Okla. Stat. tit. 31, § 31-17 — OK Code / Title 31 / Section 31-17
Transfers subject to Uniform Fraudulent Transfer Act
Status: in_force

Any transfer of monies or property by a grantor to a

preservation trust shall be subject to the provisions of the Uniform

Fraudulent Transfer Act.
Okla. Stat. tit. 31, § 31-6 — OK Code / Title 31 / Section 31-6
Exempt personalty subject to attachment or execution for
Status: in_force

wages.

None of the personal property mentioned in this chapter, shall

be exempt from attachment or execution for wages of any clerk,

mechanic, laborer or servant.
Okla. Stat. tit. 31, § 31-18 — OK Code / Title 31 / Section 31-18
Grantor limited to single preservation trust
Status: in_force

A grantor may not establish more than one preservation trust.

However, in the event a preservation trust established by a grantor

is wholly revoked or terminated, the grantor may establish a new

preservation trust, and this act shall be applicable to such new

preservation trust.
Okla. Stat. tit. 31, § 31-1 — OK Code / Title 31 / Section 31-1
Property exempt from attachment, execution or other forced
Status: reserved

sale - Bankruptcy proceedings.

A. Except as otherwise provided in this title and

notwithstanding subsection B of this section, the following property

shall be reserved to every person residing in the state, exempt from

attachment or execution and every other species of forced sale for

the payment of debts, except as herein provided:

1. The home of such person, provided that such home is the

principal residence of such person;

2. A manufactured home, provided that such manufactured home is

the principal residence of such person;

3. All household and kitchen furniture held primarily for the

personal, family, educational or household use of such person or a

dependent of such person, including a personal computer and related

equipment;

4. Any lot or lots in a cemetery held for the purpose of

sepulcher;

5. Implements of husbandry necessary to farm the homestead and

tools, apparatus and books used in any trade or profession of such

person or a dependent of such person, not to exceed Ten Thousand

Dollars ($10,000.00) in aggregate value;

6. All books, portraits and pictures that are held primarily

for the personal, family or household use of such person or a

dependent of such person;

7. The person's interest, not to exceed Four Thousand Dollars

($4,000.00) in aggregate value, in wearing apparel that is held

primarily for the personal, family or household use of such person

or a dependent of such person;

8. The person's interest, not to exceed Three Thousand Dollars

($3,000.00) in aggregate value, in wedding and anniversary rings;

9. All professionally prescribed health aids for such person or

a dependent of such person;

10. Five milk cows and their calves under six (6) months old,

that are held primarily for the personal, family or household use of

such person or a dependent of such person;

11. One hundred chickens, that are held primarily for the

personal, family or household use of such person or a dependent of

such person;

12. Two horses and two bridles and two saddles, that are held

primarily for the personal, family or household use of such person

or a dependent of such person;

13. Such person's interest, not to exceed Seven Thousand Five

Hundred Dollars ($7,500.00) in value, in one motor vehicle;

14. Guns, not to exceed Two Thousand Dollars ($2,000.00) in

aggregate value, that are held primarily for the personal, family or

household use of such person or a dependent of such person, provided

that nothing in this subsection shall be construed to allow a person

to exempt guns which are used mainly as an investment or

nonpersonal, family or household use;

15. Ten hogs, that are held primarily for the personal, family

or household use of such person or a dependent of such person;

16. Twenty head of sheep, that are held primarily for the

personal, family or household use of such person or a dependent of

such person;

17. All provisions and forage on hand, or growing for home

consumption, and for the use of exempt stock for one (1) year;

18. Seventy-five percent (75%) of all current wages or earnings

for personal or professional services earned during the last ninety

(90) days, except as provided in Title 12 of the Oklahoma Statutes

in garnishment proceedings for collection of child support;

19. Such person's right to receive alimony, support, separate

maintenance or child support payments to the extent reasonably

necessary for the support of such person and any dependent of such

person;

20. Subject to the Uniform Fraudulent Transfer Act, Section 112

et seq. of Title 24 of the Oklahoma Statutes, any interest in a

retirement plan or arrangement qualified for tax exemption or

deferment purposes under present or future Acts of Congress

including any distributions from said plan or arrangement; provided,

any transfer or rollover contribution between retirement plans or

arrangements which avoids current federal income taxation shall not

Oklahoma Statutes - Title 31. Homestead and Exemptions Page 2

be deemed a transfer which is fraudulent as to a creditor under the

Uniform Fraudulent Transfer Act. "Retirement plan or arrangement

qualified for tax exemption purposes" shall include without

limitation, trusts, custodial accounts, insurance, annuity contracts

and other properties and rights constituting a part thereof. By way

of example and not by limitation, retirement plans or arrangements

qualified for tax exemption or deferment purposes permitted under

present Acts of Congress include defined contribution plans and

defined benefit plans as defined under the Internal Revenue Code

("IRC"), individual retirement accounts, individual retirement

annuities, simplified employee pension plans, Keogh plans, IRC

Section 403(a) annuity plans, IRC Section 403(b) annuities, Roth

individual retirement accounts created pursuant to IRC Section 408A,

educational individual retirement accounts created pursuant to IRC

Section 530 and eligible state deferred compensation plans governed

under IRC Section 457. This provision shall be in addition to and

not a limitation of any other provision of the Oklahoma Statutes

which grants an exemption from attachment or execution and every

other species of forced sale for the payment of debts. This

provision shall be effective for retirement plans and arrangements

in existence on, or created after April 16, 1987;

21. Such person's interest in a claim for personal bodily

injury, death or workers' compensation claim, for a net amount not

in excess of Fifty Thousand Dollars ($50,000.00), but not including

any claim for exemplary or punitive damages;

22. Funds in an individual development account established

pursuant to the provisions of Section 251 et seq. of Title 56 of the

Oklahoma Statutes;

23. Any amount received pursuant to the federal earned income

tax credit; and

24. Any interest in an Oklahoma College Savings Plan account

established pursuant to the provisions of Section 3970.1 et seq. of

Title 70 of the Oklahoma Statutes.

B. No natural person residing in this state may exempt from the

property of the estate in any bankruptcy proceeding the property

specified in subsection (d) of Section 522 of the Bankruptcy Reform

Act of 1978, Public Law 95-598, 11 U.S.C.A. 101 et seq., except as

may otherwise be expressly permitted under this title or other

statutes of this state.
Okla. Stat. tit. 31, § 31-2 — OK Code / Title 31 / Section 31-2
Homestead - Area and value - Indian allottees - Temporary
Status: in_force

renting.

A. The homestead of any person in this state, not within any

city or town, shall consist of not more than one hundred sixty (160)

acres of land, which may be in one or more parcels, to be selected

by the owner.

B. Effective November 1, 1997, the homestead of any person in

this state, not within any city or town, annexed by a city or town

on or after November 1, 1997, owned and occupied and used for both

residential and commercial agricultural purposes shall consist of

not more than one hundred sixty (160) acres of land, which may be in

one or more parcels, to be selected by the owner.

C. The homestead of any person within any city or town, owned

and occupied as a residence only, or used for both residential and

business purposes, shall consist of not exceeding one (1) acre of

land, to be selected by the owner. For purposes of this subsection,

at least seventy-five percent (75%) of the total square foot area of

the improvements for which a homestead exemption is claimed must be

used as the principal residence in order to qualify for the

exemption. If more than twenty-five percent (25%) of the total

square foot area of the improvements for which a homestead exemption

is claimed is used for business purposes, the homestead exemption

amount shall not exceed Five Thousand Dollars ($5,000.00).

D. Nothing in the laws of the United States, or any treaties

with the Indian tribes in the state, shall deprive any Indian or

other allottee of the benefit of the homestead and exemption laws of

the state.

E. Any temporary renting of the homestead shall not change the

character of the same, when no other homestead has been acquired.

Oklahoma Statutes - Title 31. Homestead and Exemptions Page 5

R.L. 1910, § 3343. Amended by Laws 1980, c. 342, § 2, emerg. eff.

June 25, 1980; Laws 1997, c. 104, § 2, eff. Nov. 1, 1997; Laws 1997,

c. 345, § 2, eff. Nov. 1, 1997.
Okla. Stat. tit. 31, § 31-7 — OK Code / Title 31 / Section 31-7
Pension money exempt
Status: in_force

There shall also be exempt from levy and sale upon execution or

attachment to every resident of this state who became disabled in

the service of the United States as a soldier, sailor, or marine,

all pension money hereafter received belonging to such soldier,

sailor or marine.
Okla. Stat. tit. 31, § 31-5 — OK Code / Title 31 / Section 31-5
Homestead exemptions shall not apply, when
Status: in_force

The exemption of the homestead provided for in this chapter

shall not apply where the debt is due:

1. For the purchase money of such homestead or a part of such

purchase money.

2. For taxes or other legal assessments due thereon.

3. For work and material used in constructing improvements

thereon.
Okla. Stat. tit. 31, § 31-15 — OK Code / Title 31 / Section 31-15
Effect on homestead exemption
Status: in_force

The provisions of the Family Wealth Preservation Trust Act shall

not operate to increase the area and value of the homestead

exemption provided for pursuant to Section 2 of this title.
Okla. Stat. tit. 31, § 31-13 — OK Code / Title 31 / Section 31-13
Preservation trust - Revocable or irrevocable -
Status: in_force

Contributions.

A preservation trust may be established as a revocable and

amendable trust or as an irrevocable trust. If the grantor of a

preservation trust revokes or partially revokes the preservation

trust, the exemption provisions of Section 12 of this title shall

not be applicable to any property received by the grantor as a

result of such revocation or partial revocation. The fair market

value of any property received by the grantor as a result of a

partial revocation shall increase the amount of property which the

grantor may contribute to the preservation trust pursuant to Section

12 of this title.
Okla. Stat. tit. 31, § 31-1.1 — OK Code / Title 31 / Section 31-1.1
Earnings from personal services - Exemption from process -
Status: in_force

Order.

A. Following the issuance of an execution, attachment, or

garnishment, except process to collect a judgment or order for child

support or maintenance of children or in cases in which the court

has limited or reduced the application of this section pursuant to

Section 142.18 of Title 21 of the Oklahoma Statutes, the debtor may

file with the court an application requesting a hearing to exempt

from such process by reason of undue hardship that portion of any

earnings from personal services necessary for the maintenance of a

family or other dependents supported wholly or partially by the

labor of the debtor. A debtor with no family or other dependents

may not claim an exemption under this section. A hearing on the

application shall be set and conducted in the manner provided by

Section 1172.2 of Title 12 of the Oklahoma Statutes and subsection C

of Section 1174 of Title 12 of the Oklahoma Statutes.

B. In determining the existence of an undue hardship, the court

should consider the income and expenses of the family and other

dependents, and the standard of living created by the income and

expenses. The court should also consider the standard of living in

relationship to the minimal subsistence needs of the debtor’s family

and other dependents, with comparison to the minimal subsistence

standards in the community, in regard to basic shelter, food,

clothing, personal necessities and transportation. The court should

then determine if the lack of the funds sought to be exempt would be

an undue hardship by creating less than a minimal level of

subsistence. If deprivation of these earnings would create an undue

hardship on the debtor and the family or other dependents the debtor

supports, the court may:

1. Order all or a portion of the personal earnings exempt; or

2. In the case of a continuing earnings garnishment pursuant to

Section 1173.4 of Title 12 of the Oklahoma Statutes, exempt all or a

portion of the personal earnings withheld within the thirty (30)

days preceding the filing of the claim for exemption or modify or

stay the garnishment for a period of time not to exceed the

remainder of the term of the garnishment.
Okla. Stat. tit. 31, § 31-10 — OK Code / Title 31 / Section 31-10
Short title
Status: in_force

Oklahoma Statutes - Title 31. Homestead and Exemptions Page 6

This act shall be known and may be cited as the “Family Wealth

Preservation Trust Act”.
Okla. Stat. tit. 31, § 31-11 — OK Code / Title 31 / Section 31-11
Definitions
Status: in_force

As used in the Family Wealth Preservation Trust Act:

1. "Grantor" means an individual, whether or not a resident of

this state, establishing or creating a preservation trust;

2. "Oklahoma assets" includes:

a. a stock, bond, debenture, membership interest,

partnership interest, or other equity or debt interest

issued by an Oklahoma-based company, without reference

to assets owned by the Oklahoma-based company,

b. a bond or other obligation issued by this state or an

Oklahoma governmental agency,

c. a bond or other obligation issued by a county of this

state, by a municipal government located in this

state, by a school district located in this state or

by any public trust for the benefit of either this

state or one or more political subdivisions of this

state,

d. an account in an Oklahoma-based bank. As used in this

subparagraph, "account" means a demand, time, savings

or passbook type of account or a certificate of

deposit type of account,

e. real or tangible personal property, or any interest

therein, having a situs in this state, which shall

include, but not be limited to:

(1) mineral interests, or

(2) promissory notes secured primarily by real or

tangible personal property or both,

f. any security backed exclusively by promissory notes,

if at least a majority in value of such promissory

notes are secured by real or tangible personal

property having a situs in this state or both, and

g. mutual funds, as defined pursuant to The Investment

Company Act of 1940, 15 U.S.C., Section 80a-1 et seq.

and The Securities Act of 1933, 15 U.S.C., Section 77a

et seq., and common trust funds, as defined pursuant

to Section 1010 of Title 6 of the Oklahoma Statutes,

to the extent the assets within such funds meet one or

more of the requirements listed in subparagraphs a

through f of this paragraph;

3. a. "Oklahoma-based bank" means a bank, savings

association or credit union which both:

Oklahoma Statutes - Title 31. Homestead and Exemptions Page 7

(1) takes deposits insured by the Federal Deposit

Insurance Corporation or the National Credit

Union Administration, and

(2) has a place of business in Oklahoma, which shall

be a physical location, and

b. "Oklahoma-based trust company" means a trust company

chartered under the laws of this state or nationally

chartered and having a place of business in Oklahoma,

which shall be a physical location;

4. "Oklahoma-based company" means a corporation, limited

liability company, limited partnership, limited liability

partnership or other legal entity formed or qualified to do business

in this state and having its principal place of business in this

state, which principal place of business shall be a physical

location;

5. "Preservation trust" means a trust:

a. established by a grantor under Oklahoma law,

b. having at all times as a trustee or cotrustee an

Oklahoma-based bank that maintains a trust department

or an Oklahoma-based trust company,

c. having as beneficiaries only qualified beneficiaries

or a qualified beneficiary,

d. having a majority in value of its assets comprised of

Oklahoma assets, except that if any asset which

qualifies, or is intended to qualify, as an Oklahoma

asset ceases or fails to qualify as an Oklahoma asset,

the trustee shall have a reasonable period of time

following discovery thereof to convert such

nonqualifying asset into an Oklahoma asset, and

e. reciting in its terms that the income generated from

the corpus of the trust is subject to the income tax

laws of this state; and

6. "Qualified beneficiary" or "qualified beneficiaries" means:

a. the lineal ancestors and lineal descendants of the

grantor or the grantor's spouse, including adopted

lineal descendants if they were under the age of

eighteen (18) at the time of the adoption,

b. the spouse of the grantor,

c. a nonprofit organization qualified under the

provisions of the Internal Revenue Code of 1986, 26

U.S.C., Section 501(c)(3), or

d. a trust settled for the sole benefit of one or more

qualified beneficiaries.
Okla. Stat. tit. 31, § 31-16 — OK Code / Title 31 / Section 31-16
Revocation of preservation trust cannot be compelled -
Status: in_force

Restrictions on transferability.

No court or other judicial body shall have the authority to

compel a person holding a power of revocation or amendment over a

preservation trust to exercise the power of revocation or amendment.

The provisions of this act shall be considered restrictions on the

transferability of the grantor’s beneficial interest in the

preservation trust that is enforceable under applicable

nonbankruptcy law within the meaning of Section 541(c)(2) of the

United States Bankruptcy Code or any successor provisions.
Okla. Stat. tit. 31, § 31-1.3 — OK Code / Title 31 / Section 31-1.3
Certain income not exempt from process
Status: in_force

The determination and order issued by the court pursuant to a

hearing requested under Section 1.1 of this title shall not take

into consideration any total gross family income which exceeds one

hundred twenty times the federal minimum hourly wage prescribed by

Section 6(a)(1) of the Fair Labor Standards Act of 1938, U.S.C.

Title 29, Section 206(a)(1) as amended and in effect at the time the

earnings are payable or the equivalent for pay periods other than

one (1) week. The excess amounts shall not be subject to exemption

due to undue hardship.
Okla. Stat. tit. 31, § 31-12 — OK Code / Title 31 / Section 31-12
Corpus and income of preservation trust exempt from
Status: in_force

attachment, execution, forced sale, and liens - Exceptions -

Transfer of assets.

Notwithstanding Section 3 of this title and Section 299.15 of

Title 60 of the Oklahoma Statutes, the corpus and income of a

preservation trust shall be exempt from attachment or execution and

every other species of forced sale and no judgment, decree, or

execution can be a lien on the trust for the payment of debts of a

grantor, except a child support judgment. Any incremental growth

derived from income or an increase in value of the corpus of a

preservation trust shall also be considered protected by this

section. Transfer of an asset to a preservation trust does not

affect any mortgage, security interest or lien to which that asset

is subject.
Okla. Stat. tit. 31, § 31-14 — OK Code / Title 31 / Section 31-14
Preservation trust exemptions independent and in addition
Status: in_force

to other exemptions.

The exemptions provided for pursuant to other provisions of the

laws of this state shall be independent of and in addition to the

exemption provided for pursuant to Section 12 of this title.
Okla. Stat. tit. 31, § 31-3 — OK Code / Title 31 / Section 31-3
Persons not protected
Status: in_force

The exemption herein provided for must not be construed to apply

to the following persons, namely:

1. To a nonresident.

2. To a debtor who is in the act of removing his family from

the state; or,

3. Who has absconded, taking with him his family.