reglab/housing_qa huggingface dataset:
60 OK Stat § 60-171 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-171. Trusts authorized - Powers of trustee.

|Express trusts may be created in real or personal property or both, with power in the trustee, or a majority of the trustees, if there be more than one, to receive title to, hold, buy, sell, exchange, transfer and convey real and personal property for the use of such trust; to take, receive, invest or disburse the receipts, earnings, rents, profits or returns from the trust estate; to carry on and conduct any lawful business designated in the instrument of trust, generally to do any lawful act in relation to the trust property which any individual owning the same absolutely might do and to comply with the provisions of the Oklahoma Uniform Prudent Investor Act. |Added by Laws 1919, c. 16, p. 30, § 1. Amended by Laws 1988, c. 117, § 1, eff. Nov. 1, 1988; Laws 1989, c. 223, § 3, eff. Nov. 1, 1989; Laws 1995, c. 351, § 21, eff. Nov. 1, 1995.
60 OK Stat § 60-172 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-172. Express trust, how created - Duration - Specification of 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. |Added by Laws 1919, c. 16, p. 30, § 2, emerg. eff. March 22, 1919. Amended by Laws 1947, p. 364, § 1, emerg. eff. May 16, 1947; Laws 1949, p. 412, § 1.
60 OK Stat § 60-173 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-173. Succession of trustees.

|Instruments creating express trusts may provide for succession to any trustee, in case of the death, resignation, removal, or incapacity of such trustee. In case of any such succession, the title to the trust property shall at once vest in the succeeding trustee. |Laws 1919, c. 16, p. 30, § 3.
60 OK Stat § 60-174 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-174. Liability of trustees and beneficiaries.

|Liability to third persons for any act, omission, or obligation of a trustee or trustees of an express trust when acting in such capacity, shall extend to the whole of the trust estate held by such trustee or trustees, or so much thereof as may be necessary to discharge such liability, but no personal liability shall attach to the trustee or the beneficiaries of such trust for any such act, omission or liability. |Laws 1919, c. 16, p. 30, § 4.
60 OK Stat § 60-174.1 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-174.1. Private foundations - Governing instrument deemed to contain certain provisions - Amendment without judicial proceedings.

|A. Notwithstanding any provision of Oklahoma law or in the governing instrument to the contrary, except as provided in subsection C hereof, the governing instrument of each trust which is a private foundation as described in Section 509 of the Federal Internal Revenue Code of 1954, including each nonexempt charitable trust described in Section 4947(a)(1) of the Code which is treated as a private foundation, and the governing instrument of each nonexempt split-interest trust as described in Section 4947(a)(2) of the Code, but only to the extent that Section 508(e) of the Code is applicable to such nonexempt split-interest trust under Section 4947(a)(2) of the Code, shall be deemed to contain the following provisions: "The trust shall make distributions at such time and in such manner as not to subject the trust to tax under Section 4942 of the Federal Internal Revenue Code; the trust shall not engage in any act of self-dealing which would subject it to tax under Section 4941 of the Code; the trust shall not retain any excess business holdings which would subject it to tax under Section 4943 of the Code; the trust shall not make any investments which would subject it to tax under Section 4944 of the Code; and the trust shall not make any taxable expenditures which would subject it to tax under Section 4945 of the Code." With respect to any such trust created prior to January 1, 1970, this subsection A shall apply only for its taxable years beginning on or after January 1, 1972. |B. The trustee of any trust described in subsection A hereof, with the consent of the trustor, if then living and competent to give consent, may, without judicial proceedings, amend the governing instrument to expressly include the provisions required by Section 508(e) of the Code by executing a written amendment to the trust and filing a duplicate original of such amendment with the Secretary of State of the State of Oklahoma.C. The trustee of any trust described in subsection A hereof, with the consent of the trustor, if then living and competent to give consent, may, without judicial proceedings, amend such trust to expressly exclude the application of subsection A by executing a written amendment to the trust and filing a duplicate original of such amendment with the Secretary of State of the State of Oklahoma, and, upon the filing of such amendment, subsection A shall not apply to such trust.D. All references in this section to the "Code" are to the Federal Internal Revenue Code of 1954, and all references in this section to specific sections of this Code include corresponding provisions of any subsequent federal tax laws.Laws 1971, c. 303, § 1, emerg. eff. June 17, 1971.
60 OK Stat § 60-174.2 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-174.2. Articles of incorporation deemed to contain certain 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.Laws 1971, c. 303, § 2, emerg. eff. June 17, 1971.
60 OK Stat § 60-175 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175. Trust for benefit of spouse revoked upon death of maker - 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; or6. 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.Added by Laws 1987, c. 201, § 3, eff. Nov. 1, 1987.
60 OK Stat § 60-175.1 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.1. Citation of act.

|This act may be cited as the Oklahoma Trust Act. |Added by Laws 1941, p. 250, § 1.
60 OK Stat § 60-175.2 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.2. Purposes of trust.

|A trust in relation to real and personal property, or either of them, may be created for any purpose or purposes for which a contract may be made. |Laws 1941, p. 250, § 2.
60 OK Stat § 60-175.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.4. Legal estate of person in possession and entitled to rents and profits.

|Every person who, by virtue of any transfer or devise, is entitled to the actual possession of real property, and the receipts of the rents and profits thereof, is deemed to have a legal estate therein, of the same quality and duration, and subject to the same conditions as his beneficial interest. |Laws 1941, p. 251, § 4.
60 OK Stat § 60-175.5 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.5. Trustee's title, when not divested by preceding section.

|The last preceding section does not divest the estate of any trustee in a trust heretofore existing, where the title of such trustee is not merely nominal, but is connected with some power of actual disposition or management in relation to the real property, which is the subject of the trust. |Laws 1941, p. 251, § 5.
60 OK Stat § 60-175.6 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.6. Manner of creating trust - Beneficiary as cotrustee.

|A trust may be created by: |A. A declaration by the owner of property that he holds it as trustee for another person, or for himself and another person or persons; orB. A transfer inter vivos by the owner of property to another person as trustee for the transferor or for a third person; orC. A transfer by will by the owner of property to another person as trustee for a third person; orD. An appointment by one person having a power of appointment to another person as trustee for the donee of the power or for a third person; orE. A promise by one person to another person whose rights thereunder are to be held in trust for a third person; orF. A beneficiary may be a cotrustee and the legal and equitable title to the trust estate shall not merge by reason thereof. Provided, however, that no trust in relation to real property shall be valid, unless created or declared:1. By a written instrument subscribed by the trustor or by his agent thereto authorized by writing;2. By the instrument under which the trustee claims the estate affected.Laws 1941, p. 251, § 6.
60 OK Stat § 60-175.6a (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.6a. Acquiring and holding real property in name of express trust - Transfer - Memorandum - Presumption for conveyance by trustee.

|Any estate in real property may be acquired and held in the name of an express private trust which is a legal entity. Where real property is so acquired, any conveyance, assignment or other transfer shall be made in the name of such trust by the trustee or trustees of said trust. When real property is transferred or acquired in the name of the trust after the effective date of this act, the trustee shall file a memorandum of trust with the county clerk in which the real property is located. The memorandum of trust shall include the date of creation and the name of the trustee or trustees of the trust. |Any person or persons making such conveyances and executing instruments while purporting to be the trustee or trustees of such trusts shall be presumed to be acting in the capacity indicated and within the scope of their authority in any action to set aside such conveyance brought against a bona fide purchaser for value.Added by Laws 1989, c. 223, § 1, eff. Nov. 1, 1989.
60 OK Stat § 60-175.6b (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.6b. Time limit for challenges to validity of prior conveyances.

|Any conveyance made and filed of record prior to the effective date of this act placing real property or any interest therein in a trust naming the trust itself as the grantee shall be valid for all purposes unless any person claiming adversely to such trust or to its successors shall file an affidavit setting forth the basis of such in the office of the county clerk of the county or counties wherein said property is located within one (1) year from the effective date of this act. |Added by Laws 1989, c. 223, § 2, eff. Nov. 1, 1989.
60 OK Stat § 60-175.7 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.7. Rights of transferee of trust property for value and without notice.

|If the trustee in breach of trust transfers trust property to, or creates a legal interest in the subject matter of the trust in, a person who takes for value and without notice of breach of the trust, actual or constructive under the recording act, and who is not knowingly taking part in an illegal transaction, the latter holds the interest so transferred or created free of the trust and is under no liability to the beneficiary. |Laws 1941, p. 251, § 7.
60 OK Stat § 60-175.8 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.8. Transferor of money or property not responsible for 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. |Laws 1941, p. 251, § 8.
60 OK Stat § 60-175.9 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.9. Trustee lending funds to self, affiliate, etc.

|Except as provided in Section 10, no corporate trustee shall lend trust funds to itself or an affiliate, or to any director, officer, or employee of itself or of an affiliate; nor shall any noncorporate trustee lend trust funds to himself, or to his relative, employer, employee, partner, or other business associate. |Laws 1941, p. 252, § 9.
60 OK Stat § 60-175.10 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.10. Deposits by corporate trustee with itself - Security.

|A corporate trustee may deposit with itself trust funds in checking and savings accounts, savings certificates, certificates of deposit, and any other type of demand or time deposit, provided it maintains under control of its trust department, if it has a trust department separate from its banking department, as security for such deposit a separate fund consisting of securities legal for trust investments which have at all times during the deposit a total market value exceeding the amount of the deposit. No such security shall be required to the extent said deposit is guaranteed by or under state or federal law. |The separate fund of securities shall be marked as such. Withdrawals from or additions to it may be made from time to time, as long as the required value is maintained. The income of such securities shall belong to the corporate trustee.Laws 1941, p. 252, § 10; Laws 1981, c. 143, § 1.
60 OK Stat § 60-175.11 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.11. Trustee buying from, or selling to, self, affiliate, etc.

|No trustee shall directly or indirectly buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to himself, a relative, employer, partner, or other business associate; provided a national banking association or a state bank and trust company performing trust functions, where acting as executor, administrator, guardian, or trustee, may sell stock of itself to one or more of its officers, stockholders, or directors upon a court of competent jurisdiction finding that such sale will be for the best interest of the trust estate and making an order for such sale. |Laws 1941, p. 252, § 11.
60 OK Stat § 60-175.11a (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.11a. Trust powers.

|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; and2. 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.Added by Laws 2006, c. 325, § 1, eff. Nov. 1, 2006.
60 OK Stat § 60-175.12 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.12. Trustee selling to self as trustee of another trust.

|No trustee shall as trustee of one trust sell property to himself as trustee of another trust, except bonds, notes, and obligations fully guaranteed as to both principal and interest, by the United States of America, which may be so sold at the current market price. |Laws 1941, p. 252, § 12.
60 OK Stat § 60-175.13 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.13. Trustee purchasing stock, bond or securities of self, affiliate, etc.

|No corporate trustee shall purchase for a trust, shares of its own stock, or its bonds, or other securities, or the stock, bonds or other securites of an affiliate. |This section shall not prohibit the exercise of stock rights issued in connection with shares of the trustee bank or its affiliates owned in a fiduciary capacity, nor payments for the rounding out of fractional shares received in connection with the stock dividends issued by the trustee bank or its affiliates; provided that,(1) in the election of directors, shares of its own stock held by a bank as sole trustee, whether registered in its own name as such trustee or in the name of its nominee, shall not be voted by the registered owner unless under the terms of the trust the manner in which such shares shall be voted may be determined by a donor or beneficiary of the trust and unless such donor or beneficiary actually directs how such shares shall be voted,(2) shares of its own stock held by a bank and one or more persons as trustees may be voted by such other person or persons, as trustees, in the same manner as if he or they were the sole trustee. No noncorporate trustee shall purchase for a trust the stock, bonds, or other securities of a corporation with which he is connected as director, owner, manager, or in executive capacity.Laws 1941, p. 252, § 13; Laws 1968, c. 15, § 3, emerg. eff. Feb. 19, 1968.
60 OK Stat § 60-175.14 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.14. Trustee voting corporate stock.

|A trustee owning corporate stock may vote it by proxy, with or without power of substitution, but shall be liable for any loss resulting to the beneficiaries from a failure to use reasonable care in deciding how to vote the stock and in voting it. |Laws 1941, p. 252, § 14.
60 OK Stat § 60-175.15 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.15. Trustee owning stock in name of nominee - Exemption.

|A trustee owning stock may hold it in the name of a nominee, without mention of the trust in the stock certificate or stock registration book; provided that: |A. The trust records and all reports or accounts rendered by the trustee, clearly show the ownership of the stock by the trustee, and the facts regarding its holdings;B. The nominee deposits with the trustee a signed statement showing the trust ownership, endorses the stock certificate in blank, and does not have possession of the stock certificate or access thereto except under the immediate supervision of the trustee. The trustee shall be personally liable for any loss to the trust resulting from any wrongful or negligent act of such nominee in connection with stock so held; andC. The provisions of this section shall not apply to a bank, trust company or national banking association.Laws 1941, p. 252, § 15; Laws 1975, c. 123, § 2, emerg. eff. May 13, 1975.
60 OK Stat § 60-175.16 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.16. Powers of trustee attached to office.

|Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order, all powers of a trustee shall be attached to the office and shall not be personal. |Laws 1941, p. 253, § 16.