OK Code / Title 60 / Section 60-8
Appurtenances defined
Status: in_force

A thing is deemed to be incidental or appurtenant to land when

it is by right used with the land for its benefit, as in the case of

a way or watercourse, or of a passage for light, air or heat, from

or across the land of another. Sluice boxes, flumes, hose, pipes,

railway tracks, cars, blacksmith shops, mills, and all other

machinery or tools used in working or developing a mine, are to be

deemed affixed to the mine. R.L. 1910 Sec. 6593.
Okla. Stat. tit. 60, § 60-394 — OK Code / Title 60 / Section 60-394
Trustees, who are - Bond - Designation of trust estate -
Status: in_force

Trust fund - Approval of sales - Reports.

When any unconditional gift, testamentary or otherwise, of any

property to the State of Oklahoma and a county therein and a city or

town within such county shall have been accepted, upon behalf of all

such governmental units, as provided for in Sections 3, 10 and 13

hereof, the Attorney General of the State of Oklahoma, and the

county treasurer of such county, and the presiding officer of the

governing board of such city or town, at the time of the first

distribution under such gift, if testamentary, or at the time of

such acceptance of such gift, if other than a testamentary gift,

shall be cotrustees and the official representatives and agents of

their respective governmental units for all property or monies

involved in, and derived from, such gift, for the use and benefit of

such governmental units, for the purposes specified in Section 12

hereof; and as such, shall be authorized to execute and deliver any

receipts required in connection therewith.

They shall continue as such trustees until the trust estate,

resulting hereunder, shall have been fully administered,

irrespective of their continuance in such public offices; provided,

that in event of the death, resignation, disqualification or

incapacity of any trustee before such trust estate shall have been

fully administered, the person then holding the public office

corresponding to that held by such deceased or resigned trustee at

the time he became trustee hereunder, or, in event such death,

Oklahoma Statutes - Title 60. Property Page 179

disqualification, resignation or incapacity occurs while such

trustee still holds such public office, the person elected or

appointed to fill the vacancy in such public office, or the

temporary or other successor thereto shall become and be his

successor as such trustee.

Each such trustee shall furnish a bond in a sum equal to the

value of such trust estate at the time he becomes such trustee, but

not to exceed Fifty Thousand Dollars ($50,000.00), with some surety

company authorized to do business within the State of Oklahoma, as

surety thereon, conditioned upon the faithful performance of his

duties as such trustee and truly accounting for all monies and

property coming into the custody and control of such cotrustees.

Such bond shall run in the name of the State of Oklahoma and such

county and city or town, and shall be filed in the office of the

Secretary of State of the State of Oklahoma, and the premiums

thereon shall be payable from such trust estate. The trust estate

shall be designated as "The (name of donor here) Public Improvements

Trust Estate".

All cash, or the equivalent thereof, belonging to such trust

estate and received by the trustees shall, upon receipt, be

deposited in a special depository account in the State Treasury to

be designated as "The (name of donor here) Public Improvements Trust

Fund", and shall be subject to withdrawal or disbursement therefrom

upon, but only upon, check or voucher signed by all three of the

cotrustees, for the purposes provided for herein, and each such

check or voucher shall state thereon the specific purpose for which

the withdrawal or disbursement is made.

Before selling, exchanging, or making any other disposition of

any tangible property or intangible property (other than cash or the

equivalent thereof) belonging to such a trust estate, and before

investing any cash or the equivalent thereof belonging to such a

trust estate in securities or other property (as distinguished from

expending the same for public improvement purposes as authorized

herein), the cotrustees shall, by written application, obtain the

written approval of the district judge of the county involved as one

of the donees of the gift in question. Such cotrustees shall also

file with the district judge of such county verified annual reports,

containing a detailed statement of all assets and liabilities of the

trust estate, and a report of the acts and doings of the trustees

during the period covered by such reports. No notice shall be

required in connection with any such application or report, and no

fees shall be charged for the filing of any such application,

report, or order of approval, or in connection with the entry,

recording, or certification of any such order of approval.