Okla. Stat. tit. 60, § 60-165 — OK Code / Title 60 / Section 60-165
Acquisition of property
Status: in_force

It is hereby declared to be the intention and desire of the

State of Oklahoma that the Oklahoma Ordinance Works Authority, as an

agency of the State of Oklahoma, continue its negotiations with the

General Services Administration and complete the acquisition of said

property for the use and benefit of the State of Oklahoma and its

people.
Okla. Stat. tit. 60, § 60-175.49 — OK Code / Title 60 / Section 60-175.49
Trust ceases when purpose ceases
Status: in_force

When the purpose for which an express trust was created ceases,

the estate of the trustee also ceases.
Okla. Stat. tit. 60, § 60-601 — OK Code / Title 60 / Section 60-601
"Charity" defined
Status: in_force

As used in this act, the term "charity" means any gift, to be

applied consistently with law, for the benefit of an indefinite

number of persons, through the provision of facilities or aid in any

way to education or educational activities or the advancement and

diffusion of science and learning, to religion or religious

activities, to the relief or comfort of the poor, the sick, or the

afflicted, to the public welfare in any form, to the support or aid

of the government or of any program or activity of the government,

state, local, or national, or to any other form of activity directed

toward the improvement and happiness of man or society.
Okla. Stat. tit. 60, § 60-132 — OK Code / Title 60 / Section 60-132
Former uses confirmed
Status: in_force

Every estate which is now held as a use, executed under any

former statute of this state, is confirmed as a legal estate.
Okla. Stat. tit. 60, § 60-1609.2 — OK Code / Title 60 / Section 60-1609.2
Damages in absence of breach
Status: in_force

A. A trustee is accountable to an affected beneficiary for any

profit made by the trustee arising from the administration of the

trust, even absent a breach of trust.

B. Absent a breach of trust, a trustee is not liable to a

beneficiary for a loss or depreciation in the value of trust

property or for not having made a profit.
Okla. Stat. tit. 60, § 60-175.17 — OK Code / Title 60 / Section 60-175.17
Cotrustees - Powers and liabilities
Status: in_force

Unless it is otherwise provided by the trust instrument, or an

amendment thereof, or by court order:

A. Any power vested in three or more trustees may be exercised

by a majority of the trustees; but no trustee who has not joined in

exercising a power shall be liable to the beneficiaries or to others

for the consequences of the exercise, nor shall a dissenting trustee

be liable for the consequences of an act in which the trustee joins

at the direction of the majority trustees, if the trustee expressed

his dissent in writing to any of the cotrustees at or before the

time of the joinder.

B. Where two or more trustees are appointed by will or a

voluntary trust to execute a trust and one or more of them die, the

survivor may execute the trust and may exercise the discretionary

powers given to the trustees jointly, unless the terms of the will

or agreement express a contrary opinion.

C. Any cotrustee may give a power of attorney to another

trustee or authorize a cotrustee to perform any act in the

administration of the trust, but the trustee giving a power of

attorney or authorizing an act to be performed by the cotrustee

shall have the same liability and responsibility as if the trustee

had performed the act done pursuant to the authorization.

D. Nothing in this section shall excuse a cotrustee from

liability for inactivity in the administration of the trust, nor for

failure to attempt to prevent a breach of trust.

E. Where two or more trustees, none of whom is the settlor,

have the power as trustees to make discretionary distributions of

either principal or income to or for the benefit of one of them, the

trustee beneficiary may only make such discretionary distributions

which provide for the health, education, or maintenance of the

trustee beneficiary or to support the trustee beneficiary in an

Oklahoma Statutes - Title 60. Property Page 56

accustomed manner of living. The provisions of this subsection

shall apply to any trust created under a document executed on or

before the effective date of this act unless:

1. The trust is revocable or amendable and the settlor revokes

or amends the trust at any time to provide otherwise; or

2. The trust is irrevocable and all parties in interest elect

affirmatively not to be subject to this subsection. Such election

must be made on or before the later of three (3) years after the

effective date of this act, or three (3) years after the date on

which the trust becomes irrevocable.
Okla. Stat. tit. 60, § 60-1318 — OK Code / Title 60 / Section 60-1318
Avoidance of qualified disposition — Extent — Qualified person lien rights — Beneficiary
Status: in_force

Oklahoma Statutes - Title 60. Property Page 13person lien rights — Beneficiary rights.

A qualified disposition is avoided only to the extent necessary

to satisfy the transferor's debt to the creditor at whose insistence

the disposition had been avoided, together with such costs,

including attorney fees, as the court may allow. If any qualified

disposition is avoided as provided in this section, then:

1. If the court is satisfied that a qualified person has not

acted in bad faith in accepting or administering the property that

is the subject of the qualified disposition:

a. such qualified person has a first and paramount lien

against the property that is the subject of the

qualified disposition in an amount equal to the entire

cost, including attorney fees, properly incurred by

such qualified person in the defense of the action or

proceedings to avoid the qualified disposition. It is

presumed that such qualified person did not act in bad

faith merely by accepting such property, and

b. the qualified disposition is avoided subject to the

proper fees, costs, preexisting rights, claims, and

interests of such qualified person, and of any

predecessor qualified person that has not acted in bad

faith; and

2. If the court is satisfied that a beneficiary of a trust has

not acted in bad faith, the avoidance of the qualified disposition

is subject to the right of such beneficiary to retain any

distribution made upon the exercise of a trust power or discretion

vested in the qualified person or qualified persons of such trust,

which power or discretion was properly exercised prior to the

creditor's commencement of an action to avoid the qualified

disposition. It is presumed that the beneficiary, including a

beneficiary who is also a transferor of the trust, did not act in

bad faith merely by creating the trust or by accepting a

distribution made in accordance with the terms of the trust.
Okla. Stat. tit. 60, § 60-1608.2 — OK Code / Title 60 / Section 60-1608.2
Duty of loyalty
Status: in_force

A. A trustee shall administer the trust solely in the interests

of the beneficiaries.

B. Subject to the rights of persons dealing with or assisting

the trustee as provided in subsection I of Section 175.57 of Title

60 of the Oklahoma Statutes, a sale, encumbrance, or other

transaction involving the investment or management of trust property

entered into by the trustee for the trustee's own personal account

or which is otherwise affected by a conflict between the trustee's

fiduciary and personal interests is voidable by a beneficiary

affected by the transaction unless:

1. The transaction was authorized by the terms of the trust;

2. The transaction was approved by the court;

3. The beneficiary did not commence a judicial proceeding

within the time allowed by subsection E of Section 175.57 of Title

60 of the Oklahoma Statutes;

4. The beneficiary consented to the trustee's conduct, ratified

the transaction, or released the trustee in compliance with

subsection G of Section 175.57 of Title 60 of the Oklahoma Statutes;

or

5. The transaction involves a contract entered into or claim

acquired by the trustee before the person became or contemplated

becoming trustee.

C. A sale, encumbrance, or other transaction involving the

investment or management of trust property is presumed to be

affected by a conflict between personal and fiduciary interests if

it is entered into by the trustee with:

1. The trustee's spouse;

2. The trustee's descendants, siblings, parents, or their

spouses;

3. An agent or attorney of the trustee; or

4. A corporation or other person or enterprise in which the

trustee, or a person that owns a significant interest in the

trustee, has an interest that might affect the trustee's best

judgment.

D. A transaction between a trustee and a beneficiary that does

not concern trust property but that occurs during the existence of

the trust or while the trustee retains significant influence over

the beneficiary and from which the trustee obtains an advantage is

voidable by the beneficiary unless the trustee establishes that the

transaction was fair to the beneficiary.

E. A transaction not concerning trust property in which the

trustee engages in the trustee's individual capacity involves a

conflict between personal and fiduciary interests if the transaction

concerns an opportunity properly belonging to the trust.

Oklahoma Statutes - Title 60. Property Page 316

F. An investment by a trustee in securities of an investment

company or investment trust to which the trustee, or its affiliate,

provides services in a capacity other than as trustee is not

presumed to be affected by a conflict between personal and fiduciary

interests if the investment otherwise complies with the prudent

investor rule of the Oklahoma Uniform Prudent Investor Act. In

addition to its compensation for acting as trustee, the trustee may

be compensated by the investment company or investment trust for

providing those services out of fees charged to the trust. If the

trustee receives compensation from the investment company or

investment trust for providing investment advisory or investment

management services, the trustee must at least annually notify the

persons entitled under Section 60 of this act to receive a copy of

the trustee's annual report of the rate and method by which that

compensation was determined.

G. In voting shares of stock or in exercising powers of control

over similar interests in other forms of enterprise, the trustee

shall act in the best interests of the beneficiaries. If the trust

is the sole owner of a corporation or other form of enterprise, the

trustee shall elect or appoint directors or other managers who will

manage the corporation or enterprise in the best interests of the

beneficiaries.

H. This section does not preclude the following transactions,

if fair to the beneficiaries:

1. An agreement between a trustee and a beneficiary relating to

the appointment or compensation of the trustee;

2. Payment of reasonable compensation to the trustee;

3. A transaction between a trust and another trust, decedent's

estate, or conservatorship of which the trustee is a fiduciary or in

which a beneficiary has an interest;

4. A deposit of trust money in a regulated financial service

institution operated by the trustee; or

5. An advance by the trustee of money for the protection of the

trust.

I. The court may appoint a special fiduciary to make a decision

with respect to any proposed transaction that might violate this

section if entered into by the trustee.
Okla. Stat. tit. 60, § 60-672 — OK Code / Title 60 / Section 60-672
Investment of reserve fund
Status: in_force

Oklahoma Statutes - Title 60. Property Page 224

The State Treasurer shall have the care, custody, and management

of the reserve fund, and may invest it, at the best realizable rate,

in accordance with the investment policies of the State Treasurer

and the provisions of state law governing the investment of public

funds of the State of Oklahoma. The income from such investments

shall be paid into the State Treasury to the credit of the General

Revenue Fund.
Okla. Stat. tit. 60, § 60-1604.14 — OK Code / Title 60 / Section 60-1604.14
Reformation to correct mistakes
Status: in_force

The court may reform the terms of a trust, even if unambiguous,

to conform the terms to the settlor's intention if it is proved by

clear and convincing evidence what the settlor's intention was and

that the terms of the trust were affected by a mistake of fact or

law, whether in expression or inducement.
Okla. Stat. tit. 60, § 60-851 — OK Code / Title 60 / Section 60-851
Nature of developments
Status: in_force

The term "real estate development" shall include developments:

1. Which consist or will consist of separately owned lots,

parcels or areas with either or both of the following features:

a. One or more additional contiguous or noncontiguous

lots, parcels or areas owned in common by the owners

of the separately owned lots, parcels or areas.

b. Mutual, common or reciprocal interests in or

restrictions upon, all or portions of such separately

owned lots, parcels or areas, or both.

2. The estate in a separately or commonly owned lot, parcel or

area may be an estate of inheritance, estate in fee, an estate for

life, or an estate for years.

Either common ownership of the additional contiguous or

noncontiguous lots, parcels or areas referred to in subparagraph a.

of paragraph 1. above, or the enjoyment of the mutual, common or

reciprocal interests in, or restrictions upon the separately owned

lots, parcels or areas pursuant to subparagraph b. of paragraph 1.

above, or both, may be through ownership of shares of stock or

membership in an owners association or otherwise.
Okla. Stat. tit. 60, § 60-1501 — OK Code / Title 60 / Section 60-1501
Short title — Oklahoma Uniform Easement Relocation Act of
Status: in_force

2025.

This act shall be known and may be cited as the "Oklahoma

Uniform Easement Relocation Act of 2025".
Okla. Stat. tit. 60, § 60-179 — OK Code / Title 60 / Section 60-179
Status of trustee - Liability for acts
Status: in_force

The trustee, or trustees, under such an instrument or will shall

be an agency of the state and the regularly constituted authority of

the beneficiary for the performance of the functions for which the

trust shall have been created. No trustee or beneficiary shall be

charged personally with any liability whatsoever by reason of any

act or omission committed or suffered in the performance of such

trust or in the operation of the trust property; but any act,

liability for any omission or obligation of a trustee or trustees,

in the execution of such trust, or in the operation of the trust

property, shall extend to the whole of the trust estate, or so much

thereof as may be necessary to discharge such liability or

obligation, and not otherwise.
Okla. Stat. tit. 60, § 60-43 — OK Code / Title 60 / Section 60-43
Future estate after unexecuted power
Status: in_force

A general or special power of appointment does not prevent the

vesting of a future estate, limited to take effect in case such

power is not executed.

Oklahoma Statutes - Title 60. Property Page 20
Okla. Stat. tit. 60, § 60-175 — OK Code / Title 60 / Section 60-175
Trust for benefit of spouse revoked upon death of maker -
Status: in_force

Annulment or divorce - Exemptions.

A. If, after making an express trust, the trustor is divorced,

all provisions in such express trust in favor of the trustor's

former spouse, which are to take effect upon the death of the

trustor, are thereby revoked. Annulment of the trustor's marriage

shall have the same effect as a divorce. In the event of either

divorce or annulment, the trustor's former spouse shall be treated

for all purposes under the express trust, as having predeceased the

trustor. For purposes of this section, "express trust" shall

include a "Totten Trust" as described in Section 902 of Title 6 of

the Oklahoma Statutes and shall not include a "business trust".

B. Subsection A of this section shall not apply:

1. If the decree of divorce or annulment is vacated;

2. If the trustor had remarried said former spouse and was

married to said spouse at the time of the trustor's death;

3. If the decree of divorce or annulment contains a provision

expressing an intention contrary to subsection A of this section;

4. If the trustor makes the express trust subsequent to the

divorce or annulment;

5. To the extent, if any, the express trust contains a

provision expressing an intention contrary to subsection A of this

section; or

6. If prior to the death of the trustor and subsequent to the

divorce or annulment, the trustor executes an amendment to said

express trust which is not revoked or held invalid.

C. This section shall apply to any express trust, the trustor

of which dies on or after November 1, 1987.
Okla. Stat. tit. 60, § 60-347 — OK Code / Title 60 / Section 60-347
Use without owner's consent
Status: in_force

The foregoing sections of this article are not applicable to

cases in which one willfully uses the materials of another without

his consent; but, in such cases, the product belongs to the owner of

the material, if its identity can be traced.
Okla. Stat. tit. 60, § 60-1319 — OK Code / Title 60 / Section 60-1319
Discretionary interests
Status: in_force

A. The following provisions apply only to discretionary

interests:

1. A discretionary interest is neither a property interest nor

an enforceable right. It is a mere expectancy;

Oklahoma Statutes - Title 60. Property Page 285

2. No creditor may force a distribution with regard to a

discretionary interest. No creditor may require the trustee to

exercise the trustee's discretion to make a distribution with regard

to a discretionary interest; and

3. A court may review a trustee's distribution discretion only

if the trustee:

a. acts dishonestly,

b. acts with an improper motive, or

c. fails, if under a duty to do so, to act.

B. A reasonableness standard may not be applied to the exercise

of discretion by the trustee with regard to a discretionary

interest. Other than for the circumstances listed in this section,

a court has no jurisdiction to review the trustee's discretion or to

force a distribution.

C. Absent express language to the contrary, in the event that

the distribution language in a discretionary interest permits

unequal distributions between beneficiaries or distributions to the

exclusion of other beneficiaries, the trustee may distribute all of

the accumulated, accrued, or undistributed income and principal to

one beneficiary in the trustee's discretion.

D. Regardless of whether a beneficiary has any outstanding

creditors, a trustee of a discretionary interest may directly pay

any expense on behalf of such beneficiary and may exhaust the income

and principal of the trust for the benefit of such beneficiary. No

trustee is liable to any creditor for paying the expenses of a

beneficiary of a discretionary interest.
Okla. Stat. tit. 60, § 60-805 — OK Code / Title 60 / Section 60-805
Titles, estates, rights and interests as pertaining to
Status: in_force

airspace.

Subject to the limitations relating to wind or solar energy

agreements provided in Section 1 of this act, all forms of titles,

estates, rights and interests which may presently exist or which may

hereafter be created by law or equity or under statutes pertaining

to real property may be legally created, transferred and conveyed in

airspace, whether or not such airspace is contiguous to the surface

of the earth; and the same shall constitute titles, estates, rights

and interests in real property under and subject to the laws

pertaining thereto.

Oklahoma Statutes - Title 60. Property Page 244
Okla. Stat. tit. 60, § 60-300.18 — OK Code / Title 60 / Section 60-300.18
Application to existing institutional funds
Status: in_force

APPLICATION TO EXISTING INSTITUTIONAL FUNDS. The Uniform

Prudent Management of Institutional Funds Act applies to

institutional funds existing on or established after November 1,

2007. As applied to institutional funds existing on November 1,

2007, the Uniform Prudent Management of Institutional Funds Act

governs only decisions made or actions taken on or after that date.
Okla. Stat. tit. 60, § 60-175.65 — OK Code / Title 60 / Section 60-175.65
Loyalty
Status: in_force

Loyalty.

A trustee shall invest and manage the trust assets solely in the

interest of the beneficiaries.
Okla. Stat. tit. 60, § 60-653 — OK Code / Title 60 / Section 60-653
Funds held or owing under life or endowment insurance
Status: in_force

policy or annuity contract.

(a) Funds held or owing under any life or endowment insurance

policy or annuity contract that has matured or terminated are

presumed abandoned if unclaimed for more than five (5) years after

the funds became due and payable as established from the records of

the insurance company holding or owing the funds, but property

described in paragraph (2) of subsection (c) of this section is

presumed abandoned if unclaimed for more than two (2) years.

(b) If a person other than the insured or annuitant is entitled

to the funds and an address of the person is not known to the

company or it is not definite and certain from the records who is

entitled to the funds, it is presumed that the last-known address of

the person entitled to the funds is the same as the last-known

address of the insured or annuitant according to the records of the

company.

(c) For purposes of this act, a life or endowment insurance

policy or annuity contract not matured by actual proof of death of

the insured according to the records of the company is matured and

the proceeds due and payable if:

(1) the company knows that the insured or annuitant has

died; or

(2) (A) the insured has attained, or would have attained

if he were living, the limiting age under the

mortality table on which the reserve is based;

(B) the policy was in force at the time the insured

attained, or would have attained, the limiting

age specified in subparagraph (A) of this

paragraph; and

(C) neither the insured nor any person appearing to

have an interest in the policy within the

preceding two (2) years, according to the records

of the company, has assigned, readjusted, or paid

premiums on the policy, subjected the policy to

loan, or corresponded in writing with the company

concerning the policy, or otherwise indicated an

interest as evidenced by a memorandum or other

Oklahoma Statutes - Title 60. Property Page 203

record on file prepared by an employee of the

company.

(d) For purposes of this act, the application of an automatic

premium loan provision or other nonforfeiture provisions contained

in an insurance policy does not prevent a policy from being matured

or terminated under subsection (a) of this section if the insured

has died or the insured or the beneficiary of the policy otherwise

has become entitled to the proceeds thereof before the depletion of

the cash surrender value of a policy by the application of those

provisions.

(e) If the laws of this state or the terms of the life

insurance policy require the company to give notice to the insured

or the owner that an automatic premium loan provision or other

nonforfeiture provision has been exercised and the notice, given to

an insured or owner whose last-known address according to the

records of the company is in this state, is undeliverable, the

company shall make a reasonable search to ascertain the

policyholder's correct address to which the notice must be mailed.

(f) Notwithstanding any other provision of law, if the company

learns of the death of the insured or annuitant and the beneficiary

has not communicated with the insurer within four (4) months after

the death, the company shall take reasonable steps to pay the

proceeds to the beneficiary.

(g) Every change of beneficiary form issued by an insurance

company under any life or endowment insurance policy or annuity

contract to an insured or owner who is a resident of the state shall

include, but not be limited to:

(1) the name of each beneficiary, or if a class of

beneficiaries is named, the name of each current

beneficiary in the class;

(2) the address of each beneficiary;

(3) the relationship of each beneficiary to the insured;

(h) With respect to any funds held or owing under any life or

endowment insurance policy or annuity contract presumed abandoned

pursuant to this section or property distributable in the course of

a demutualization or reorganization of an insurance company pursuant

to Section 653.1 of this title, the insurance company holding or

owing such funds shall provide any information reasonably requested

by the State Treasurer, if such information is reasonably available,

to assist the State Treasurer in its consideration of a claim

pursuant to Section 675 of this title.
Okla. Stat. tit. 60, § 60-175.406 — OK Code / Title 60 / Section 60-175.406
Obligation to pay money
Status: in_force

OBLIGATION TO PAY MONEY

A. An amount received as interest, whether determined at a

fixed, variable, or floating rate, on an obligation to pay money to

the trustee, including an amount received as consideration for

prepaying principal, must be allocated to income without any

provision for amortization of premium.

B. A trustee shall allocate to principal an amount received

from the sale, redemption, or other disposition of an obligation to

pay money to the trustee more than one year after it is purchased or

acquired by the trustee, including an obligation the purchase price

or value of which when it is acquired is less than its value at

maturity. If the obligation matures within one (1) year after it is

purchased or acquired by the trustee, an amount received in excess

of its purchase price or its value when acquired by the trust must

be allocated to income.

C. This section does not apply to obligations to which Section

18, 19, 20, 21, 23, or 24 of this act applies.
Okla. Stat. tit. 60, § 60-175.11a — OK Code / Title 60 / Section 60-175.11a
Trust powers
Status: in_force

A national banking association, a credit union, a state-

chartered corporation, including a state-chartered bank or trust

company, or a state or federal savings and loan association that has

the right to exercise trust powers and that is serving as trustee,

may:

1. Employ an affiliate or division within a financial

institution to provide brokerage, investment, administrative,

custodial, or other account services for the trust and charge the

trust for the services; and

2. Receive compensation, directly or indirectly, for the

services performed by the affiliate or division within the financial

institution, whether in the form of shared commissions, fees, or

otherwise, provided that any amount charged by the affiliate or

division for the services is disclosed and does not exceed the

customary or prevailing amount that is charged by the affiliate or

division, or a comparable entity, for comparable services rendered

to a person other than the trust.
Okla. Stat. tit. 60, § 60-175.64 — OK Code / Title 60 / Section 60-175.64
Duties at inception of trusteeship
Status: in_force

Duties at Inception of Trusteeship.

Within a reasonable time after accepting a trusteeship or

receiving trust assets, a trustee shall review the trust assets and

make and implement decisions concerning the retention and

disposition of assets, in order to bring the trust portfolio into

compliance with the purposes, terms, distribution requirements, and

other circumstances of the trust and with the requirements of the

Oklahoma Uniform Prudent Investor Act.
Okla. Stat. tit. 60, § 60-39 — OK Code / Title 60 / Section 60-39
Estate for life limited as remainder
Status: in_force

No estate for life can be limited as a remainder on a term of

years, except to a person in being at the creation of such estate.
Okla. Stat. tit. 60, § 60-337 — OK Code / Title 60 / Section 60-337
Islands in navigable streams
Status: in_force

Islands and accumulations of land formed in the beds of streams

which are navigable, belong to the State, if there is no title or

prescription to the contrary.
Okla. Stat. tit. 60, § 60-124 — OK Code / Title 60 / Section 60-124
Foreclosure of alien lands — Conveyance — Exception
Status: in_force

Any alien who shall hereafter hold lands in this state in

contravention of the provisions of this article, may nevertheless

convey the fee simple title thereof at any time before the

institution of foreclosure proceedings as hereinafter provided.

Provided, however, that if any such conveyance shall be made by such

alien either to an alien or a citizen of the United States in trust,

and for the purpose and with the intention of evading the provisions

of this article, or the provisions of the Constitution of this

state, such conveyance shall be null and void, and any such lands so

conveyed shall be forfeited and absolutely foreclosed upon.

R.L. 1910, § 6649. Added by Laws 2024, c. 373, § 2, eff. Nov. 1,

2024.
Okla. Stat. tit. 60, § 60-313 — OK Code / Title 60 / Section 60-313
Thing in action may be transferred
Status: in_force

A thing in action, arising out of the violation of a right of

property, or out of an obligation, may be transferred by the owner.

Upon the death of the owner, it passes to his personal

representatives, except where, in the case provided by law, it

passes to his devisees or successors in office.
Okla. Stat. tit. 60, § 60-1003 — OK Code / Title 60 / Section 60-1003
Plane coordinates as supplement to Oklahoma base lines
Status: in_force

and meridians.

For purposes of describing the location of any survey station or

land boundary corner in the State of Oklahoma, a plane coordinate

may be used to supplement but not to change the position of a land

boundary corner or land description as created by the Oklahoma base

lines and meridians.

Oklahoma Statutes - Title 60. Property Page 265
Okla. Stat. tit. 60, § 60-72 — OK Code / Title 60 / Section 60-72
Trustee may make oil and gas leases and other mining
Status: in_force

leases.

Said trustee shall have the power and authority to make valid

oil and gas leases and other mining leases, upon said lands, for a

term not to exceed ten (10) years, and as long thereafter as oil,

Oklahoma Statutes - Title 60. Property Page 36

gas or other minerals may be produced in paying quantities, said

leases to be executed and approved under the same procedure now

followed in leasing lands for oil and gas purposes in guardianships

and estates, the bonus and rentals therefrom to be paid to the life

tenant or other person entitled thereto.
Okla. Stat. tit. 60, § 60-343 — OK Code / Title 60 / Section 60-343
Principal part, how determined
Status: in_force

If neither part can be considered the principal, within the

rules prescribed by the last section, the more valuable, or if the

values are nearly equal, the more considerable in bulk, is to be

deemed the principal part.
Okla. Stat. tit. 60, § 60-51 — OK Code / Title 60 / Section 60-51
Dominant and servient tenements
Status: in_force

The land to which an easement is attached is called the dominant

tenement; the land upon which a burden or servitude is laid is

called the servient tenement. R.L. 1910 Sec. 6625.
Okla. Stat. tit. 60, § 60-177.4 — OK Code / Title 60 / Section 60-177.4
Endorsement of short-term cash management program by
Status: in_force

corporation, partnership and other entity deriving income from

public funds - Revocation or forfeiture of certificate.

Corporations, partnerships and other entities which derive

income from public funds shall be prohibited from endorsing any

short-term cash management program, as defined by Section 177.2 of

Title 60 of the Oklahoma Statutes, and receiving any compensation

for the endorsement thereof. Any corporation or partnership which

violates the provisions of this section may have the certificate of

incorporation or certificate of partnership of the entity revoked or

forfeited pursuant to law. The provisions of this section shall not

prohibit a corporation, partnership or other entity which renders

professional services to a school district or county pursuant to a

short-term cash management program from receiving compensation for

the services.
Okla. Stat. tit. 60, § 60-364 — OK Code / Title 60 / Section 60-364
Oath of office
Status: in_force

Before entering upon the duties of his office the conservator

shall take and subscribe an oath, before some officer authorized to

Oklahoma Statutes - Title 60. Property Page 172

administer oaths, that he will perform, according to law, the duties

of conservator which oath shall be attached to and filed with the

order appointing him.
Okla. Stat. tit. 60, § 60-177.1 — OK Code / Title 60 / Section 60-177.1
Limitation upon engaging in activity other than
Status: in_force

expressly authorized.

That no public trust shall engage in any activity or transaction

that is not expressly authorized in the instruments or articles

prescribing its creation except by express consent of the

governmental agency or governmental entity that created said public

trust. However, a public trust with a county as the beneficiary and

created for purposes of providing affordable housing may engage in

the activity related to the conveyance of real property to nonprofit

organizations for the purpose of affordable housing as may be

provided by law.
Okla. Stat. tit. 60, § 60-121 — OK Code / Title 60 / Section 60-121
Alien or foreign government adversary may not hold land —
Status: in_force

Ownership of personalty.

A. As used in Sections 121 through 127 of this title:

1. “Deed” means any instrument in writing whereby land is

assigned, transferred, or otherwise conveyed to, or vested in, the

person coming into title or, at his or her direction, any other

person;

2. “Foreign government adversary” means a government other than

the federal government of the United States, the government of any

state, political subdivision of the state, tribe, territory, or

possession of the United States and designated by the United States

Secretary of State as hostile or a Country of Particular Concern

(CPC);

3. “Foreign government enterprise” means a business entity,

sovereign wealth fund, or state-backed investment fund in which a

foreign government adversary holds a controlling interest;

4. “Foreign government entity” means a government other than

the federal government of the United States, the government of any

state, political subdivision of the state, tribe, territory, or

possession of the United States; and

5. “Land” means the same as defined in Section 6 of this title,

but shall not include oil, gas, other minerals, or any interest

therein.

B. No alien or any person who is not a citizen of the United

States or foreign government adversary shall acquire title to or own

land in this state either directly or indirectly through a business

entity, trust, or foreign government enterprise, except as

hereinafter provided, but they shall have and enjoy in this state

such rights as to personal property as are, or shall be, accorded a

citizen of the United States under the laws of the nation to which

such alien belongs, or by the treaties of such nation with the

United States, except as the same may be affected by the provisions

of Section 121 et seq. of this title or the Constitution of this

state. Provided, however, the requirements of this subsection shall

not apply to a business entity that is engaged in regulated

interstate commerce or has a national security agreement with the

Committee on Foreign Investment in the United States (CFIUS) in

accordance with federal law.

C. On or after November 1, 2023, any deed recorded with a

county clerk shall include as an exhibit to the deed an affidavit

executed by the person, the person’s attorney-in-fact, a court-

appointed guardian or personal representative, an authorized officer

of the entity, or trustee of the trust coming into title attesting

Oklahoma Statutes - Title 60. Property Page 39

that the person, business entity, or trust is obtaining the land in

compliance with the requirements of this section and that no funding

source is being used in the sale or transfer in violation of this

section or any other state or federal law. A county clerk shall not

accept and record any deed without an affidavit as required by this

section which is duly notarized pursuant to Title 49 of the Oklahoma

Statutes. The requirements of this subsection shall not apply to a:

1. Deed which, without additional consideration, confirms,

corrects, modifies, or supplements a deed previously recorded;

2. Deed made by a grantor to cure a defect in title or

effectuate a disclaimer of interest in real property;

3. Transfer-on-death deed made by a grantor designating a

grantee beneficiary pursuant to the Nontestamentary Transfer of

Property Act, Section 1251 et seq. of Title 58 of the Oklahoma

Statutes;

4. State or federal court order in an action to quiet title or

to cure a defect in title;

5. State or federal court order or decree in probate,

partition, quiet title, and divorce actions;

6. Deed which secures a debt or other obligation, or which

releases such property as security for a debt or other obligation;

7. Deed of dedication to the public; or

8. Deed in favor of the United States or any of its political

subdivisions, a state or any of its political subdivisions, or a

tribe.

The applicable exemption shall be shown on the face of the deed

prior to the recording of the deed and no affidavit shall be

required.

D. The Attorney General shall promulgate a separate affidavit

form for individuals and for business entities or trusts to comply

with the requirements of this section. The Attorney General may

establish additional exemptions which the Attorney General deems

necessary to substantially comply with the requirements of this

section. The county clerk may accept an affidavit in substantial

compliance with the affidavit form promulgated by the Attorney

General.

R.L. 1910, § 6646. Amended by Laws 2023, c. 327, § 1, eff. Nov. 1,

2023; Laws 2024, c. 373, § 1, eff. Nov. 1, 2024.
Okla. Stat. tit. 60, § 60-812 — OK Code / Title 60 / Section 60-812
Sale of unneeded airspace or real property
Status: in_force

Any governmental authority, agency or instrumentality which

holds right, title, interest or estate in airspace or in other real

property which is not needed for a public purpose or for public use

may sell, convey or transfer the right, title, interest or estate

owned by it, or any lesser right, title, interest or estate, to such

persons as the laws of this state permit at public or private sale

for not less than seventy-five percent (75%) of the appraised value

thereof, as established by two or more disinterested, qualified

appraisers. Along with transfers of unneeded airspace or real

property, or right, title, interest or estate therein, the

transferor may also grant or transfer easements or other rights and

interests in retained airspace and real property which may be

required to provide access to or support of structures erected in

the transferred airspace or property.
Okla. Stat. tit. 60, § 60-681 — OK Code / Title 60 / Section 60-681
Promulgation of rules – Continuation of rules in effect
Status: in_force

The State Treasurer may promulgate necessary rules to carry out

the provisions of the Uniform Unclaimed Property Act. Promulgation

of any rules shall be in accordance with the Administrative

Procedures Act. Any administrative rules of the Oklahoma Tax

Commission which are in effect on the date the responsibilities of

the Uniform Unclaimed Property Act are transferred to the State

Treasurer pursuant to the provisions of subsection D of Section 1 of

this act. All powers and duties of the Oklahoma Tax Commission or

references to the Oklahoma Tax Commission within such rules shall be

deemed to be powers and duties of the State Treasurer or references

to the State Treasurer.
Okla. Stat. tit. 60, § 60-175.504 — OK Code / Title 60 / Section 60-175.504
Transfers from income to reimburse principal
Status: in_force

TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL

A. If a trustee makes or expects to make a principal

disbursement described in this section, the trustee may transfer an

appropriate amount from income to principal in one or more

accounting periods to reimburse principal or to provide a reserve

for future principal disbursements.

B. Principal disbursements to which subsection A of this

section applies include the following, but only to the extent that

the trustee has not been and does not expect to be reimbursed by a

third party:

1. An amount chargeable to income but paid from principal

because it is unusually large, including extraordinary repairs;

2. A capital improvement to a principal asset, whether in the

form of changes to an existing asset or the construction of a new

asset, including special assessments;

3. Disbursements made to prepare property for rental, including

tenant allowances, leasehold improvements, and broker's commissions;

Oklahoma Statutes - Title 60. Property Page 105

4. Periodic payments on an obligation secured by a principal

asset to the extent that the amount transferred from income to

principal for depreciation is less than the periodic payments; and

5. Disbursements described in paragraph 7 of subsection A of

Section 26 of this act.

C. If the asset whose ownership gives rise to the disbursements

becomes subject to a successive income interest after an income

interest ends, a trustee may continue to transfer amounts from

income to principal as provided in subsection A of this section.
Okla. Stat. tit. 60, § 60-175.415 — OK Code / Title 60 / Section 60-175.415
Asset-backed securities
Status: in_force

ASSET-BACKED SECURITIES

A. In this section, "asset-backed security" means an asset

whose value is based upon the right it gives the owner to receive

distributions from the proceeds of financial assets that provide

collateral for the security. The term includes an asset that gives

the owner the right to receive from the collateral financial assets

only the interest or other current return or only the proceeds other

than interest or current return. The term does not include an asset

to which Section 10 or 18 of this act applies.

B. If a trust receives a payment from interest or other current

return and from other proceeds of the collateral financial assets,

the trustee shall allocate to income the portion of the payment

which the payer identifies as being from interest or other current

return and shall allocate the balance of the payment to principal.

C. If a trust receives one or more payments in exchange for the

trust's entire interest in an asset-backed security in one

accounting period, the trustee shall allocate the payments to

principal. If a payment is one of a series of payments that will

result in the liquidation of the trust's interest in the security

over more than one accounting period, the trustee shall allocate ten

percent (10%) of the payment to income and the balance to principal.
Okla. Stat. tit. 60, § 60-1608.3 — OK Code / Title 60 / Section 60-1608.3
Impartiality
Status: in_force

If a trust has two or more beneficiaries, the trustee shall act

impartially in investing, managing, and distributing the trust

property, giving due regard to the beneficiaries' respective

interests.
Okla. Stat. tit. 60, § 60-164 — OK Code / Title 60 / Section 60-164
Trust as furtherance of public function
Status: in_force

The uses and purposes of the said Oklahoma Ordinance Works

Authority Trust are hereby declared to be in furtherance of a public

function and purpose and vital to the public welfare of the people

of Oklahoma, and all actions heretofore taken by said authority are

hereby in all respects approved and ratified.
Okla. Stat. tit. 60, § 60-333 — OK Code / Title 60 / Section 60-333
Prescription, title by
Status: in_force

Occupancy for the period prescribed by civil procedure, or any

law of this state as sufficient to bar an action for the recovery of

the property, confers a title thereto, denominated a title by

prescription, which is sufficient against all.
Okla. Stat. tit. 60, § 60-863 — OK Code / Title 60 / Section 60-863
Establishment of group home - Procedure
Status: in_force

Oklahoma Statutes - Title 60. Property Page 260

A. 1. a. A group home is a residential use of property for the

purposes of zoning and shall be treated as a permitted

use in all residential zones or districts, including

all single-family residential zones or districts of

all political subdivisions of this state. No

political subdivision may require that a group home,

its owner, or operator obtain a conditional use

permit, special use permit, special exception, or

variance different from those required for other

dwellings of similar density in the same zone;

provided, however, prior to the establishment of a

group home in any residential area within a political

subdivision, the owner of such home shall file with

the political subdivision an application for the

establishment of such group home in such residential

area. The political subdivision shall provide for

notice to be given to all affected real property

owners. The notice shall contain a legal description

of the property and the street address or approximate

location of the group home.

b. For the purposes of this section, the term "affected

real property owners" shall mean all owners of real

property which is located within three hundred (300)

feet of the exterior boundary of the property on which

the group home is to be located. The political

subdivision may deny the application if the owner of

the group home fails to obtain a license from the

Department of Human Services or if the group home

fails to comply with the spacing requirements of

subsection B of this section.

2. After the initial approval process, the political

subdivision shall have the right to require a rezoning application,

special exception, or variance filing and a public hearing, if such

procedures are normally required for any other similar use in the

zoning district.

B. 1. Any rules promulgated by the State Board of Health for

purposes of implementing the Community Residential Living for

Persons with Developmental or Physical Disabilities Act shall remain

in effect until such rules are superseded by rules promulgated by

the Commission for Human Services, pursuant to this section. At

such time, rules promulgated by the State Board of Health shall

terminate.

2. For the purposes of safeguarding the health and safety of

persons with developmental or physical disabilities and avoiding an

over-concentration of group homes, either along or in conjunction

with similar community-based residences, within one hundred eighty

(180) days of the effective date of the Community Residential Living

Oklahoma Statutes - Title 60. Property Page 261

for Persons with Developmental or Physical Disabilities Act, the

Commission for Human Services shall promulgate rules which shall

encompass the following matters:

a. limitations on the number of new group homes to be

permitted on blocks, block faces, and other

appropriate geographic areas, to one thousand two

hundred (1,200) feet between group homes, or similar

community residential facilities serving persons in

drug, alcohol, juvenile, child, parole, and other

programs of treatment, care, supervision, or

rehabilitation in a community setting; provided,

however, this provision shall not apply to group homes

located outside of the corporate limits of a

municipality,

b. assurance that adequate arrangements are made for the

residents of group homes to receive such care and

habilitation as is necessary and appropriate to their

needs and to further their progress towards

independent living,

c. protection of the health and safety of the residents

of group homes. Compliance with these rules shall not

relieve the operator of any group home of the

obligation to comply with the requirements or

standards of a political subdivision pertaining to

building, housing, health, fire, safety, and motor

vehicle parking space that generally apply to single-

family residences in the zoning district. No

requirements for business licenses, gross receipt

taxes, environmental impact studies, or clearances may

be imposed on such homes if such fees, taxes, or

clearances are not imposed on all structures in the

zoning district housing a like number of persons. A

group home shall not be excluded from a single family

zone as a result of requirements promulgated by the

Commission,

d. procedures by which a resident of a residential zoning

district or the governing body of a political

subdivision in which a group home is, or is to be,

located may petition the Department of Human Services

to deny an application for a license to operate a

group home on the grounds that the operation of such a

home would be in violation of the limits established

pursuant to the provisions of subparagraph a of

paragraph 2 of subsection B of this section, and

e. fees for licenses or renewal of licenses required by

this section.

Oklahoma Statutes - Title 60. Property Page 262

C. In order to facilitate the implementation of subparagraph a

of paragraph 2 of subsection B of this section, the Department shall

maintain a list of the location, capacity, and current occupancy of

all group homes. The Department shall ensure that this list shall

not contain the names or other identifiable information about any

residents of such home and that copies of this list shall be

available upon request to any resident of this state and any state

agency or political subdivision.
Okla. Stat. tit. 60, § 60-1210 — OK Code / Title 60 / Section 60-1210
Trustee to provide information to trust director — Trust
Status: in_force

director to provide information to trustee — Liability.

A. Subject to Section 12 of this act, a trustee shall provide

information to a trust director to the extent the information is

reasonably related both to:

1. The powers or duties of the trustee; and

2. The powers or duties of the director.

B. Subject to Section 12 of this act, a trust director shall

provide information to a trustee or another trust director to the

extent the information is reasonably related both to:

1. The powers or duties of the director; and

2. The powers or duties of the trustee or other director.

C. A trustee that acts in reliance on information provided by a

trust director is not liable for a breach of trust to the extent the

breach resulted from the reliance, unless by so acting, the trustee

engages in willful misconduct.

D. A trust director that acts in reliance on information

provided by a trustee or another trust director is not liable for a

breach of trust to the extent the breach resulted from the reliance,

unless by so acting, the trust director engages in willful

misconduct.Oklahoma Statutes - Title 60. Property Page 12
Okla. Stat. tit. 60, § 60-49.19 — OK Code / Title 60 / Section 60-49.19
Duration - Amendment by court action
Status: in_force

DURATION; AMENDMENT BY COURT ACTION.

A. An environmental covenant is perpetual unless it is:

1. By its terms limited to a specific duration or terminated by

the occurrence of a specific event;

2. Terminated by consent pursuant to Section 10 of this act;

3. Terminated pursuant to subsection B of this section;

Oklahoma Statutes - Title 60. Property Page 29

4. Terminated by foreclosure of an interest that has priority

over the environmental covenant; or

5. Terminated or modified in an eminent domain proceeding, but

only if:

a. the agency that signed the covenant is a party to the

proceeding,

b. all persons identified in subsections A and B of

Section 10 of this act are given notice of the

pendency of the proceeding, and

c. the court determines, after hearing, that the

termination or modification will not adversely affect

human health or the environment.

B. If the agency that signed an environmental covenant has

determined that the intended benefits of the covenant can no longer

be realized, a court, under the doctrine of changed circumstances,

in an action in which all persons identified in subsections A and B

of Section 10 of this act have been given notice, may terminate the

covenant or reduce its burden on the real property subject to the

covenant. The agency’s determination or its failure to make a

determination upon request is subject to review pursuant to the

Administrative Procedures Act.

C. Except as otherwise provided in subsections A and B of this

section, an environmental covenant may not be extinguished, limited,

or impaired through issuance of a tax deed, foreclosure of a tax

lien, or application of the doctrine of adverse possession,

prescription, abandonment, waiver, lack of enforcement, or

acquiescence, or a similar doctrine.

D. An environmental covenant may not be extinguished, limited,

or impaired by application of the provisions of Sections 71 through

85 of Title 16 of the Oklahoma Statutes or the Uniform Unclaimed

Property Act.
Okla. Stat. tit. 60, § 60-178.5 — OK Code / Title 60 / Section 60-178.5
Ad valorem taxation
Status: in_force

Those assets of any trust, now being used or engaged in any

activity or function prohibited by Sections 9, 10 and 11 of this

act, and which would be subject to ad valorem taxation if not held

by public trust, shall be subject to ad valorem assessment and

taxation, and no trust created hereafter shall circumvent the

prohibition herein.
Okla. Stat. tit. 60, § 60-385 — OK Code / Title 60 / Section 60-385
Allotment of property - Gift for particular purpose
Status: in_force

Any property involved in any gift, testamentary or otherwise,

given to the State of Oklahoma for a particular purpose or purposes,

as distinguished from public purposes generally, when accepted by

the Governor and delivered to the Office of Management and

Enterprise Services, as provided for in Section 383 of this title,

shall be allotted by said Office of Management and Enterprise

Services to the state institution, department, or agency, or the

state institutions, departments, or agencies, if any, which, under

the applicable statutes, are charged with the performance of the

specific purpose or purposes to which such gift is limited or

dedicated.
Okla. Stat. tit. 60, § 60-176 — OK Code / Title 60 / Section 60-176
Trusts for benefit of state, county or municipality -
Status: in_force

Approval - Expenditures - Conveyance of title to real property used

for airport - Bylaws - Amendments - Indebtedness - Bonds - Contracts

- Eminent domain - Exemptions.

A. Express trusts may be created to issue obligations, enter

into financing arrangements including, but not limited to, lease-

leaseback, sale-leaseback, interest rate swaps, and other similar

transactions and to provide funds for the furtherance and

accomplishment of any authorized and proper public function or

purpose of the state or of any county or municipality or any and all

combinations thereof, in real or personal property, or either or

both, or in any estate or interest in either or both, with the

state, or any county or municipality or any and all combinations

thereof, as the beneficiary thereof by:

1. The express approval of the Legislature and the Governor if

the State of Oklahoma is the beneficiary;

2. The express approval of two-thirds (2/3) of the membership

of the governing body of the beneficiary if a county is a

beneficiary;

3. The express approval of two-thirds (2/3) of the membership

of the governing body of the beneficiary if a municipality is a

beneficiary; or

4. The express approval of two-thirds (2/3) of the membership

of the governing body of each beneficiary in the event a trust has

more than one beneficiary; provided, that no funds of a beneficiary

derived from sources other than the trust property, or the operation

thereof, shall be charged with or expended for the execution of the

trust, except by express action of the legislative authority of the

beneficiary prior to the charging or expending of the funds. The

officers or any other governmental agencies or authorities having

the custody, management, or control of any property, real or

personal or mixed, of the beneficiary of the trust, or of a proposed

trust, which property shall be needful for the execution of the

trust purposes, are authorized and empowered to lease the property

for those purposes, after the acceptance of the beneficial interest

therein by the beneficiary as hereinafter provided.

B. Any trust created pursuant to the provisions of this

section, in whole or in part, may engage in activities outside of

the geographic boundaries of its beneficiary, so long as the

activity provides a benefit to a large class of the public within

Oklahoma Statutes - Title 60. Property Page 118

the beneficiary’s geographic area or lessens the burdens of

government of the beneficiary and which does not solely provide a

benefit by generating administrative fees.

C. A municipality may convey title to real property which is

used for an airport to the trustees of an industrial development

authority trust whose beneficiary is the municipality. The

industrial development authority trust must already have the

custody, management, or control of the real property. The

conveyance must be approved by a majority of the governing body of

the municipality. A conveyance pursuant to this section may be made

only for the sole purpose of allowing the authority to sell the

property for fair market value when the property is to be used for

industrial development purposes. Conveyances made pursuant to this

subsection shall be made subject to any existing reversionary

interest or other restrictions burdening the property and subject to

any reversionary interest or other restriction considered prudent by

the municipality.

D. The trustees of a public trust having the State of Oklahoma

as beneficiary shall make and adopt bylaws for the due and orderly

administration and regulation of the affairs of the public trust.

All bylaws of a public trust having the State of Oklahoma as

beneficiary shall be submitted in writing to the Governor of the

State of Oklahoma. The Governor must approve the proposed bylaws

before they take effect.

E. No public trust in which the State of Oklahoma is the

beneficiary may be amended without a two-thirds (2/3) vote ofof title to real property used for airport - Bylaws - Amendments - Indebtedness - Bonds - Contractsstration and regulation of the affairs of the public trust.

All bylaws of a public trust having the State of Oklahoma as

beneficiary shall be submitted in writing to the Governor of the

State of Oklahoma. The Governor must approve the proposed bylaws

before they take effect.

E. No public trust in which the State of Oklahoma is the

beneficiary may be amended without a two-thirds (2/3) vote of

approval of the trustees of the trust; provided, that any amendment

is subject to the approval of the Governor of the State of Oklahoma.

Any amendments shall be sent to the Governor within fifteen (15)

days of their adoption.

F. No trust in which a county or municipality is the

beneficiary shall hereafter create an indebtedness or obligation

until the indebtedness or obligation has been approved by a two-

thirds (2/3) vote of the governing body of the beneficiary. In the

event a trust has more than one beneficiary, as authorized by this

section, the trust shall not incur an indebtedness or obligation

until the indebtedness or obligation has been approved by a two-

thirds (2/3) vote of the governing body of two-thirds (2/3) of the

beneficiaries of the trust. Provided, however, a municipality with

a governing body consisting of fewer than seven (7) members shall be

required to approve the creation of an indebtedness or obligation

under this subsection by a three-fifths (3/5) vote of the governing

body.

G. All bonds described in subsection F of this section, after

December 1, 1976, except bonds sold to the federal government or any

agency thereof or to any agency of the State of Oklahoma, shall be

awarded to the lowest and best bidder based upon open competitive

Oklahoma Statutes - Title 60. Property Page 119

public offering, advertised at least once a week for two (2)

successive weeks in a newspaper of general circulation in the county

where the principal office of the trust is located prior to the date

on which bids are received and opened; provided, competitive bidding

may be waived on bond issues with the approval of three-fourths

(3/4) of the trustees, unless the trust has fewer than four

trustees, in which case a two-thirds (2/3) approval shall be

required, and a three-fourths (3/4) vote of the governing body of

the beneficiary, unless the beneficiary is a county in which case a

two-thirds (2/3) vote of the members of the governing body shall be

required, or three-fourths (3/4) vote of the governing bodies of

each of the beneficiaries of the trust, unless one of the

beneficiaries is a county in which case a two-thirds (2/3) vote of

the members of the governing body of such county shall be required.

No bonds shall be sold for less than par value, except upon approval

of three-fourths (3/4) of the trustees, unless the beneficiary is a

county in which case a two-thirds (2/3) vote of the members of the

governing body shall be required. In no event shall bonds be sold

for less than sixty-five percent (65%) of par value; provided,

however, in no event shall the original purchaser from the issuer of

any bonds issued by any public trust for any purpose receive

directly or indirectly any fees, compensation, or other remuneration

in excess of four percent (4%) of the price paid for the bonds by

the purchaser of the bonds from the original purchaser; and further

provided, that the average coupon rate thereon shall in no event

exceed fourteen percent (14%) per annum. No public trust shall sell

bonds for less than ninety-six percent (96%) of par value until the

public trust has received from the underwriter or financial advisor

or, in the absence of an underwriter or financial advisor, the

initial purchaser of the bonds, an estimated alternative financing

structure or structures showing the estimated total interest and

principal cost of each alternative. At least one alternative

financing structure shall include bonds sold to the public at par.

Any estimates shall be considered a public record of the public

trust. Bonds, notes, or other evidences of indebtedness issued by

any public trust shall be eligible for purchase by any state banking

association or corporation subject to such limitations as to

investment quality as may be imposed by regulations, rules, or

rulings of the Bank Commissioner.

H. Public trusts created pursuant to this section shall file

annually, with their respective beneficiaries, copies of financial

documents and reports sufficient to demonstrate the fiscal activity

of such trust including, but not limited to, budgets, financial

reports, bond indentures, and audits. Amendments to the adopted

budget shall be approved by the trustees of the public trust and

recorded as such in the official minutes of such trust.

Oklahoma Statutes - Title 60. Property Page 120

I. Public construction contracts as provided in the Public

Competitive Bidding Act of 1974 shall be subject to the Public

Competitive Bidding Act of 1974 and the Fair Pay for Construction

Act, where applicable. The provisions of this subsection shall not

apply to contracts of industrial and cultural trusts.

J. Any public trust created pursuant to the provisions of this

section shall have the power to acquire lands by use of eminent

domain in the same manner and according to the procedures provided

for in Sections 51 through 66 of Title 66 of the Oklahoma Statutes.

Any exercise of the power of eminent domain by a public trust

pursuant to the provisions of this section shall be limited to the

furtherance of public purpose projects involving revenue-producing

utility projects of which the public trust retains ownership;

provided, for public trusts in which the State of Oklahoma is the

beneficiary the exercise of the power of eminent domain may also be

used for public purpose projects involving air transportation.

Revenue-producing utility projects shall be limited to projects for

the transportation, delivery, treatment, or furnishing of water for

domestic purposes or for power including, but not limited to, the

construction of lakes, pipelines, and water treatment plants or for

projects for rail transportation. Any public trust formed pursuant

to this section which has a county as its beneficiary shall have the

power to acquire, by use of eminent domain, any lands located either

inside the county, or contiguous to the county pursuant to the

limitations imposed pursuant to this section.

K. If a roadway owned and maintained by a public trust whose

beneficiary is the State of Oklahoma, which roadway is not within

the corporate limits of any municipality and has been used by the

public for any length of time, and the trust has not dedicated the

roadway for public use by written easement, plat, or similar writing

recorded in the land records of the county clerk of the county in

which the roadway is located, the trust may at any time, by

resolution of its board of trustees, close, reopen, or re-close the

roadway to public use. Such closure shall not leave any property

not owned by the trust without contiguous access to a roadway,

whether a public right-of-way or a roadway owned by the trust. If a

roadway is closed pursuant to this subsection and the right to

reopen the roadway is foreclosed by the district court of the county

where the roadway is located, pursuant to the procedures provided in

Sections 42-111 through 42-115 of Title 11 of the Oklahoma Statutes,

then the closure of such roadway shall be permanent and not subject

to being reopened.

L. Provisions of this section shall not apply to entities

created under Sections 1324.1 through 1324.26 of Title 82 of the

Oklahoma Statutes.

M. Any trust created under Section 176 et seq. of this title,

in whole or in part, to operate, administer, or oversee any county

Oklahoma Statutes - Title 60. Property Page 121

jail facility shall consist of not fewer than five members and

include a county commissioner and the county sheriff, or their

designees, and one member appointed by each of the county

commissioners. The appointed members shall not be elected

officials.
Okla. Stat. tit. 60, § 60-49.5 — OK Code / Title 60 / Section 60-49.5
Validity
Status: in_force

VALIDITY

A conservation easement is valid even though:

1. It is not appurtenant to an interest in real property;

2. It can be or has been assigned to another holder;

3. It is not of a character that has been recognized

traditionally at common law;

4. It imposes a negative burden;

5. It imposes affirmative obligations upon the owner of an

interest in the burdened property or upon the holder;

6. The benefit does not touch or concern real property; or

7. There is no privity of estate or of contract.
Okla. Stat. tit. 60, § 60-175.401 — OK Code / Title 60 / Section 60-175.401
Character of receipts
Status: in_force

CHARACTER OF RECEIPTS

A. In this section, "entity" means a corporation, partnership,

limited liability company, regulated investment company, real estate

investment trust, common trust fund, or any other organization in

which a trustee has an interest other than a trust or estate to

which Section 11 of this act applies, a business or activity to

which Section 12 of this act applies, or an asset-backed security to

which Section 24 of this act applies.

B. Except as otherwise provided in this section, a trustee

shall allocate to income money received from an entity.

C. A trustee shall allocate the following receipts from an

entity to principal:

1. Property other than money;

2. Money received in one distribution or a series of related

distributions in exchange for part or all of a trust's interest in

the entity;

Oklahoma Statutes - Title 60. Property Page 94

3. Money received in total or partial liquidation of the

entity; and

4. Money received from an entity that is a regulated investment

company or a real estate investment trust if the money distributed

is a capital gain dividend for federal income tax purposes.

D. Money is received in partial liquidation:

1. To the extent that the entity, at or near the time of a

distribution, indicates that it is a distribution in partial

liquidation; or

2. If the total amount of money and property received in a

distribution or series of related distributions is greater than

twenty percent (20%) of the entity's gross assets, as shown by the

entity's year-end financial statements immediately preceding the

initial receipt.

E. Money is not received in partial liquidation, nor may it be

taken into account under paragraph 2 of subsection D of this

section, to the extent that it does not exceed the amount of income

tax that a trustee or beneficiary must pay on taxable income of the

entity that distributes the money.

F. A trustee may rely upon a statement made by an entity about

the source or character of a distribution if the statement is made

at or near the time of distribution by the entity's board of

directors or other person or group of persons authorized to exercise

powers to pay money or transfer property comparable to those of a

corporation's board of directors.
Okla. Stat. tit. 60, § 60-175.51 — OK Code / Title 60 / Section 60-175.51
Tax statutes to supersede act
Status: in_force

For the purposes of assessments and collection of taxes by the

State of Oklahoma and its political subdivisions, the statutes of

the State of Oklahoma relating to and governing taxation shall

supersede the provisions of this act.
Okla. Stat. tit. 60, § 60-334 — OK Code / Title 60 / Section 60-334
Fixture may not be moved - Exceptions
Status: in_force

When a person affixes his property to the land of another

without an agreement permitting him to remove it, the thing affixed

belongs to the owner of the land, unless he chooses to require or

permit the former to remove it: Provided, that a tenant may remove

from the demised premises at any time during the continuance of his

term any thing affixed thereto for purpose of trade, manufacture,

ornament or domestic use, if the removal can be effected without

injury to the premises, unless the thing has, by the manner in which

it is affixed, become an integral part of the premises.
Okla. Stat. tit. 60, § 60-175.409 — OK Code / Title 60 / Section 60-175.409
Deferred compensation, annuities, and similar
Status: in_force

payments.

DEFERRED COMPENSATION, ANNUITIES, AND SIMILAR PAYMENTS

A. In this section:

1. “Payment” means a payment that a trustee may receive over a

fixed number of years or during the life of one or more individuals

because of services rendered or property transferred to the payer in

exchange for future payments. The term includes a payment made in

money or property from the payer's general assets or from a separate

fund created by the payer. For purposes of subsections D, E, F, and

G of this section, the term also includes any payment from any

separate fund, regardless of the reason for the payment; and

2. “Separate fund” includes a private or commercial annuity, an

individual retirement account, and a pension, profit-sharing, stock-

bonus, or stock-ownership plan.

Oklahoma Statutes - Title 60. Property Page 98

B. To the extent that a payment is characterized as interest or

a dividend or a payment made in lieu of interest or a dividend, a

trustee shall allocate it to income. The trustee shall allocate to

principal the balance of the payment and any other payment received

in the same accounting period that is not characterized as interest,

a dividend, or an equivalent payment.

C. If no part of a payment is characterized as interest, a

dividend, or an equivalent payment, and all or part of the payment

is required to be made, a trustee shall allocate to income ten

percent (10%) of the part that is required to be made during the

accounting period and the balance to principal. If no part of a

payment is required to be made or the payment received is the entire

amount to which the trustee is entitled, the trustee shall allocate

the entire payment to principal. For purposes of this subsection, a

payment is not "required to be made" to the extent that it is made

because the trustee exercises a right of withdrawal.

D. Except as otherwise provided in subsection E of this

section, subsections F and G of this section apply, and subsections

B and C of this section do not apply in determining the allocation

of a payment made from a separate fund to:

1. A trust to which an election to qualify for a marital

deduction under Section 2056(b)(7) of the Internal Revenue Code of

1986, as amended, has been made; or

2. A trust that qualifies for the marital deduction under

Section 2056(b)(5) of the Internal Revenue Code of 1986, as amended.

E. Subsections D, F, and G of this section do not apply if and

to the extent that the series of payments would, without the

application of subsection D of this section, qualify for the marital

deduction under Section 2056(b)(7)(C) of the Internal Revenue Code

of 1986, as amended.

F. A trustee shall determine the internal income of each

separate fund for the accounting period as if the separate fund were

a trust subject to the Oklahoma Uniform Principal and Income Act.

Upon request of the surviving spouse, the trustee shall demand that

the person administering the separate fund distribute the internal

income to the trust. The trustee shall allocate a payment from the

separate fund to income to the extent of the internal income of the

separate fund and distribute that amount to the surviving spouse.

The trustee shall allocate the balance of the payment to principal.

Upon request of the surviving spouse, the trustee shall allocate

principal to income to the extent the internal income of the

separate fund exceeds payments made from the separate fund to the

trust during the accounting period.

G. If a trustee cannot determine the internal income of a

separate fund but can determine the value of the separate fund, the

internal income of the separate fund shall be an amount of not less

than three percent (3%) or more than four percent (4%) of the fund’s

Oklahoma Statutes - Title 60. Property Page 99

value, as determined annually by the trustee in a manner that

fulfills the trustee's duty of impartiality between the income and

remainder beneficiaries, according to the most recent statement of

value preceding the beginning of the accounting period. If the

trustee can determine neither the internal income of the separate

fund nor the fund’s value, the internal income of the fund is deemed

to equal the product of the interest rate and the present value of

the expected future payments, as determined under Section 7520 of

the Internal Revenue Code of 1986, as amended, for the month

preceding the accounting period for which the computation is made.

H. This section does not apply to a payment to which Section

175.410 of this title applies.
Okla. Stat. tit. 60, § 60-175.505 — OK Code / Title 60 / Section 60-175.505
Income taxes
Status: in_force

INCOME TAXES

A. A tax required to be paid by a trustee based on receipts

allocated to income must be paid from income.

B. A tax required to be paid by a trustee based on receipts

allocated to principal must be paid from principal, even if the tax

is called an income tax by the taxing authority.

C. A tax required to be paid by a trustee on the trust's share

of an entity's taxable income must be paid:

1. From income to the extent that receipts from the entity are

allocated only to income;

2. From principal to the extent that receipts from the entity

are allocated only to principal;

3. Proportionately from principal and income to the extent that

receipts from the entity are allocated to both income and principal;

and

4. From principal to the extent that the tax exceeds the total

receipts from the entity.

D. After applying subsections A through C of this section, the

trustee shall adjust income or principal receipts to the extent that

the trust’s taxes are reduced because the trust receives a deduction

for payments made to a beneficiary.
Okla. Stat. tit. 60, § 60-74.1 — OK Code / Title 60 / Section 60-74.1
Partial invalidity
Status: in_force

The provisions of this act shall be severable and if any

section, subsection, sentence or clause of this act is for any

reason held to be invalid such holding shall not affect the validity

fo the remaining portions thereof.
Okla. Stat. tit. 60, § 60-1403 — OK Code / Title 60 / Section 60-1403
Task Force on Trust Administration Review and Reform
Status: in_force

A. There is hereby created the Task Force on Trust

Administration Review and Reform. The Task Force shall be composed

of the following seven (7) members:

1. The Governor shall appoint three members, one of whom shall

be a member of the Oklahoma State Chamber, and one of whom shall be

a member of the Oklahoma Bankers Association;

2. The President Pro Tempore of the Oklahoma State Senate shall

appoint two members; and

3. The Speaker of the Oklahoma House of Representatives shall

appoint two members.

B. The Task Force shall review and make recommendations for

changing Oklahoma's trust administration statutes in order to

provide an efficient framework for the administration of trusts.

C. The Task Force shall provide a report to the Governor, the

President Pro Tempore of the Oklahoma State Senate, and the Speaker

of the Oklahoma House of Representatives with its recommendations

for legislation by November 1 of each year in which changes are

recommended.

D. A majority of the members shall constitute a quorum for the

purpose of conducting the business of the Task Force. The Task

Oklahoma Statutes - Title 60. Property Page 287

Force shall meet quarterly and at such other times as may be called

by the chair.

E. Members of the Task Force shall serve without compensation

but shall be reimbursed for expenses incurred in the performance of

their duties in accordance with the provisions of the State Travel

Reimbursement Act.

F. Administrative support for the Task Force including, but not

limited to, personnel necessary to ensure the proper performance of

the duties and responsibilities of the Task Force shall be provided

by the Oklahoma Legislative Office of Fiscal Transparency.
Okla. Stat. tit. 60, § 60-831 — OK Code / Title 60 / Section 60-831
Short title
Status: in_force

This act shall be known and may be cited as the "Residential

Property Condition Disclosure Act".
Okla. Stat. tit. 60, § 60-1606.2 — OK Code / Title 60 / Section 60-1606.2
Settlor's powers — Power of withdrawal
Status: in_force

A. To the extent a trust is revocable by a settlor, a trustee

may follow a direction of the settlor that is contrary to the terms

of the trust. To the extent a trust is revocable by a settlor in

conjunction with a person other than a trustee or person holding an

adverse interest, the trustee may follow a direction from the

settlor and the other person holding the power to revoke even if the

direction is contrary to the terms of the trust.

B. To the extent a trust is revocable and the settlor has

capacity to revoke the trust, rights of the beneficiaries are

Oklahoma Statutes - Title 60. Property Page 310

subject to the control of, and the duties of the trustee are owed

exclusively to, the settlor.

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

a power of withdrawal has the rights of a settlor of a revocable

trust under this section to the extent of the property subject to

the power.
Okla. Stat. tit. 60, § 60-177.2 — OK Code / Title 60 / Section 60-177.2
Issuance of bonds or other evidence of indebtedness -
Status: in_force

Oklahoma Commission on School and County Funds Management - Powers

and duties.

A. No public trust, school district or county shall issue any

bonds, notes, certificates of participation, certificates of

indebtedness or any other evidence of indebtedness, excluding

nonpayable warrants and agreements with a depository bank to honor

payment of checks when there are insufficient funds, for the purpose

of short-term cash management by any school district or county

unless such school district or county shall have been approved for

participation by the Oklahoma Commission on School and County Funds

Management.

As used in this section, "short-term cash management" means any

borrowing or any method employed by a school district or county to

obtain funds in advance of the receipt of tax revenue, and shall

include, but not be limited to, the issuance of certificates of

indebtedness, certificates of participation, tax-anticipation notes,

bonds, notes, or any other evidence of indebtedness. It shall not

include debt issued pursuant to a vote of the electors of the school

district or county pursuant to the Constitution.

B. The Oklahoma Commission on School and County Funds

Management, shall consist of the State Superintendent of Public

Instruction, the Director of the Oklahoma Department of Career and

Technology Education, and the State Bond Advisor. The Commission

shall:

1. Receive requests of school districts and counties for

authorization to participate in a short-term cash management program

where the proceeds will be used to facilitate cash-flow management.

The requests must be received by the Commission on or before April 1

in order for the school district or county to be considered for

participation during the next fiscal year, unless such date is

extended by the Commission;

Oklahoma Statutes - Title 60. Property Page 125

2. Within five (5) business days of receiving a request,

forward the request to the appropriate certifying authority. If the

request and accompanying material meet the requirements of this act,

the certifying authority must return the request and accompanying

information to the Commission with a written review and comment

within sixty (60) days of receipt of the request from the

Commission. The certifying authority for school districts shall be

the State Superintendent of Public Instruction and for technology

center school districts, shall be the Director of the Oklahoma

Department of Career and Technology Education and for counties,

shall be the State Board of Equalization;

3. Approve or reject each request for participation, and

forward notice of the decision of the Commission to the requesting

school district or county and to the Office of the Governor. The

Commission shall approve or reject a request within thirty (30) days

following the date it receives the request and accompanying

information with a written review and comment from a certifying

authority;

4. Certify the need for funds generated by the proposed short-

term cash management based on the financial projections of the

school district or county, including the projected cash-flow

shortfall, estimated income, and anticipated surplus balances on

June 30 of the current fiscal year in the general and building funds

of the school district or county. Accumulative cash-flow shortfall

projections must be determined using the method specified by Section

148 of the Internal Revenue Code;

5. Establish reasonable limits for fees, commissions and other

compensation paid to any person or firm involved with the proposed

short-term cash management program;

6. Establish participation limitations for a school district or

a county using the method specified in Section 148 of the Internal

Revenue Code. No school district or county shall participate in a

short-term cash management program in an amount which exceeds the

determination of need pursuant to the accumulative cash-flow

projections as specified in paragraph 4 of this subsection or forty

percent (40%) of the approved annual budget of the school district

or county, whichever is less;

7. Establish limitations which prohibit school districts and

counties which are participating in a short-term cash management

program from issuing nonpayable warrants if proceeds are available

from the short-term cash management program;

8. Submit an annual report, by December 15 of each year, to the

Speaker of the House of Representatives, the President Pro Tempore

of the Senate, the Governor, the State Auditor and Inspector and the

Attorney General, detailing the participation of each school

district and county for the prior fiscal year in the short-term cash

management programs authorized by this act; and

Oklahoma Statutes - Title 60. Property Page 126

9. Prescribe methods and procedures by which school districts

or counties may request authorization to participate in short-term

cash management programs.

C. School districts and counties desiring to participate in a

short-term cash management program as provided in subsection A of

this section shall file a request with the Commission on such forms

as the Commission shall prescribe. Such request shall be

accompanied by:

1. A resolution adopted by the board of education of the school

district or by the county commissioners of a county. Such

resolution shall state that the school district or county intends to

and has need to participate in a short-term cash management program

and that the board of education or county commission has authorized

the submission of such request;

2. A letter signed by the underwriter of the short-term cash

management program that specifies the name and address of all

persons and firms receiving compensation, directly or indirectly,

involved with the proposed short-term cash management program. All

persons and firms designated shall not be paid out of school or

county funds. For purposes of this paragraph, school or county

funds shall not include the proceeds from certificates of

indebtedness or certificates of participation generated from a

short-term cash management program;

3. A verification from the Administrator of the Oklahoma

Department of Securities that all persons receiving compensation,

directly or indirectly, for providing advice to the school districts

or counties concerning participation in the program or for endorsing

participation in the program are appropriately registered with the

Oklahoma Department of Securities as investment advisers or

investment adviser representatives, as applicable, and that all

persons receiving compensation, directly or indirectly, for the

placement of the certificates of participation or like securities

with investors are registered as broker-dealers or agents, as

applicable;

4. The estimated income and expenditures of the school district

or county for the year for which the school district or county

wishes to participate in a short-term cash management program. The

appropriate certifying authority shall develop and provide an income

and expenditure disclosure form for use by a school district or

county which desires to participate in a short-term cash management

program which follows the applicable portions of the information

return required by Section 148 of the Internal Revenue Code. The

information supplied in the disclosure form must reflect the ability

of the school district or county to pay off an amount equal to the

district's or county's liability on the program from the income from

the fiscal year of participation, prior to approval for

participation by the Commission. If the Commission determines that

Oklahoma Statutes - Title 60. Property Page 127

a question exists concerning any information submitted pursuant to

this subsection, the Commission may request any additional

information from the school district or county that it deems

necessary;

5. A copy of the most recent information return for a short-

term cash management program filed with the Internal Revenue Service

pursuant to Section 149(e) of the Internal Revenue Code;

6. An affidavit by all persons, firms, corporations or business

enterprises of any kind which provide services for compensation on

any financing to implement a short-term cash management program,

which shall be signed under oath on a form approved by the

Commission and which shall state that such persons, firms,

corporations or business enterprises have not given any money or

other thing of value, other than a bona fide campaign contribution,

to any public official or to any public employee of a school

district or county participating in such a cash management program.

Any such person, firm, corporation or business enterprise shall also

file a disclosure statement on a form approved by the Commission,

which shall disclose all campaign contributions of any kind made to

any public official of a school district or county participating in

such a short-term cash management program and shall also disclose

the identity of any officer, director, agent or employee of such

person, firm, corporation or business enterprise who is an officer

or employee of a school or county participating in a short-term cash

management program, or who is related to such officers or employees

within the third degree of affinity or consanguinity;

7. A notarized sworn affidavit executed by each member of a

board of education of a school district, the superintendent of

schools and the treasurer of the school district or by each county

commissioner of a county and the county treasurer, which states that

the person or any member of the immediate family of the person has

no direct or indirect financial interest in the short-term cash

management program being requested. The affidavit shall be on a

form prescribed by the Commission;

8. A summary report detailing all expenses incurred by a school

district or county in participating in a short-term cash management

program. The report shall be on a form prescribed by the

Commission; and

9. Any application and other materials including any other

necessary financial information, as may be required by the

Commission.

D. If the information required to be submitted pursuant to this

section meets all requirements established by the Commission and the

Commission has approved such information and participation, and the

participation is otherwise in accordance with law, the Oklahoma

Commission on School and County Funds Management shall authorize the

participation of the school district or county in the short-term

Oklahoma Statutes - Title 60. Property Page 128

cash management program. The Commission shall notify the school

district or county in writing, whether the requirements of this

section have been satisfied and approved.

E. School districts and counties participating in a short-term

cash management program authorized by this section shall report to

the Commission the probable income and expenses of anticipated

investment income. The report shall not include probable income or

expenses related to participation in a short-term cash management

program.

F. The ability of a school district or county to issue general

obligation bonds shall not be modified by this act.

G. The Office of the Attorney General shall provide legal

assistance to the Oklahoma Commission on School and County Funds

Management.
Okla. Stat. tit. 60, § 60-862 — OK Code / Title 60 / Section 60-862
Definitions
Status: in_force

Oklahoma Statutes - Title 60. Property Page 259

As used in the Community Residential Living for Persons with

Developmental or Physical Disabilities Act:

1. "Commission" means the Commission for Human Services;

2. "Developmental disability" means a severe, chronic

disability of a person which:

a. is attributable to a mental or physical impairment or

combination of mental and physical impairments,

b. is manifested before the person attains twenty-two

(22) years of age,

c. is likely to continue indefinitely,

d. results in substantial functional limitations in three

or more of the following areas of major life activity:

(1) self-care,

(2) receptive and expressive language,

(3) learning,

(4) mobility,

(5) self-direction,

(6) capacity for independent living, and

(7) economic self-sufficiency, and

e. reflects the person's need for a combination and

sequence of special, interdisciplinary, or generic

care, treatment, or other services which are of

lifelong or extended duration and are individually

planned and coordinated;

3. "Physical disability" means a condition which causes the

restricted use of extremities by an individual or which limits other

bodily functions of an individual and which requires the specialized

training, habilitation or rehabilitation services provided by a

group home;

4. "Director" means the Director of the Department of Human

Services;

5. "Group home" means a community-based residential facility

located in a single-family zoning area that admits not more than six

persons with developmental or physical disabilities who require

specialized living arrangements, and that provides for such persons

a home that is subject to the care and supervision of a responsible

adult and which is licensed by or which has a contract with the

Department of Human Services;

6. "Permitted use" means a use by right which is authorized in

all residential zoning districts; and

7. "Political subdivision" means a municipality or county,

whichever holds primary jurisdiction.
Okla. Stat. tit. 60, § 60-667 — OK Code / Title 60 / Section 60-667
Sale of abandoned property from safe deposit boxes -
Status: in_force

Securities.

A. Except as provided in subsections B and C of this section,

when the State Treasurer determines it to be economically feasible,

the Treasurer shall sell abandoned property from safe deposit boxes

to the highest bidder at public sale in whatever city in the state

affords in the judgment of the State Treasurer the most favorable

market for the property involved. The State Treasurer may decline

the highest bid and reoffer the property for sale if in the judgment

of the State Treasurer the bid is insufficient. If in the judgment

of the State Treasurer the probable cost of sale exceeds the value

of the property, it need not be offered for sale. Any sale held

under this section must be preceded by a single publication of

notice, at least three (3) weeks in advance of sale in a legal

newspaper of general circulation in the county where the property is

to be sold, the county of residence of the holder and the county of

the last-known address of the owner. If no address is listed or if

the address is outside this state, the notice shall be published in

an Oklahoma newspaper which the State Treasurer believes is most

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

owner.

B. Securities listed on an established stock exchange must be

sold at prices prevailing at the time of sale on the exchange.

Other securities may be sold over the counter at prices prevailing

at the time of sale or by another method the State Treasurer

considers advisable. The liquidation of securities shall be exempt

from the procedures set forth in subsection A of this section.

C. Unless the State Treasurer considers it to be in the best

interest of the state to do otherwise, all securities, other than

those presumed abandoned under Section 655 of this title, delivered

to the State Treasurer must be held for at least one (1) year before

the State Treasurer may sell them.

D. The purchaser at any sale conducted by the State Treasurer

pursuant to the Uniform Unclaimed Property Act takes the property,

free of all claims of the owner or prior holder thereof and of all

Oklahoma Statutes - Title 60. Property Page 220

persons claiming through or under them. The State Treasurer shall

execute all documents necessary to complete the transfer of

ownership.
Okla. Stat. tit. 60, § 60-300.20 — OK Code / Title 60 / Section 60-300.20
Uniformity of application and construction
Status: in_force

UNIFORMITY OF APPLICATION AND CONSTRUCTION. In applying and

construing the Uniform Prudent Management of Institutional Funds

Act, consideration must be given to the need to promote uniformity

of the law with respect to its subject matter among states that

enact it.
Okla. Stat. tit. 60, § 60-175.42 — OK Code / Title 60 / Section 60-175.42
Designation of person to whom property shall belong on
Status: in_force

failure or termination of trust - Transfer subject to trust.

Notwithstanding anything contained in the last section, the

trustor of a trust may, in its creation, prescribe to whom the real

Oklahoma Statutes - Title 60. Property Page 67

or personal property to which the trust relates shall belong, in the

event of the failure or termination of the trust, and may transfer

or devise such property, subject to the execution of the trust.
Okla. Stat. tit. 60, § 60-181 — OK Code / Title 60 / Section 60-181
Unlimited marital deduction - Construction of trust
Status: in_force

Any trust of a trustor dying after December 31, 1981, which

contains a marital deduction formula expressly providing that the

spouse of the trustor is to receive the maximum amount of property

qualifying for the marital deduction allowable by federal law shall

be construed as referring to the unlimited marital deduction

provided by the Economic Recovery Tax Act of 1981, Public Law 97-34.

This provision shall apply retrospectively to trusts of trustors

dying after December 31, 1981.
Okla. Stat. tit. 60, § 60-363 — OK Code / Title 60 / Section 60-363
Powers and authority of conservator
Status: in_force

The conservator shall have the same powers and authority as the

guardian of the property of an infant or incompetent person as now

provided by the laws of this state, except that said conservator

shall have no power to sell or petition to sell any portion of the

absentee's real property until after the lapse of six (6) months

from the time of the original appointment of a conservator for such

estate, but nothing herein contained shall prevent the conservator

from letting or leasing the absentee's real estate in the same

manner that a guardian could lease land of his ward.
Okla. Stat. tit. 60, § 60-326 — OK Code / Title 60 / Section 60-326
Perpetuities and restraints on alienation
Status: in_force

No retirement, pension or profit sharing plan, qualified for tax

exemption purposes under present or future Acts of Congress, or any

trusts, insurance and annuity contracts constituting a part thereof,

shall be construed as violating the rule or law against

perpetuities, or any rule or law against restraints on alienation;

provided the power of alienation or the vesting of the interest of

any person in such plan, trust or contract shall not be suspended

for a longer period than the duration of the lives of the designated

beneficiaries of such particular interest, in being at the time of

designation, plus twenty-one (21) years.
Okla. Stat. tit. 60, § 60-669 — OK Code / Title 60 / Section 60-669
Control and management of monies in Unclaimed Property
Status: in_force

Fund.

The State Treasurer is hereby vested with authority and the

responsibility for the control and management of all monies in the

Unclaimed Property Fund as provided for in the Uniform Unclaimed

Property Act. It shall be the duty of the State Treasurer to take

such steps as may be necessary to preserve the principal of monies

accruing to the Unclaimed Property Fund as a trust for persons

claiming any interest in any property delivered to the state

pursuant to the provisions of the Uniform Unclaimed Property Act.
Okla. Stat. tit. 60, § 60-683.2 — OK Code / Title 60 / Section 60-683.2
Application and effect of act
Status: in_force

(a) This act does not relieve a holder of a duty that arose

before the effective date of this act to report, pay, or deliver

property. A holder who did not comply with the law in effect before

the effective date of this act is subject to the applicable

enforcement and penalty provisions that then existed and they are

continued in effect for the purpose of this subsection, subject to

subsection (b) of Section 666 of this title.

(b) The initial report filed under this act for property that

was not required to be reported before the effective date of this

act but which is subject to this act must include all items of

Oklahoma Statutes - Title 60. Property Page 235

property that would have been presumed abandoned during the ten-year

period preceding the effective date of this act as if this act had

been in effect during that period.

(c) Museums shall not be subject to the provisions of the

Uniform Unclaimed Property Act, but a museum may avail itself of the

provisions of this act by complying with the requirements of this

act.
Okla. Stat. tit. 60, § 60-651.2 — OK Code / Title 60 / Section 60-651.2
Sum payable on check, certified check, cashier's check,
Status: in_force

draft, or similar instrument - Presumption of abandonment - Burden

of proof - Affirmative defenses.

A. Any sum payable on a check, certified check, cashier's

check, draft, or similar instrument, except those subject to Section

651.1 of this title, on which a banking or financial organization is

directly liable, which has been outstanding for more than five (5)

years after it was payable or after its issuance if payable on

demand, is presumed abandoned, unless the owner, within five (5)

years, has communicated in writing with the banking or financial

organization concerning it or otherwise indicated an interest as

evidenced by a memorandum or other record, on file, prepared by an

employee thereof.

B. A record of the issuance of a check, draft, or similar

instrument shall be prima facie evidence of an obligation.

C. The burden of proof upon the State Treasurer in claiming

property from a holder, who is also the issuer, shall be satisfied

by demonstrating the issuance of the instrument and the passage of

the requisite period of abandonment as provided in subsection A of

this section.

D. The holder may assert affirmative defenses of:

1. Payment;

2. Satisfaction;

3. Discharge; and

4. Want of consideration.

Oklahoma Statutes - Title 60. Property Page 200
Okla. Stat. tit. 60, § 60-1109 — OK Code / Title 60 / Section 60-1109
Unconstitutional
Status: in_force

Oklahoma Statutes - Title 60. Property Page 268

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, § 60-391 — OK Code / Title 60 / Section 60-391
Gift to state, county and city or town - Tenancy in
Status: in_force

common.

Any gift, testamentary or otherwise, of any property whatsoever

to the State of Oklahoma and a county within such state and a city

or town within such county (all of which, including the state, are

hereinafter referred to as "governmental units"), shall be construed

as a gift of such property to the named governmental units as

tenants in common; and, unless other proportions are distinctly

specified in the instrument by which such gift is made, shall be

construed as conveying an undivided one-third (1/3) interest to each

of such governmental units.
Okla. Stat. tit. 60, § 60-857 — OK Code / Title 60 / Section 60-857
Copies of recorded covenants and restrictions
Status: in_force

A copy or a certified copy of all the recorded covenants and

restrictions of a real estate development shall be provided by the

title company closing the sale to the buyer of property in the real

estate development as a part of the closing of the real estate sale.

The buyer may be charged no more than Twenty-five Dollars ($25.00)

for the copy, and the copy shall either be provided prior to or at

the time of closing either by mail to the buyer's last-known

address, hand-delivered or electronically delivered.
Okla. Stat. tit. 60, § 60-1606.1 — OK Code / Title 60 / Section 60-1606.1
Capacity of settlor of revocable trust
Status: in_force

The capacity required to create, amend, revoke, or add property

to a revocable trust, or to direct the actions of the trustee of a

revocable trust, is the same as that required to make a will.
Okla. Stat. tit. 60, § 60-1601.11 — OK Code / Title 60 / Section 60-1601.11
Insurable interest of trustee
Status: in_force

A. In this section, "settlor" means a person that executes a

trust instrument. The term includes a person for which a fiduciary

or agent is acting.

B. A trustee of a trust has an insurable interest in the life

of an individual insured under a life insurance policy that is owned

by the trustee of the trust acting in a fiduciary capacity or that

designates the trust itself as the owner if, on the date the policy

is issued:

1. The insured is:

a. a settlor of the trust, or

b. an individual in whom a settlor of the trust has, or

would have had if living at the time the policy was

issued, an insurable interest; and

2. The life insurance proceeds are primarily for the benefit of

one or more trust beneficiaries that have:

a. an insurable interest in the life of the insured, or

b. a substantial interest engendered by love and

affection in the continuation of the life of the

insured and, if not already included under

subparagraph a of this paragraph, who are:

(1) related within the third degree or closer, as

measured by the civil law system of determining

degrees of relation, either by blood or law, to

the insured, or

(2) stepchildren of the insured.

The following table identifies the relatives of an insured

within three degrees of lineal and collateral consanguinity using

the civil law method, with each row representing a generation.

Great-

Grandparents

(3)

Grandparents

(2)

Oklahoma Statutes - Title 60. Property Page 301

Parents Aunts and Uncles

(1) (3)

INSURED Sisters and

Brothers

(2)

Children Nieces and

(1) Nephews

(3)

Grandchildren

(2)

Great-

Grandchildren

(3)

ARTICLE 2

JUDICIAL PROCEEDINGS
Okla. Stat. tit. 60, § 60-1601.7 — OK Code / Title 60 / Section 60-1601.7
Governing law
Status: in_force

The meaning and effect of the terms of a trust are determined

by:

1. The law of the jurisdiction designated in the terms unless

the designation of that jurisdiction's law is contrary to a strong

public policy of the jurisdiction having the most significant

relationship to the matter at issue; or

2. In the absence of a controlling designation in the terms of

the trust, the law of the jurisdiction having the most significant

relationship to the matter at issue.
Okla. Stat. tit. 60, § 60-127 — OK Code / Title 60 / Section 60-127
Trial and judgment
Status: in_force

If it shall be determined upon the trial of any such foreclosure

proceedings that lands are held contrary to the provisions of this

article, or the Constitution of this state, the court trying such

cause shall render judgment condemning such lands, and order the

same to be sold under the order of court, at such time, terms, and

conditions as to the court may seem best; the proceeds of such sale,

after deducting the cost of the proceeding, shall be paid to any

lienholders of the property if applicable, then the rest shall be

paid to the clerk of the court rendering the judgment where the same

shall remain for one (1) year from the date of such payment, subject

to the order of the alien owner of such lands, his or her heirs and

legal representatives, and if not claimed within the period of one

(1) year, such clerk shall pay the same into the State Treasury for

the benefit of the available school fund of the state. Provided,

that when any money shall have been paid to the State Treasurer as

hereinabove provided, an alien or his or her heirs may procure the

same to be returned by applying for and procuring an order from the

court condemning the property showing that such judgment foreclosing

the property was procured by fraud, or mistake, or that there was

material irregularity in the proceedings; this application, however,

must be made within two (2) years from the date such monies were

turned over into the State Treasury; and in no event shall the state

be liable or called on to refund any further sum than the actual

cash transmitted and delivered to such Treasurer. Provided further,

that the defendant in such foreclosure proceedings may at any time

before final judgment suggest and prove to the court that he or she

has conformed to or complied with the law, under and by which he or

Oklahoma Statutes - Title 60. Property Page 42

she will be entitled to hold such estate; which, it being admitted

or proved, the suit shall be dismissed on payment by defendant of

the costs and reasonable attorney fees, to be fixed by the court.

R.L. 1910, § 6652. Amended by Laws 2024, c. 373, § 5, eff. Nov. 1,

2024.
Okla. Stat. tit. 60, § 60-49.1 — OK Code / Title 60 / Section 60-49.1
Short title
Status: in_force

SHORT TITLE

Sections 1 through 8 of this act shall be known and may be cited

as the "Uniform Conservation Easement Act".
Okla. Stat. tit. 60, § 60-1008 — OK Code / Title 60 / Section 60-1008
Limitations on use of coordinates - Prior recordations -
Status: in_force

Nonconformity with System.

A. The use of the "Oklahoma Coordinate System of 1927 North

Zone", or the term "Oklahoma Coordinate System of 1927 South Zone"

or "Oklahoma Coordinate System of 1983 North Zone" or "Oklahoma

Coordinate System of 1983 South Zone" or "Oklahoma Plane Coordinate

System" (OKPCS) on any map, report of survey, or other document

shall be limited to coordinates based on the Oklahoma Coordinate

System as defined in this act.

B. Any legal description prepared prior to the most recent

system of plane coordinates established by the National Geodetic

Survey (NGS) or its successor, or any continual use of legal

descriptions prepared pursuant to the provisions of this act which

have been recorded or filed in official records within the State of

Oklahoma, shall not be affected by this section.

C. Nonconformity with the Oklahoma Coordinate System

established by this act shall not invalidate any deed, map, plat,

survey, description or other document which is otherwise proper.
Okla. Stat. tit. 60, § 60-180.56 — OK Code / Title 60 / Section 60-180.56
Pari-mutuel horse racing facility - terms and condition
Status: in_force

for participation by public trust.

A. No public trust as authorized by Section 176 of Title 60 of

the Oklahoma Statutes shall be a party to any agreement for land,

financing or operation of a pari-mutuel horse racing facility in the

State of Oklahoma unless such agreement includes the following terms

and conditions:

1. Said agreement shall indemnify and hold harmless the public

trust from any financial obligation related to land, financing or

operation by organizational license;

2. Said agreement shall include provisions for the payment of

ad valorem property taxes on any improvements and structures on

trust land which would otherwise be subject to ad valorem property

taxation if constructed on privately owned land;

3. Such agreement shall prohibit the use of public trust

financing for construction of any facilities on all land in the

agreement; and

Oklahoma Statutes - Title 60. Property Page 142

4. Said agreement shall require that title to any improvements

must revert to said public trust at the termination of such lease or

agreement.

B. Nothing in this section shall prohibit horse racing at

county fairs as provided by law.
Okla. Stat. tit. 60, § 60-388 — OK Code / Title 60 / Section 60-388
Sale of stocks, bonds, choses in action and intangible
Status: in_force

personal property.

Except as may be otherwise provided in Sections 391 through 396

of this title, any stocks, bonds, choses in action, or other

intangible personal property, except cash or the equivalent thereof,

involved in a gift, testamentary or otherwise, given to this state

for public purposes generally and without designation of any

particular purpose to which the same shall be devoted, when accepted

by the Governor and delivered to the Office of Public Affairs, as

provided for in Section 383 of this title, shall be converted, by

the Office of Public Affairs, into cash as soon as may be

practicable.
Okla. Stat. tit. 60, § 60-175.303 — OK Code / Title 60 / Section 60-175.303
Apportionment when income interest ends
Status: in_force

APPORTIONMENT WHEN INCOME INTEREST ENDS

A. In this section, "undistributed income" means net income

received before the date on which an income interest ends. The term

does not include an item of income or expense that is due or accrued

or net income that has been added or is required to be added to

principal under the terms of the trust.

B. When a mandatory income interest ends, the trustee shall pay

to a mandatory income beneficiary who survives that date, or the

estate of a deceased mandatory income beneficiary whose death causes

the interest to end, the beneficiary's share of the undistributed

income that is not disposed of under the terms of the trust unless

the beneficiary has an unqualified power to revoke more than five

percent (5%) of the trust immediately before the income interest

ends. In the latter case, the undistributed income from the portion

of the trust that may be revoked must be added to principal.

C. When a trustee's obligation to pay a fixed annuity or a

fixed fraction of the value of the trust's assets ends, the trustee

shall prorate the final payment if and to the extent required by

applicable law to accomplish a purpose of the trust or its settlor

relating to income, gift, estate, or other tax requirements.
Okla. Stat. tit. 60, § 60-1607.5 — OK Code / Title 60 / Section 60-1607.5
Resignation of trustee
Status: in_force

A. A trustee may resign:

1. Upon at least thirty (30) days' notice to the qualified

beneficiaries, the settlor, if living, and all co-trustees; or

2. With the approval of the court.

B. In approving a resignation, the court may issue orders and

impose conditions reasonably necessary for the protection of the

trust property.

C. Any liability of a resigning trustee or of any sureties on

the trustee's bond for acts or omissions of the trustee is not

discharged or affected by the trustee's resignation, but may be

discharged by court order upon notice to the qualified

beneficiaries, the settlor, if living, and all co-trustees.
Okla. Stat. tit. 60, § 60-175.707 — OK Code / Title 60 / Section 60-175.707
Written instrument required
Status: in_force

WRITTEN INSTRUMENT REQUIRED

A distribution under Section 3 or 4 of this act shall be made by

a written instrument that is signed and acknowledged by the

authorized trustee and filed with the records of the first trust and

the second trust.
Okla. Stat. tit. 60, § 60-174.2 — OK Code / Title 60 / Section 60-174.2
Articles of incorporation deemed to contain certain
Status: in_force

provisions - Amendment.

A. Notwithstanding any provisions of Oklahoma law or in the

articles of incorporation to the contrary, except as provided in

subsection B hereof, the articles of incorporation of each

corporation which is a private foundation as described in Section

509 of the Federal Internal Revenue Code of 1954 shall be deemed to

contain the following provisions: "The corporation shall make

distributions at such time and in such manner as not to subject it

to tax under Section 4942 of the Federal Internal Revenue Code; the

corporation shall not engage in any act of self-dealing which would

subject it to tax under Section 4941 of the Code; the corporation

shall not retain any excess business holdings which would subject it

to tax under Section 4943 of the Code; the corporation shall not

make any investments which would subject it to tax under Section

4944 of the Code; and the corporation shall not make any taxable

expenditures which would subject it to tax under Section 4945 of the

Code." With respect to any such corporation organized prior to

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

years beginning on or after January 1, 1972.

B. The articles of incorporation of any corporation described

in subsection A hereof may be amended to expressly exclude the

application of subsection A, and, in the event of such amendment,

subsection A shall not apply to such corporation.

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

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

section to specific sections of the Code include corresponding

provisions of any subsequent federal tax laws.
Okla. Stat. tit. 60, § 60-657 — OK Code / Title 60 / Section 60-657
Property held by courts, public officers and agencies
Status: in_force

Intangible property held for the owner by a court, state or

other government, governmental subdivision or agency, public

corporation, or public authority which remains unclaimed by the

owner for more than one (1) year after becoming payable or

distributable is presumed abandoned.
Okla. Stat. tit. 60, § 60-1604.2 — OK Code / Title 60 / Section 60-1604.2
Requirements for creation
Status: in_force

A. A trust is created only if:

1. The settlor has capacity to create a trust;

2. The settlor indicates an intention to create the trust;

3. The trust has a definite beneficiary or is:

a. a charitable trust, or

b. a trust for a noncharitable purpose, as provided in

Section 27 of this act;

4. The trustee has duties to perform; and

5. The same person is not the sole trustee and sole

beneficiary.

B. A beneficiary is definite if the beneficiary can be

ascertained now or in the future.

C. A power in a trustee to select a beneficiary from an

indefinite class is valid. If the power is not exercised within a

reasonable time, the power fails and the property subject to the

power passes to the persons who would have taken the property had

the power not been conferred.
Okla. Stat. tit. 60, § 60-1601.3 — OK Code / Title 60 / Section 60-1601.3
Definitions
Status: in_force

As used in this act:

1. "Action", with respect to an act of a trustee, includes a

failure to act;

2. "Ascertainable standard" means a standard relating to an

individual's health, education, support, or maintenance within the

meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal

Revenue Code of 1986, as in effect on the effective date of this

act, or as later amended;

3. "Beneficiary" means a person who:

a. has a present or future beneficial interest in a

trust, vested or contingent, or

b. in a capacity other than that of trustee, holds a

power of appointment over trust property;

4. "Charitable trust" means a trust, or portion of a trust,

created for a charitable purpose described in subsection A of

Section 24 of this act;

5. "Environmental law" means a federal, state, or local law,

rule, regulation, or ordinance relating to the protection of the

environment;

6. "Guardian of the property" means a person appointed by the

court to administer the estate of a minor or adult individual;

7. "Guardian of the person" means a person appointed by the

court to make decisions regarding the support, care, education,

health, and welfare of a minor or adult individual. The term does

not include a guardian ad litem;

8. "Interests of the beneficiaries" means the beneficial

interests provided in the terms of the trust;

9. "Jurisdiction", with respect to a geographic area, includes

a state or country;

10. "Person" means an individual, corporation, business trust,

estate, trust, partnership, limited liability company, association,

joint venture, government, governmental subdivision, agency, or

instrumentality, public corporation, or any other legal or

commercial entity;

11. "Power of withdrawal" means a presently exercisable general

power of appointment other than a power:

a. exercisable by a trustee and limited by an

ascertainable standard, or

b. exercisable by another person only upon consent of the

trustee or a person holding an adverse interest;

12. "Property" means anything that may be the subject of

ownership, whether real or personal, legal or equitable, or any

interest therein;

13. "Qualified beneficiary" means a beneficiary who, on the

date the beneficiary's qualification is determined:

Oklahoma Statutes - Title 60. Property Page 296

a. is a distributee or permissible distributee of a

present interest in the trust income or principal, or

has a vested remainder in the trust,

b. is a charitable organization expressly entitled to

receive benefits under the terms of a charitable

trust, or

c. is the Attorney General of this state with respect to

a charitable trust having its principal place of

administration in this state;

14. "Revocable", as applied to a trust, means revocable by the

settlor without the consent of the trustee or a person holding an

adverse interest;

15. "Settlor" means a person, including a testator, who

creates, or contributes property to, a trust. If more than one

person creates or contributes property to a trust, each person is a

settlor of the portion of the trust property attributable to that

person's contribution except to the extent another person has the

power to revoke or withdraw that portion;

16. "Spendthrift provision" means a term of a trust which

restrains both voluntary and involuntary transfer of a beneficiary's

interest;

17. "State" means a state of the United States, the District of

Columbia, Puerto Rico, the United States Virgin Islands, or any

territory or insular possession subject to the jurisdiction of the

United States. The term includes an Indian tribe or band recognized

by federal law or formally acknowledged by a state;

18. "Terms of a trust" means:

a. except as otherwise provided in subparagraph b of this

paragraph, the manifestation of the settlor's intent

regarding a trust's provisions as:

(1) expressed in the trust instrument, or

(2) established by other evidence that would be

admissible in a judicial proceeding, or

b. the trust's provisions, as established, determined, or

amended by:

(1) a trustee or other person in accordance with

applicable law,

(2) a court order, or

(3) a nonjudicial settlement agreement under Section

1402 of Title 60 of the Oklahoma Statutes;

19. "Trust instrument" means an instrument executed by the

settlor that contains terms of the trust, including any amendments

thereto; and

20. "Trustee" includes an original, additional, and successor

trustee, and a co-trustee.
Okla. Stat. tit. 60, § 60-73 — OK Code / Title 60 / Section 60-73
Trustee's authority to invest income from royalties -
Status: in_force

Payments to life tenant or other person.

Under proper court order the trustee shall be authorized to

invest income from royalties pursuant to the provisions of the

Oklahoma Uniform Prudent Investor Act, unless otherwise provided by

law, which investments shall remain intact until the ultimate taker

is determined and shall then be paid over to the ultimate taker and

the trust closed. Income from investments shall be paid to the life

tenant or other person entitled thereto.Oklahoma Statutes - Title 60. Property Page 2
Okla. Stat. tit. 60, § 60-49.4 — OK Code / Title 60 / Section 60-49.4
Judicial Actions
Status: in_force

JUDICIAL ACTIONS

A. An action affecting a conservation easement may be brought

by:

1. An owner of an interest in the real property burdened by the

easement;

2. A holder of the easement; or

3. A person authorized by other law.

Oklahoma Statutes - Title 60. Property Page 23

B. The Uniform Conservation Easement Act does not affect the

power of a court to modify or terminate a conservation easement in

accordance with the principles of law and equity.
Okla. Stat. tit. 60, § 60-175.92 — OK Code / Title 60 / Section 60-175.92
Existence of a spendthrift provision - Amount the
Status: in_force

creditor or assignee may reach.

Subject to the provisions of the Family Wealth Preservation

Trust Act:

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

provision, the following rules apply:

a. during the lifetime of the settlor, the property of a

revocable trust is subject to the claims of the

creditors of the settlor, and

b. a spendthrift provision is ineffective with respect to

the settlor of a revocable trust while the trust is

revocable; and

2. A creditor or assignee of the settlor may reach the maximum

amount that can be distributed to or for the benefit of the settlor.

If a trust has more than one settlor, the amount the creditor or

assignee of a particular settlor may reach may not exceed the

interest of the settlor in the portion of the trust attributable to

the contribution of that settlor.
Okla. Stat. tit. 60, § 60-365 — OK Code / Title 60 / Section 60-365
Reports and accounts - Fees for services
Status: in_force

The conservator shall make and file reports and accounts as

often as may be required by the judge of said court and said court

may allow fees for services rendered by such conservator in the

manner and on the basis as provided by the laws of this state for

the allowance of fees to guardians of minors and incompetents.
Okla. Stat. tit. 60, § 60-854 — OK Code / Title 60 / Section 60-854
Membership - Covenants and restrictions
Status: in_force

Membership of said owners association shall consist of recorded

owners of separately owned lots in the real estate development.

Oklahoma Statutes - Title 60. Property Page 257

Membership is transferred upon legal transfer of title to the

separately owned lots. The owners association may also enforce the

covenant and restrictions of the real estate development when

specified by the covenants and restrictions.
Okla. Stat. tit. 60, § 60-804 — OK Code / Title 60 / Section 60-804
Airspace subject to same statutes, rules of law and common
Status: in_force

law as other real property.

A. It is the purpose of this act that airspace shall be subject

to being acquired, held, enjoyed, possessed, alienated, granted,

sold, conveyed, exchanged, transferred, partitioned, assigned,

demised, leased, released, charged, mortgaged, encumbered, assessed,

devised, condemned, vacated, zoned, platted, divided, subdivided,

and otherwise utilized and manipulated in the same manner, upon the

same conditions and for the same uses and purposes as other real

property; and airspace shall be subject to the same statutes, rules

of law, and common law as other real property.

B. All of the rights, privileges, immunities, incidents,

powers, remedies, burdens, servitudes, duties, liabilities,

limitations and restrictions which apply to titles, estates, rights

and interests in other real property shall apply to airspace.

C. No power set forth herein, however, shall alter, amend,

supersede, hinder, contravene, prevent or affect the exercise of the

rights, privileges and immunities otherwise granted by statutory or

common law to individuals, partnerships, corporations, business

associations or governmental bodies engaged in aviation, air

transportation, air commerce, air operations, or to public service

corporations.
Okla. Stat. tit. 60, § 60-122 — OK Code / Title 60 / Section 60-122
Exceptions
Status: in_force

This article shall not apply to lands now owned in this state by

aliens so long as they are held by the present owners, nor to any

alien who is or shall take up bona fide residence in this state: and

any alien who is or shall become a bona fide resident of the State

of Oklahoma shall have the right to acquire and hold lands in this

state upon the same terms as citizens of the State of Oklahoma

during the continuance of such bona fide residence of such alien in

Oklahoma Statutes - Title 60. Property Page 40

this state: Provided, that if any such resident alien shall cease to

be a bona fide inhabitant of this state, such alien shall have five

(5) years from the time he ceased to be such bona fide resident in

which to alienate such lands.
Okla. Stat. tit. 60, § 60-299.4 — OK Code / Title 60 / Section 60-299.4
Insufficient instruments - Additional formalities
Status: in_force

A power of appointment authorized to be exercised by an

instrument which would not be sufficient to transfer title to the

Oklahoma Statutes - Title 60. Property Page 144

property covered by the power shall not be void, but its execution

shall conform to the provisions of this act. When the power of

appointment directs that formalities in addition to those prescribed

in this act be observed in the execution of the power, the direction

may be disregarded.
Okla. Stat. tit. 60, § 60-52 — OK Code / Title 60 / Section 60-52
Servitude, who may create
Status: in_force

A servitude can be created only by one who has a vested estate

in the servient tenement. R.L. 1910 Sec. 6626.
Okla. Stat. tit. 60, § 60-506 — OK Code / Title 60 / Section 60-506
Common elements to remain undivided - Partition actions
Status: in_force

prohibited.

The common elements, both general and limited, shall remain

undivided and no unit owner shall bring any action for partition or

division of any part thereof, except as specifically permitted in

this Act. Any covenant to the contrary shall be null and void.
Okla. Stat. tit. 60, § 60-396 — OK Code / Title 60 / Section 60-396
Duties additional to other duties - Compensation
Status: in_force

The duties hereby imposed upon any such trustees shall be in

addition to the duties otherwise imposed by law upon each of them as

a public officer, and, in all instances where the value of the

property involved in such a gift shall equal or exceed Five Hundred

Thousand Dollars ($500,000.00), each of such trustees shall be

entitled to receive from such trust estate the sum of Two Hundred

Oklahoma Statutes - Title 60. Property Page 181

Dollars ($200.00) per month while acting as such trustee, including

the time he remains as such public official.
Okla. Stat. tit. 60, § 60-175.8 — OK Code / Title 60 / Section 60-175.8
Transferor of money or property not responsible for
Status: in_force

application by trustee.

A person who, with or without knowledge of the trust, in good

faith pays or transfers to a trustee any money or other property

which the trustee as such is authorized to receive, is not

responsible for the proper application thereof by the trustee; and

any right or title acquired from the trustee in consideration of

such payment or transfer is not invalid in consequence of a

misapplication by the trustee.
Okla. Stat. tit. 60, § 60-175.413 — OK Code / Title 60 / Section 60-175.413
Property not productive of income
Status: in_force

PROPERTY NOT PRODUCTIVE OF INCOME

A. If a marital deduction is allowed for all or part of a trust

whose assets consist substantially of property that does not provide

the spouse with sufficient income from or use of the trust assets,

and if the amounts that the trustee transfers from principal to

income under Section 175.104 of Title 60 of the Oklahoma Statutes

and distributes to the spouse from principal pursuant to the terms

of the trust are insufficient to provide the spouse with the

beneficial enjoyment required to obtain the marital deduction, the

spouse may require the trustee to make property productive of

income, convert property within a reasonable time, or exercise the

power conferred by subsection A of Section 175.104 of Title 60 of

the Oklahoma Statutes. The trustee may decide which action or

combination of actions to take.

B. In cases not governed by subsection A of this section,

proceeds from the sale or other disposition of an asset are

principal without regard to the amount of income the asset produces

during any accounting period.
Okla. Stat. tit. 60, § 60-2002 — OK Code / Title 60 / Section 60-2002
Museums — Legal title to undocumented property —
Status: in_force

Requirements.

A. A museum may acquire legal title to undocumented property

held by a museum for seven (7) years or longer, verifiable through

written records, with no valid claim or contact by any person in the

following manner:

1. The museum shall publish a notice by publication in a

newspaper of record in the county of the museum. This notice shall

include:

a. brief and general description of the property,

b. the date or approximate date of the acquisition by the

museum, if known,

c. notice of the intent of the museum to claim title if

no valid claims are made within ninety (90) days from

the date of the first notice, and

d. the name and address of the museum representative to

contact for more information or to make a claim; and

2. If no valid claims have been made by the end of ninety (90)

days, the museum shall publish a second notice. This second notice

shall include:

a. a brief and general description of the property,

b. the date or approximate date of the acquisition by the

museum, if known,

c. notice that the museum claims title to the property as

of the date described in subparagraph c of paragraph 1

of this subsection, and

d. the name and address of the museum representative to

contact for more information or to make a claim.

B. On compliance with subsection A of this section clear and

unrestricted title is transferred to the museum as of the date

described in subparagraph c of paragraph 1 of subsection A of this

section.
Okla. Stat. tit. 60, § 60-1601.5 — OK Code / Title 60 / Section 60-1601.5
Default and mandatory rules
Status: in_force

A. Except as otherwise provided in the terms of the trust, this

act governs the duties and powers of a trustee, relations among

trustees, and the rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this act

except:

1. The requirements for creating a trust;

2. Subject to the Oklahoma Uniform Directed Trust Act, Sections

1209, 1211, and 1212 of Title 60 of the Oklahoma Statutes, the duty

of a trustee to act in good faith and in accordance with the terms

and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the

benefit of its beneficiaries, and that the trust have a purpose that

is lawful, not contrary to public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under

Sections 28 through 34 of this act;

5. The effect of a spendthrift provision and the rights of

certain creditors and assignees to reach a trust as provided in

Section 36 of this act;

6. The power of the court under Section 41 of this act to

require, dispense with, or modify or terminate a bond;

7. The power of the court under subsection B of Section 47 of

this act to adjust a trustee's compensation specified in the terms

of the trust which is unreasonably low or high;

Oklahoma Statutes - Title 60. Property Page 298

8. The duty under paragraphs 2 and 3 of Section 60 of this act

to notify qualified beneficiaries of an irrevocable trust who have

attained twenty-five (25) years of age of the existence of the

trust, of the identity of the trustee, and of their right to request

trustee's reports;

9. The duty under subsection A of Section 60 of this act to

respond to the request of a qualified beneficiary of an irrevocable

trust for trustee's reports and other information reasonably related

to the administration of a trust;

10. The rights under Sections 68 through 71 of this act of a

person other than a trustee or beneficiary;

11. Periods of limitation for commencing a judicial proceeding;

12. The power of the court to take such action and exercise

such jurisdiction as may be necessary in the interests of justice;

and

13. The subject matter jurisdiction of the court and venue for

commencing a proceeding as provided in Section 14 of this act.
Okla. Stat. tit. 60, § 60-509 — OK Code / Title 60 / Section 60-509
Maintenance and repair of common elements - Additions or
Status: in_force

improvements.

The necessary work of maintenance and repair of the common

elements and the making of any additions or improvements thereto,

shall be carried out only as provided in the bylaws.
Okla. Stat. tit. 60, § 60-175.201 — OK Code / Title 60 / Section 60-175.201
Determination and distribution of net income
Status: in_force

DETERMINATION AND DISTRIBUTION OF NET INCOME

After a decedent dies, in the case of an estate, or after an

income interest in a trust ends, the following rules apply:

1. A fiduciary of an estate or of a terminating income interest

shall determine the amount of net income and net principal receipts

received from property specifically given to a beneficiary under the

rules in Articles 3 through 5 of this act which apply to trustees

and the rules in paragraph 5 of this section. The fiduciary shall

distribute the net income and net principal receipts to the

beneficiary who is to receive the specific property;

2. A fiduciary shall determine the remaining net income of a

decedent's estate or a terminating income interest under the rules

in Articles 3 through 5 of this act which apply to trustees and by:

a. including in net income all income from property used

to discharge liabilities,

b. paying from income or principal, in the fiduciary's

discretion, fees of attorneys, accountants, and

fiduciaries; court costs and other expenses of

administration; and interest on death taxes, but the

fiduciary may pay those expenses from income of

property passing to a trust for which the fiduciary

claims an estate tax marital or charitable deduction

only to the extent that the payment of those expenses

Oklahoma Statutes - Title 60. Property Page 90

from income will not cause the reduction or loss of

the deduction, and

c. paying from principal all other disbursements made or

incurred in connection with the settlement of a

decedent's estate or the winding up of a terminating

income interest, including debts, funeral expenses,

disposition of remains, family allowances, and death

taxes and related penalties that are apportioned to

the estate or terminating income interest by the will,

the terms of the trust, or applicable law;

3. A fiduciary shall distribute to a beneficiary who receives a

pecuniary amount outright the interest or any other amount provided

by the will, the terms of the trust, or applicable law from net

income determined under paragraph 2 of this section or from

principal to the extent that net income is insufficient. If a

beneficiary is to receive a pecuniary amount outright from a trust

after an income interest ends and no interest or other amount is

provided for by the terms of the trust or applicable law, the

fiduciary shall distribute the interest or other amount to which the

beneficiary would be entitled under applicable law if the pecuniary

amount were required to be paid under a will;

4. A fiduciary shall distribute the net income remaining after

distributions required by paragraph 3 of this section in the manner

described in Section 6 of this act to all other beneficiaries,

including a beneficiary who receives a pecuniary amount in trust,

even if the beneficiary holds an unqualified power to withdraw

assets from the trust or other presently exercisable general power

of appointment over the trust;

5. A fiduciary may not reduce principal or income receipts from

property described in paragraph 1 of this section because of a

payment described in Section 25 or 26 of this act to the extent that

the will, the terms of the trust, or applicable law requires the

fiduciary to make the payment from assets other than the property or

to the extent that the fiduciary recovers or expects to recover the

payment from a third party. The net income and principal receipts

from the property are determined by including all of the amounts the

fiduciary receives or pays with respect to the property, whether

those amounts accrued or became due before, on, or after the date of

a decedent's death or an income interest's terminating event, and by

making a reasonable provision for amounts that the fiduciary

believes the estate or terminating income interest may become

obligated to pay after the property is distributed.
Okla. Stat. tit. 60, § 60-752 — OK Code / Title 60 / Section 60-752
Right to file disclaimer - Minor incompetent or deceased
Status: in_force

beneficiaries.

A beneficiary may disclaim any interest in whole or in part, or

with reference to specific parts, shares, portions or assets

thereof, by filing a disclaimer in the manner hereinafter provided.

A guardian, executor, administrator or other personal representative

of the estate of a minor, incompetent or deceased beneficiary, if he

Oklahoma Statutes - Title 60. Property Page 240

deems it in the best interests of those interested in the estate of

such beneficiary and of those who take the beneficiary's interest by

virtue of the disclaimer and not detrimental to the best interests

of the beneficiary, with or without an order of the probate court,

may execute and file a disclaimer on behalf of the beneficiary

within the time and in the manner in which the beneficiary himself

could disclaim if he were living, of legal age and competent. A

beneficiary likewise may execute and file a disclaimer by agent or

attorney so empowered.
Okla. Stat. tit. 60, § 60-175.54 — OK Code / Title 60 / Section 60-175.54
Situs in jurisdiction where trustee not qualified to
Status: in_force

act - Powers of trustee.

A trustee, whether an individual or a corporation, shall have

the power to appoint a natural or corporate trustee to act with

respect to the portion of the trust estate that has situs in a

jurisdiction in which the trustee is not qualified to act and shall

have the power to remove each such appointee at any time with or

without cause. Each such appointee shall: (1) have all of the

powers granted in this act or under the trust instrument to the

trustee with respect to the management of the trust estate, (2)

transfer to the trustee as soon as practicable all gross receipts

derived from the portion of the trust estate that remains under his

control, and (3) be liable to the trustee for any wrongful act or

mismanagement of the trust estate in the same manner that the

trustee is liable to the beneficiaries.
Okla. Stat. tit. 60, § 60-175.87 — OK Code / Title 60 / Section 60-175.87
Creditor attachment of mandatory distributions
Status: in_force

A. If a trust created on or after November 1, 2010, contains a

spendthrift provision, a creditor shall not attach present and

future mandatory distributions from the trust. A creditor shall

wait until a distribution is received by a beneficiary before

attachment. However, an exception creditor may attach present and

future mandatory distributions for child support.

B. If a trust does not contain a spendthrift provision, a

creditor may attach present and future mandatory distributions from

the trust at the trust level.

C. A beneficiary holding a mandatory distribution interest may

enforce the interest. A court may review the distribution

discretion of a trustee if the trustee acts beyond the bounds of

reasonableness.
Okla. Stat. tit. 60, § 60-300.15 — OK Code / Title 60 / Section 60-300.15
Delegation of management and investment functions
Status: in_force

DELEGATION OF MANAGEMENT AND INVESTMENT FUNCTIONS.

(a) Subject to any specific limitation set forth in a gift

instrument or in law other than the Uniform Prudent Management of

Institutional Funds Act, an institution may delegate to an external

agent the management and investment of an institutional fund to the

extent that an institution could prudently delegate under the

circumstances. An institution shall act in good faith, with the

care that an ordinarily prudent person in a like position would

exercise under similar circumstances, in:

(1) Selecting an agent;

(2) Establishing the scope and terms of the delegation,

consistent with the purposes of the institution and the

institutional fund; and

(3) Periodically reviewing the agent’s actions in order to

monitor the agent’s performance and compliance with the scope and

terms of the delegation.

(b) In performing a delegated function, an agent owes a duty to

the institution to exercise reasonable care to comply with the scope

and terms of the delegation.

(c) An institution that complies with subsection (a) of this

section is not liable for the decisions or actions of an agent to

which the function was delegated.

(d) By accepting delegation of a management or investment

function from an institution that is subject to the laws of this

state, an agent submits to the jurisdiction of the courts of this

Oklahoma Statutes - Title 60. Property Page 151

state in all proceedings arising from or related to the delegation

or the performance of the delegated function.

(e) An institution may delegate management and investment

functions to its committees, officers, or employees as authorized by

law of this state other than the Uniform Prudent Management of

Institutional Funds Act.
Okla. Stat. tit. 60, § 60-172 — OK Code / Title 60 / Section 60-172
Express trust, how created - Duration - Specification of
Status: in_force

duration - Extension of term.

No such express trust shall be valid unless created first, by a

written instrument subscribed by the grantor or grantors duly

acknowledged, as conveyances of real estate are acknowledged, and

recorded in the office of the county clerk of each county wherein is

situated any real estate conveyed to such trustee, as well as in the

county where the principal property is located or business

conducted; or, second, by a will duly executed, as required by the

law of the state. Such express trusts shall be limited in the

duration thereof either to a definite period of not to exceed

twenty-one (21) years, or to the period of the life or lives of the

beneficiary or beneficiaries thereof in being at the time of the

creation of the trust. The instrument creating the trust shall

specify the period of duration thereof within the limitations herein

provided. When such express trust has originally been created for a

definite term of years by a writing other than a will, the time of

the existence of such express trust may be extended for a period of

not exceeding twenty-one (21) years at any one time, by a written

instrument subscribed by all beneficiaries of such express trust,

duly acknowledged as are conveyances of real estate, and recorded in

the office of the county clerk of the county where is located the

principal office of said trust, and in each county where is situated

any real estate owned by such express trust. Provided the

provisions of this section shall be applicable and limited to

business trusts and shall have no application to personal trusts.
Okla. Stat. tit. 60, § 60-175.708 — OK Code / Title 60 / Section 60-175.708
Reference to trust terms
Status: in_force

REFERENCE TO TRUST TERMS

A reference to the governing instrument or terms of the

governing instrument of a trust includes the terms of a second trust

to which that trust's principal was distributed under this act.
Okla. Stat. tit. 60, § 60-1502 — OK Code / Title 60 / Section 60-1502
Definitions
Status: in_force

As used in this act:

1. "Appurtenant easement" means an easement tied to or

dependent on ownership or occupancy of a unit or a parcel of real

property;

2. "Conservation easement" means a nonpossessory property

interest created for one or more of the following conservation

purposes:

a. retaining or protecting the natural, scenic, wildlife,

wildlife-habitat, biological, ecological, or open-

space values of real property,

b. ensuring the availability of real property for

agricultural, forest, outdoor-recreational, or open-

space uses,

c. protecting natural resources, including wetlands,

grasslands, and riparian areas,

d. maintaining or enhancing air or water quality, or

e. preserving the historical, architectural,

archeological, paleontological, or cultural aspects of

real property;

3. "Dominant estate" means an estate or interest in real

property benefitted by an appurtenant easement;

4. "Easement" means a nonpossessory property interest that:

a. provides a right to enter, use, or enjoy real property

owned by or in the possession of another, and

b. imposes on the owner or possessor a duty not to

interfere with the entry, use, or enjoyment permitted

Oklahoma Statutes - Title 60. Property Page 288

by the instrument creating the easement or, in the

case of an easement not established by express grant

or reservation, the entry, use, or enjoyment

authorized by law;

5. "Easement holder" means:

a. in the case of an appurtenant easement, the dominant

estate owner, or

b. in the case of an easement in gross, public-utility

easement, conservation easement, or negative easement,

the grantee of the easement or a successor;

6. "Easement in gross" means an easement not tied to or

dependent on ownership or occupancy of a unit or a parcel of real

property;

7. "Lessee of record" means a person holding a lessee's

interest under a recorded lease or memorandum of lease;

8. "Negative easement" means a nonpossessory property interest

whose primary purpose is to impose on a servient estate owner a duty

not to engage in a specified use of the estate;

9. "Person" means an individual, estate, business or nonprofit

entity, public corporation, government or governmental subdivision,

agency, or instrumentality, or other legal entity;

10. "Public-utility easement" means a nonpossessory property

interest in which the easement holder is a publicly regulated or

publicly owned utility under federal law or law of this state or a

municipality. The term includes an easement benefiting an

intrastate utility, an interstate utility, or a utility cooperative;

11. "Real property" means an estate or interest in, over, or

under land, including structures, fixtures, and other things that by

custom, usage, or law pass with a conveyance of land whether or not

described or mentioned in the contract of sale or instrument of

conveyance. The term includes the interest of a lessor and lessee

and, unless the interest is personal property under law of this

state other than this act, an interest in a common-interest

community;

12. "Record", used as a noun, means information that is

inscribed on a tangible medium or that is stored in an electronic or

other medium and is retrievable in perceivable form;

13. "Security instrument" means a mortgage, deed of trust,

security deed, contract for deed, lease, or other record that

creates or provides for an interest in real property to secure

payment or performance of an obligation, whether by acquisition or

retention of a lien, a lessor's interest under a lease, or title to

the real property. The term includes:

a. a security instrument that also creates or provides

for a security interest in personal property,

b. a modification or amendment of a security instrument,

and

Oklahoma Statutes - Title 60. Property Page 289

c. a record creating a lien on real property to secure an

obligation under a covenant running with the real

property or owed by a unit owner to a common-interest

community association;

14. "Security-interest holder of record" means a person holding

an interest in real property created by a recorded security

instrument;

15. "Servient estate" means an estate or interest in real

property that is burdened by an easement;

16. "Title evidence" means a title insurance policy,

preliminary title report or binder, title insurance commitment,

abstract of title, attorney's opinion of title based on examination

of public records or an abstract of title, or any other means of

reporting the state of title to real property which is customary in

the locality;

17. "Unit" means a physical portion of a common-interest

community designated for separate ownership or occupancy with

boundaries described in a declaration establishing the common-

interest community; and

18. "Utility cooperative" means a non-profit entity whose

purpose is to deliver a utility service, such as electricity, oil,

natural gas, water, sanitary sewer, storm water, or

telecommunications, to its customers or members and includes an

electric cooperative, rural electric cooperative, rural water

district, and rural water association.
Okla. Stat. tit. 60, § 60-668 — OK Code / Title 60 / Section 60-668
Unclaimed Property Fund - Deposits - Deductions
Status: in_force

A. There is hereby created in the State Treasury the “Unclaimed

Property Fund”, the principal of which shall constitute a trust fund

for persons claiming any interest in any property delivered to the

state under the Uniform Unclaimed Property Act and may be invested

as provided in the Uniform Unclaimed Property Act and shall not be

expended except as provided in the Uniform Unclaimed Property Act.

All funds received under the Uniform Unclaimed Property Act,

including the proceeds from the sale of abandoned property under

Section 667 of this title, shall forthwith be deposited by the State

Treasurer in the Unclaimed Property Fund, except that the State

Treasurer may before making any deposit to the fund deduct:

1. All costs in connection with the sale of abandoned property;

2. All costs of mailing and publication in connection with any

abandoned property including the cost of custody services for

unclaimed securities;

3. Reasonable service charges not to exceed four percent (4%)

of the monies accruing to the state under the Uniform Unclaimed

Property Act, which may be used to defray the administrative costs,

including costs necessary to retain legal counsel to ensure

compliance with the Uniform Unclaimed Property Act, or to acquire

computer hardware and software to be used exclusively to help

administer the unclaimed property program;

4. An amount equal to fifteen percent (15%) of the funds

accruing to the state pursuant to a contract with the State

Treasurer providing information leading to the delivery of unclaimed

property held by a holder to the State Treasurer to be deposited in

the Unclaimed Property Clearinghouse Fund; and

5. An amount not to exceed twenty-five percent (25%) of the

value of the funds in an action to enforce the Uniform Unclaimed

Property Act, which is to be used solely to pay attorney fees to any

person who was authorized by the State Treasurer to bring the

action.

B. Before making a deposit to the Unclaimed Property Fund, the

State Treasurer shall record the name, last-known address of each

person appearing from the holders’ reports, property type, unclaimed

Oklahoma Statutes - Title 60. Property Page 221

property identification code, relation code, date of last activity,

reported year, holder name, amount, number of shares of securities,

and name of the securities issuer or stock ticker symbol to be

entitled to the abandoned property and of the name and last-known

address of each insured person or annuitant, and with respect to

each policy or contract listed in the report of a life insurance

corporation, its number, the name of the corporation, and the amount

due. After a period of twelve (12) months has elapsed, the record

shall be available for public inspection during normal business

hours.
Okla. Stat. tit. 60, § 60-682 — OK Code / Title 60 / Section 60-682
Effect of foreign laws
Status: in_force

This act does not apply to any property held, due and owing in a

foreign country and arising out of a foreign transaction.
Okla. Stat. tit. 60, § 60-175.63 — OK Code / Title 60 / Section 60-175.63
Diversification
Status: in_force

Diversification.

A trustee shall diversify the investments of the trust unless

the trustee reasonably determines that, because of special

circumstances, the purposes of the trust are better served without

diversifying.
Okla. Stat. tit. 60, § 60-49.13 — OK Code / Title 60 / Section 60-49.13
Nature of rights - Subordination of interests
Status: in_force

NATURE OF RIGHTS; SUBORDINATION OF INTERESTS.

A. Any person, including a person that owns an interest in the

real property, the agency, or a municipality or other unit of local

government, may be a holder. An environmental covenant may identify

more than one holder. The interest of a holder is an interest in

real property.

B. A right of an agency under the Uniform Environmental

Covenants Act or under an environmental covenant, other than a right

as a holder, is not an interest in real property.

C. An agency is bound by any obligation it assumes in an

environmental covenant, but an agency does not assume obligations

merely by signing an environmental covenant. Any other person that

signs an environmental covenant is bound by the obligations the

person assumes in the covenant, but signing the covenant does not

change obligations, rights, or protections granted or imposed under

law other than the Uniform Environmental Covenants Act except as

provided in the covenant.

D. The following rules apply to interests in real property in

existence at the time an environmental covenant is created or

amended:

Oklahoma Statutes - Title 60. Property Page 26

1. An interest that has priority under other law is not

affected by an environmental covenant unless the person that owns

the interest subordinates that interest to the covenant;

2. The Uniform Environmental Covenants Act does not require a

person that owns a prior interest to subordinate that interest to an

environmental covenant or to agree to be bound by the covenant;

3. A subordination agreement may be contained in an

environmental covenant covering real property or in a separate

record. If the environmental covenant covers commonly owned

property in a common interest community, the record may be signed by

any person authorized by the governing board of the owners’

association; and

4. An agreement by a person to subordinate a prior interest to

an environmental covenant affects the priority of that person’s

interest but does not by itself impose any affirmative obligation on

the person with respect to the environmental covenant.
Okla. Stat. tit. 60, § 60-49.7 — OK Code / Title 60 / Section 60-49.7
Uniformity of application and construction
Status: in_force

UNIFORMITY OF APPLICATION AND CONSTRUCTION

This 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 states enacting it.
Okla. Stat. tit. 60, § 60-655 — OK Code / Title 60 / Section 60-655
Stock or other equity interest in business association -
Status: in_force

Unmatured or matured debt.

A. 1. Stock or other equity interest in a business association

is presumed unclaimed three (3) years after the earliest of:

a. The date of the most recent dividend, stock split, or

other distribution unclaimed by the apparent owner, or

b. The date a statement of account or other notification

or communication was returned as undeliverable.

This subsection applies to both the underlying stock, share, or

other intangible ownership interest of an owner, and to the stock,

share, or other intangible ownership interest in dividend and

nondividend paying business associations whether or not the interest

is represented by a certificate.

2. Except as otherwise provided in Section 657 of this title,

unmatured or unredeemed debt, other than a bearer bond or an

original issue discount bond, is presumed unclaimed three (3) years

after the date of the most recent interest payment unclaimed by the

owner.

3. Except as otherwise provided in Section 657 of this title,

matured or redeemed debt is presumed unclaimed three (3) years after

the date of maturity or redemption.

4. At the time property is presumed unclaimed under paragraph 1

or 2 of this subsection, any other property right accrued or

accruing to the owner as a result of the property interest and not

previously presumed unclaimed is also presumed unclaimed.

Oklahoma Statutes - Title 60. Property Page 206

5. A stock or other intangible ownership interest enrolled in a

plan that provides for the automatic reinvestment of dividends,

distributions, or other sums payable as a result of the interest

shall not be presumed to be abandoned if the holder has sent a

statement or other business communication concerning such property

to the owner by first-class mail and the statement or other business

communication has not been returned for inability to make delivery

to the addressee.

B. 1. The running of any three-year period pursuant to

subsection A of this section ceases if the person:

a. communicates in writing with the association or its

agent regarding the interest or a dividend,

distribution, or other sum payable as a result of the

interest,

b. otherwise communicates with the association regarding

the interest or a dividend, distribution, or other sum

payable as a result of the interest, as evidenced by a

memorandum or other record on file with the

association or its agent, or

c. presents an instrument issued to pay interest or a

dividend or other cash distribution. If any future

dividend, distribution, or other sum payable to the

owner as a result of the interest is subsequently not

claimed by the owner, a new period in which the

property is presumed unclaimed commences and relates

back only to the time a subsequent dividend,

distribution, or other sum became due and payable.

C. Any dividend, profit, distribution, interest, redemption,

payment on principal, or other sum held or owing by a business

association for or to its shareholder, certificate holder, member,

bondholder, or other security holder, who has not claimed it, or

corresponded in writing with the business association concerning it,

within three (3) years after the date prescribed for payment or

delivery, is presumed unclaimed.

D. The Uniform Unclaimed Property Act shall not apply to

patronage dividends, capital credits, customer deposits or non-

negotiated payment checks held or owing by cooperative electric

power or telephone associations organized under the Rural Electric

Cooperative Act and the Telephone Cooperative Corporations Act,

rural water, sewer, gas and solid waste management districts

organized under the Rural Water, Sewer, Gas and Solid Waste

Management Districts Act, or agricultural cooperative marketing or

supply associations organized under the Cooperative Marketing

Association Act; when such associations are domiciled in Oklahoma.
Okla. Stat. tit. 60, § 60-175.43 — OK Code / Title 60 / Section 60-175.43
Legal estate of grantee or devisee of property subject
Status: in_force

to trust.

The grantee or devisee of real or personal property subject to a

trust acquires a legal estate in the property, against all persons

except the trustees and those lawfully claiming under them.
Okla. Stat. tit. 60, § 60-1608.15 — OK Code / Title 60 / Section 60-1608.15
Specific powers of trustee
Status: in_force

Without limiting the authority conferred by Section 62 of this

act, a trustee may:

1. Collect trust property and accept or reject additions to the

trust property from a settlor or any other person;

2. Acquire or sell property, for cash or on credit, at public

or private sale;

3. Exchange, partition, or otherwise change the character of

trust property;

4. Deposit trust money in an account in a regulated financial

service institution;

Oklahoma Statutes - Title 60. Property Page 321

5. Borrow money, with or without security, and mortgage or

pledge trust property for a period within or extending beyond the

duration of the trust;

6. With respect to an interest in a proprietorship,

partnership, limited liability company, business trust, corporation,

or other form of business or enterprise, continue the business or

other enterprise and take any action that may be taken by

shareholders, members, or property owners, including merging,

dissolving, or otherwise changing the form of business organization

or contributing additional capital;

7. With respect to stocks or other securities, exercise the

rights of an absolute owner, including the right to:

a. vote, or give proxies to vote, with or without power

of substitution, or enter into or continue a voting

trust agreement,

b. hold a security in the name of a nominee or in other

form without disclosure of the trust so that title may

pass by delivery,

c. pay calls, assessments, and other sums chargeable or

accruing against the securities, and sell or exercise

stock subscription or conversion rights, and

d. deposit the securities with a depositary or other

regulated financial service institution;

8. With respect to an interest in real property, construct, or

make ordinary or extraordinary repairs to, alterations to, or

improvements in, buildings or other structures, demolish

improvements, raze existing or erect new party walls or buildings,

subdivide or develop land, dedicate land to public use or grant

public or private easements, and make or vacate plats and adjust

boundaries;

9. Enter into a lease for any purpose as lessor or lessee,

including a lease or other arrangement for exploration and removal

of natural resources, with or without the option to purchase or

renew, for a period within or extending beyond the duration of the

trust;

10. Grant an option involving a sale, lease, or other

disposition of trust property or acquire an option for the

acquisition of property, including an option exercisable beyond the

duration of the trust, and exercise an option so acquired;

11. Insure the property of the trust against damage or loss and

insure the trustee, the trustee's agents, and beneficiaries against

liability arising from the administration of the trust;

12. Abandon or decline to administer property of no value or of

insufficient value to justify its collection or continued

administration;

13. With respect to possible liability for violation of

environmental law:

Oklahoma Statutes - Title 60. Property Page 322

a. inspect or investigate property the trustee holds or

has been asked to hold, or property owned or operated

by an organization in which the trustee holds or has

been asked to hold an interest, for the purpose of

determining the application of environmental law with

respect to the property,

b. take action to prevent, abate, or otherwise remedy any

actual or potential violation of any environmental law

affecting property held directly or indirectly by the

trustee, whether taken before or after the assertion

of a claim or the initiation of governmental

enforcement,

c. decline to accept property into trust or disclaim any

power with respect to property that is or may be

burdened with liability for violation of environmental

law,

d. compromise claims against the trust which may be

asserted for an alleged violation of environmental

law, and

e. pay the expense of any inspection, review, abatement,

or remedial action to comply with environmental law;

14. Pay or contest any claim, settle a claim by or against the

trust, and release, in whole or in part, a claim belonging to the

trust;

15. Pay taxes, assessments, compensation of the trustee and of

employees and agents of the trust, and other expenses incurred in

the administration of the trust;

16. Exercise elections with respect to federal, state, and

local taxes;

17. Select a mode of payment under any employee benefit or

retirement plan, annuity, or life insurance payable to the trustee,

exercise rights thereunder, including exercise of the right to

indemnification for expenses and against liabilities, and take

appropriate action to collect the proceeds;

18. Make loans out of trust property, including loans to a

beneficiary on terms and conditions the trustee considers to be fair

and reasonable under the circumstances, and the trustee has a lien

on future distributions for repayment of those loans;

19. Pledge trust property to guarantee loans made by others to

the beneficiary;

20. Appoint a trustee to act in another jurisdiction with

respect to trust property located in the other jurisdiction, confer

upon the appointed trustee all of the powers and duties of the

appointing trustee, require that the appointed trustee furnish

security, and remove any trustee so appointed;

21. Pay an amount distributable to a beneficiary who is under a

legal disability or who the trustee reasonably believes is

Oklahoma Statutes - Title 60. Property Page 323

incapacitated, by paying it directly to the beneficiary or applying

it for the beneficiary's benefit, or by:

a. paying it to the beneficiary's guardian of the

property or, if the beneficiary does not have a

guardian of the property, the beneficiary's guardian

of the person,

b. paying it to the beneficiary's custodian under the

Oklahoma Uniform Transfers to Minors Act, and, for

that purpose, creating a custodianship,

c. if the trustee does not know of a guardian of the

property, guardian of the person, or custodian, paying

it to an adult relative or other person having legal

or physical care or custody of the beneficiary, to be

expended on the beneficiary's behalf, or

d. managing it as a separate fund on the beneficiary's

behalf, subject to the beneficiary's continuing right

to withdraw the distribution;

22. On distribution of trust property or the division or

termination of a trust, make distributions in divided or undivided

interests, allocate particular assets in proportionate or

disproportionate shares, value the trust property for those

purposes, and adjust for resulting differences in valuation;

23. Resolve a dispute concerning the interpretation of the

trust or its administration by mediation, arbitration, or other

procedure for alternative dispute resolution;

24. Prosecute or defend an action, claim, or judicial

proceeding in any jurisdiction to protect trust property and the

trustee in the performance of the trustee's duties;

25. Sign and deliver contracts and other instruments that are

useful to achieve or facilitate the exercise of the trustee's

powers; and

26. On termination of the trust, exercise the powers

appropriate to wind up the administration of the trust and

distribute the trust property to the persons entitled to it.
Okla. Stat. tit. 60, § 60-178.11 — OK Code / Title 60 / Section 60-178.11
Acknowledgment of conveyance, assignment or other
Status: in_force

transfer.

Every conveyance, assignment, or other transfer of any estate in

real property, executed by a trust, must be acknowledged by the

president or chair of the trust subscribing the name of the trust

thereto, which acknowledgment shall be in substantially a form as

provided for in the Uniform Law on Notarial Acts or in substantially

the following form:

State of Oklahoma, )

) ss:

Oklahoma Statutes - Title 60. Property Page 137

__________ County )

The foregoing instrument was acknowledged before me this (Date)

by (Name), President or Chair of (Name of Trust), a public trust, on

behalf of the trust.

(Signature of person taking acknowledgment)

(Title or Rank)

(Serial number, if any)
Okla. Stat. tit. 60, § 60-175.408 — OK Code / Title 60 / Section 60-175.408
Insubstantial allocations not required
Status: in_force

INSUBSTANTIAL ALLOCATIONS NOT REQUIRED

If a trustee determines that an allocation between principal and

income required by Section 18, 19, 20, 21, or 24 of this act is

insubstantial, the trustee may allocate the entire amount to

principal unless one of the circumstances described in subsection C

of Section 4 of this act applies to the allocation. This power may

be exercised by a cotrustee in the circumstances described in

subsection D of Section 4 of this act and may be released for the

reasons and in the manner described in subsection E of Section 4 of

this act. An allocation is presumed to be insubstantial if:

1. The amount of the allocation would increase or decrease net

income in an accounting period, as determined before the allocation,

by less than ten percent (10%); or

2. The value of the asset producing the receipt for which the

allocation would be made is less than ten percent (10%) of the total

value of the trust's assets at the beginning of the accounting

period.
Okla. Stat. tit. 60, § 60-59 — OK Code / Title 60 / Section 60-59
Servitude extinguished, how
Status: in_force

A servitude is extinguished:

1. By the vesting of the right to the servitude and the right

to the servient tenement in the same person.

2. By the destruction of the servient tenement.

3. By the performance of any act upon either tenement, by the

owner of the servitude, or with his assent which is incompatible

with its nature or exercise; or,

4. When the servitude was acquired by enjoyment, by disuse

thereof by the owner of the servitude for the period prescribed for

acquiring title by enjoyment. R.L. 1910 Sec. 6633.
Okla. Stat. tit. 60, § 60-1204 — OK Code / Title 60 / Section 60-1204
Common law and principles of equity supplemental
Status: in_force

The common law and principles of equity supplement this act,

except to the extent modified by this act or by other laws of this

state other than this act.
Okla. Stat. tit. 60, § 60-393 — OK Code / Title 60 / Section 60-393
Delivery directly to trustees
Status: in_force

Any property involved in any unconditional gift, testamentary or

otherwise, to the State of Oklahoma and a county therein and a city

or town within such county, without designation of any particular

purpose or purposes to which such property is to be devoted, when

accepted upon behalf of the State of Oklahoma by the Governor, as

provided for in Section 3 hereof, and, upon behalf of the county by

the board of county commissioners of such county, as provided for in

Section 10 hereof, and, upon behalf of such city or town by the

governing board thereof, as provided for in Section 10 hereof; or,

in the case of real property or intangible personal property, the

muniments of title thereto, shall be delivered directly to the

trustees hereinafter provided for.
Okla. Stat. tit. 60, § 60-392 — OK Code / Title 60 / Section 60-392
Gift to state, county and city or town deemed to be
Status: in_force

intended for public improvements.

Any unconditional gift, testamentary or otherwise, of any

property whatsoever to the State of Oklahoma and a county therein

and a city or town within such county, without designation of any

particular purpose or purposes to which such property is to be

devoted, shall be construed as being intended for public

improvements within such town or city and county, including but not

limited to the construction of public improvements, the purchase of

lands upon which to construct public improvements (or, in the case

of public highways, the purchase of necessary rights-of-way

Oklahoma Statutes - Title 60. Property Page 178

therefor), and repairs and additions to existing public

improvements, within such town or city and county. The use of such

property for such public improvement purposes, as hereinafter

provided for, is hereby declared to be a coordinate and joint public

purpose of such governmental units.
Okla. Stat. tit. 60, § 60-49.12 — OK Code / Title 60 / Section 60-49.12
Definitions
Status: in_force

DEFINITIONS.

In the Uniform Environmental Covenants Act:

1. “Activity and use limitations” means restrictions or

obligations created under this act with respect to real property;

2. “Agency” means the Department of Environmental Quality or

any other state or federal agency that determines or approves the

environmental response project pursuant to which the environmental

covenant is created;

3. “Common interest community” means a condominium,

cooperative, or other real property with respect to which a person,

by virtue of the person’s ownership of a parcel of real property, is

obligated to pay property taxes or insurance premiums, or for

maintenance, or improvement of other real property described in a

recorded covenant that creates the common interest community;

4. “Environmental covenant” means a servitude arising under an

environmental response project that imposes activity and use

limitations;

5. “Environmental response project” means a plan or work

performed for environmental remediation of real property and

conducted:

Oklahoma Statutes - Title 60. Property Page 25

a. under a federal or state program governing

environmental remediation of real property, including

remedial actions provided for in the Oklahoma

Environmental Quality Code,

b. incident to closure of a solid or hazardous waste

management unit, if the closure is conducted with

approval of an agency, or

c. under a state voluntary cleanup program authorized in

the Oklahoma Brownfields Voluntary Redevelopment Act;

6. “Holder” means the grantee of an environmental covenant as

specified in subsection A of Section 3 of this act;

7. “Person” means an individual, corporation, business trust,

estate, trust, partnership, limited liability company, association,

joint venture, public corporation, government, governmental

subdivision, agency, or instrumentality, or any other legal or

commercial entity;

8. “Record”, used as a noun, means information that is

inscribed on a tangible medium or that is stored in an electronic or

other medium and is retrievable in perceivable form; and

9. “State” means a state of the United States, the District of

Columbia, Puerto Rico, the United States Virgin Islands, or any

territory or insular possession subject to the jurisdiction of the

United States.
Okla. Stat. tit. 60, § 60-502 — OK Code / Title 60 / Section 60-502
Creation of unit ownership estate - Recording
Status: in_force

A unit ownership estate may be created by an owner or the co-

owners of a building by an express declaration of their intention to

submit such property to the provisions of the act, which declaration

shall be recorded in the office of the county clerk of the county in

which the property is situated.
Okla. Stat. tit. 60, § 60-26 — OK Code / Title 60 / Section 60-26
Certain estates defined
Status: in_force

Estates of inheritance and for life are called estates of

freehold; estates for years are chattels real; and estates at will

are chattel interests, but are not liable as such to sale on

execution.
Okla. Stat. tit. 60, § 60-1205 — OK Code / Title 60 / Section 60-1205
Excluded from application
Status: in_force

A. In this section, "power of appointment" means a power that

enables a person acting in a nonfiduciary capacity to designate a

Oklahoma Statutes - Title 60. Property Page 270

recipient of an ownership interest in or another power of

appointment over trust property.

B. This act does not apply to a:

1. Power of appointment;

2. Power to appoint or remove a trustee or trust director;

3. Power of a settlor over a trust to the extent the settlor

has a power to revoke the trust;

4. Power of a beneficiary over a trust to the extent the

exercise or nonexercise of the power affects the beneficial interest

of:

a. the beneficiary, or

b. another beneficiary represented by the beneficiary

with respect to the exercise or nonexercise of the

power; or

5. Power over a trust, if:

a. the terms of the trust provide that the power is held

in a nonfiduciary capacity, and

b. the power must be held in a nonfiduciary capacity to

achieve the settlor's tax objectives under the United

States Internal Revenue Code of 1986, as amended, and

regulations issued thereunder, as amended.

C. Unless the terms of a trust provide otherwise, a power

granted to a person to designate a recipient of an ownership

interest in, or power of appointment over trust property which is

exercisable while the person is not serving as a trustee is a power

of appointment and not a power of direction.
Okla. Stat. tit. 60, § 60-315 — OK Code / Title 60 / Section 60-315
Goodwill
Status: in_force

The goodwill of a business is the expectation of continued

public patronage, but it does not include a right to use the name of

any person from whom it was acquired.
Okla. Stat. tit. 60, § 60-175.83 — OK Code / Title 60 / Section 60-175.83
Applicable provisions for trusts created or modified
Status: reserved

after November 1, 2010.

The following provisions apply to all trusts created or modified

from and after November 1, 2010, regardless of whether a spendthrift

provision is included in a trust:

1. A distribution interest shall not be judicially sold. A

distribution interest in a trust includes, but is not limited to, a

current distribution interest, future distribution interest or

income interest;

2. A remainder interest, power of appointment or a reserved

power in a trust shall not be judicially sold;

Oklahoma Statutes - Title 60. Property Page 80

3. Except as to a settlor who is also a trustee of a revocable

trust, trust property is not subject to personal obligations of the

trustee, even if the trustee becomes insolvent or bankrupt;

4. A beneficiary of a trust has an equitable interest in the

trust to bring an action against the trustee to enforce the terms of

the trust subject to the judicial review standard set forth in

paragraph 4 of Section 9 of this act; and

5. Subject to the provisions of the Uniform Fraudulent Transfer

Act, the Oklahoma Discretionary and Special Needs Trust Act provides

for the sole and exclusive remedies that are available to a creditor

or other nonbeneficiary claiming an interest in the trust.
Okla. Stat. tit. 60, § 60-1608.13 — OK Code / Title 60 / Section 60-1608.13
Discretionary powers — Tax savings
Status: in_force

A. Notwithstanding the breadth of discretion granted to a

trustee in the terms of the trust, including the use of such terms

as "absolute", "sole", or "uncontrolled", the trustee shall exercise

a discretionary power in good faith and in accordance with the terms

and purposes of the trust and the interests of the beneficiaries.

B. Subject to subsection D of this section, and unless the

terms of the trust expressly indicate that a rule in this subsection

does not apply:

1. A person other than a settlor who is a beneficiary and

trustee of a trust that confers on the trustee a power to make

discretionary distributions to or for the trustee's personal benefit

may exercise the power only in accordance with an ascertainable

standard; and

2. A trustee may not exercise a power to make discretionary

distributions to satisfy a legal obligation of support that the

trustee personally owes another person.

C. A power whose exercise is limited or prohibited by

subsection B of this section may be exercised by a majority of the

remaining trustees whose exercise of the power is not so limited or

prohibited. If the power of all trustees is so limited or

Oklahoma Statutes - Title 60. Property Page 320

prohibited, the court may appoint a special fiduciary with authority

to exercise the power.

D. Subsection B of this section does not apply to:

1. A power held by the settlor's spouse who is the trustee of a

trust for which a marital deduction, as defined in Section

2056(b)(5) or 2523(e) of the Internal Revenue Code of 1986, as in

effect on the effective date of this act, or as later amended, was

previously allowed;

2. Any trust during any period that the trust may be revoked or

amended by its settlor; or

3. A trust if contributions to the trust qualify for the annual

exclusion under Section 2503(c) of the Internal Revenue Code of

1986, as in effect on the effective date of this act, or as later

amended.

E. If a distribution to a beneficiary is subject to the

exercise of the trustee’s discretion, whether or not the terms of a

trust include a standard to guide the trustee in making

distributions, then the interest is neither a property interest nor

an enforceable right, but a mere expectancy.
Okla. Stat. tit. 60, § 60-177.3 — OK Code / Title 60 / Section 60-177.3
Authorization of participation in short-term cash
Status: in_force

management program without Commission approval - Receipt of payment

or compensation for endorsement of short-term cash management

program by person not properly designated or registered - Violations

and penalties.

A. Any officer of a school district or county who authorizes

the participation of the school district or county to participate in

a short-term cash management program without the approval of the

Oklahoma Commission on School and County Funds Management or who

fraudulently submits any false or misleading information to the

Commission pursuant to Section 177.2 of Title 60 of the Oklahoma

Statutes, shall be deemed guilty of a misdemeanor and upon

conviction, shall be punished by a fine of not less than One

Thousand Dollars ($1,000.00) or imprisoned in the county jail for

not to exceed one (1) year, or by both such fine and imprisonment,

and shall forfeit and be removed from office pursuant to Section

1181 et seq. of Title 22 of the Oklahoma Statutes or Section 91 et

seq. of Title 51 of the Oklahoma Statutes. In addition, any

professional license issued to an officer by a state agency or

instrumentality who has been convicted of a misdemeanor pursuant to

this section shall be revoked.

B. Any person who receives any payment or compensation,

indirectly or directly, for the endorsement of any short-term cash

management program and who has not been properly designated or

registered, if registration is required, pursuant to subsection C of

Oklahoma Statutes - Title 60. Property Page 129

Section 177.2 of Title 60 of the Oklahoma Statutes, shall be guilty

of a misdemeanor and upon conviction, shall be punished according to

the penalties prescribed in subsection A of this section.Commission approval - Receipt of payment or compensation for endorsement of short-term cash
Okla. Stat. tit. 60, § 60-656 — OK Code / Title 60 / Section 60-656
Property or funds held by fiduciary
Status: in_force

A. Intangible property and any income or increment derived

therefrom held in a fiduciary capacity for the benefit of another

person is presumed abandoned unless the owner, within seven (7)

years after it has become payable or distributable, has increased or

decreased the principal, accepted payment of principal or income,

communicated concerning the property, or otherwise indicated an

interest as evidenced by a memorandum on file with the fiduciary.

B. Holders of presumed abandoned intangible property shall

annually report 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 the additional amounts from the “as of

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

current report year.

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.

C. Funds in an individual retirement account or a retirement

plan for self-employed individuals or similar account or plan

established under the Internal Revenue laws of the United States are

not payable or distributable within the meaning of subsection A of

this section unless, under the terms of the account or plan,

distribution of all or part of the funds would then be mandatory.

D. For the purpose of this section, a person who holds property

as an agent for a business association is deemed to hold the

property in a fiduciary capacity for that business association

alone, unless the agreement between the person and the business

association provides otherwise.

E. For the purposes of this act, a person who is deemed to hold

property in a fiduciary capacity for a business association alone is

Oklahoma Statutes - Title 60. Property Page 208

the holder of the property only insofar as the interest of the

business association in the property is concerned, and the business

association is the holder of the property insofar as the interest of

any other person in the property is concerned.
Okla. Stat. tit. 60, § 60-515.1 — OK Code / Title 60 / Section 60-515.1
Instruments and liens - Effectiveness
Status: in_force

Any deed, mortgage or other instrument purporting to convey,

mortgage or encumber a unit ownership estate, or an interest in a

unit ownership estate, is effective only as to any unit in the unit

ownership estate in which the maker of such instrument owns an

interest of record at the time such conveyance or encumbrance is

received for filing by the county clerk, provided, a purchase money

mortgage shall be deemed to create a valid lien upon such of the

units described in the mortgage as are also described in the

concurrent conveyances to the mortgagor. Such instrument shall not

impair or otherwise encumber title to any interest in the unit

ownership estate not owned of record by the maker thereof at the

time of such conveyance or encumbrance.
Okla. Stat. tit. 60, § 60-860 — OK Code / Title 60 / Section 60-860
Community Residential Living for Persons with
Status: in_force

Developmental or Physical Disabilities Act.

Sections 860 through 867 of this title shall be known and may be

cited as the "Community Residential Living for Persons with

Developmental or Physical Disabilities Act".
Okla. Stat. tit. 60, § 60-299.15 — OK Code / Title 60 / Section 60-299.15
Power of revocation - Reservation - Effect
Status: in_force

When the grantor in a conveyance reserves to himself, for his

own benefit, an absolute power of revocation, the grantor shall

still be the absolute owner of the estate conveyed, so far as the

rights of creditors and purchasers are concerned.
Okla. Stat. tit. 60, § 60-1506 — OK Code / Title 60 / Section 60-1506
Requirements to approve order
Status: in_force

A. The court may not approve relocation of an easement under

this act unless the servient estate owner:

1. Establishes that the easement is eligible for relocation

under Section 3 of this act; and

2. Satisfies the conditions for relocation under Section 4 of

this act.

B. An order under this act approving relocation of an easement

must:

1. State that the order is issued in accordance with this act;

2. Recite the recording data of the instrument creating the

easement, if any, and any amendments, and any notice as described by

Section 71 of Title 16 of the Oklahoma Statutes;

3. Identify the immediately preceding location of the easement;

4. Describe in a legally sufficient manner the new location of

the easement;

5. Describe mitigation required of the servient estate owner

during relocation;

6. Refer in detail to the plans and specifications of

improvements necessary for the easement holder to enter, use, and

enjoy the easement in the new location;

7. Specify conditions to be satisfied by the servient estate

owner to relocate the easement and construct improvements necessary

for the easement holder to enter, use, and enjoy the easement in the

new location;

8. Include a provision for payment by the servient estate owner

of expenses under Section 7 of this act;

9. Include a provision for compliance by the parties with the

obligation of good faith under Section 8 of this act; and

Oklahoma Statutes - Title 60. Property Page 292

10. Instruct the servient estate owner to record an affidavit,

if required under subsection A of Section 9 of this act, when the

servient estate owner substantially completes relocation.

C. An order under subsection B of this section may include any

other provision consistent with this act for the fair and equitable

relocation of the easement.

D. Before a servient estate owner proceeds with relocation of

an easement under this act, the owner must record, in the county

records of each jurisdiction where the servient estate is located, a

certified copy of the order under subsection B of this section.
Okla. Stat. tit. 60, § 60-706 — OK Code / Title 60 / Section 60-706
Indemnification
Status: in_force

Oklahoma Statutes - Title 60. Property Page 239

This state shall indemnify the United States for any losses

suffered as a result of the escheat of unclaimed Postal Savings

System accounts. The burden of the indemnification falls upon the

fund into which the proceeds of the escheated accounts have been

paid.
Okla. Stat. tit. 60, § 60-301.10 — OK Code / Title 60 / Section 60-301.10
Inapplicability of Oklahoma Open Records Act and
Status: in_force

Oklahoma Open Meeting Act.

Nothing herein shall be construed to subject a charitable

organization to the Oklahoma Open Records Act or the Oklahoma Open

Oklahoma Statutes - Title 60. Property Page 162

Meeting Act, provided however that the annual audit reports which

are in the possession of the Oklahoma Banking Department because of

having been delivered by charitable organizations pursuant to

Section 10 of this act shall be deemed a "record" as defined in the

Oklahoma Open Records Act.
Okla. Stat. tit. 60, § 60-834 — OK Code / Title 60 / Section 60-834
Delivery of statements
Status: in_force

A. A seller should deliver either the disclaimer statement or

disclosure statement to the purchaser as soon as practicable, but in

any event it shall be delivered before acceptance of an offer to

purchase.

B. If the disclaimer statement or disclosure statement is

delivered to the purchaser after an offer to purchase has been made,

the offer to purchase shall be accepted only after the purchaser has

Oklahoma Statutes - Title 60. Property Page 252

acknowledged receipt of the disclaimer statement or disclosure

statement and confirmed the offer to purchase.

C. If the seller becomes aware of a defect after delivery to

the purchaser of either a disclaimer statement or a disclosure

statement, then the seller shall promptly deliver to the purchaser

either a disclosure statement or an amended disclosure statement

which discloses the newly discovered defect. The disclosure

statement or any amendment shall be in writing and shall be signed

and dated by the seller. However, if the required document is

delivered to the purchaser after an offer to purchase has been made,

the offer to purchase shall be accepted only after the purchaser has

acknowledged receipt of the required document and confirmed the

offer to purchase.

D. The purchaser shall acknowledge in writing receipt of the

disclaimer statement or the disclosure statement and any amendment

to the disclosure statement. The purchaser shall sign and date any

acknowledgment. Such acknowledgment should accompany the offer to

purchase the property. If the purchaser confirms the offer to

purchase, such confirmation shall be in writing, shall be signed and

dated by the purchaser and shall be promptly delivered to the

seller.
Okla. Stat. tit. 60, § 60-1607.9 — OK Code / Title 60 / Section 60-1607.9
Reimbursement of expenses
Status: in_force

A. A trustee is entitled to be reimbursed out of the trust

property, with interest as appropriate, for:

1. Expenses that were properly incurred in the administration

of the trust; and

2. To the extent necessary to prevent unjust enrichment of the

trust, expenses that were not properly incurred in the

administration of the trust.

B. An advance by the trustee of money for the protection of the

trust gives rise to a lien against trust property to secure

reimbursement with reasonable interest.

ARTICLE 8

DUTIES AND POWERS OF TRUSTEE