reglab/housing_qa huggingface dataset:
60 OK Stat § 60-299.9 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.9. Donee authorized to appoint himself - Creditors - Claims - Fraudulent conveyances.

|When a donee is authorized to appoint to himself all or part of the property covered by any power of appointment, a creditor of the donee may subject to his claim all property which the donee could then appoint to himself only to the extent that other property available for the payment of his claim is insufficient for such payment. When a donee has exercised such a general power by deed, the law relating to fraudulent conveyances shall apply as if the property transferred to the appointee had been owned by the donee. When a donee has exercised such a power by will in favor of either a taker without value or a creditor, a creditor of the donee or of his estate may subject such property to the payment of his claim only to the extent that other property available for the payment of the claim is insufficient for such payment. |Laws 1977, c. 210, § 9.
60 OK Stat § 60-299.10 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.10. Transfer by deed or will - Property conveyed.

|When the donee of a power of appointment makes a deed or a will purporting to transfer all of his property, the property covered by the power shall be included in such transfer unless it is shown that the donee did not so intend. |Laws 1977, c. 210, § 10.
60 OK Stat § 60-299.11 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.11. Conveyances and devises.

|A deed either creating or exercising a power of appointment over real property is a conveyance. A will appointing real property is a devise. |Laws 1977, c. 210, § 11.
60 OK Stat § 60-299.12 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.12. Suspension of right of alienation - Computation of time.

|The period during which the absolute right of alienation may be suspended by any instrument in execution of a power shall be computed from the time of the creation of the power and not from the date of the instrument. However, in the case of a general power presently exercisable, the period shall be computed from the date of the instrument. |Laws 1977, c. 210, § 12.
60 OK Stat § 60-299.13 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.13. Advancements to descendents.

|Every estate or interest given to a descendent of the donee by the exercise of a power is an advancement to such descendent to the same extent that a gift of property owned by the donee would be an advancement. |Laws 1977, c. 210, § 13.
60 OK Stat § 60-299.14 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.14. Assignment for the benefit of creditors.

|Under a general assignment for the benefit of creditors, a power of appointment in the assignor by which he is authorized to appoint the property to himself passes to the assignee. |Laws 1977, c. 210, § 14.
60 OK Stat § 60-299.15 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.15. Power of revocation - Reservation - Effect.

|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. |Laws 1977, c. 210, § 15.
60 OK Stat § 60-299.16 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.16. Absolute power of disposition in grantee or beneficiary.

|When an absolute power of disposition is given to a grantee or a beneficiary under a will of real or personal property and no reversion, remainder or gift in default of the property undisposed of by the grantee or a beneficiary under a will is expressed in the instrument creating the power, the grantee or a beneficiary under a will shall be the absolute owner of the property. |Laws 1977, c. 210, § 16.
60 OK Stat § 60-300.11 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.11. Short title.

|SHORT TITLE. Sections 1 through 10 of this act shall be known and may be cited as the “Uniform Prudent Management of Institutional Funds Act.” |Added by Laws 2007, c. 91, § 1, eff. Nov. 1, 2007.
60 OK Stat § 60-300.12 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.12. Definitions.

|DEFINITIONS. In the Uniform Prudent Management of Institutional Funds Act: |(1) “Charitable purpose” means the relief of poverty, the advancement of education or religion, the promotion of health, the promotion of a governmental purpose, or any other purpose the achievement of which is beneficial to the community.(2) “Endowment fund” means an institutional fund or part thereof that, under the terms of a gift instrument, is not wholly expendable by the institution on a current basis. The term does not include assets that an institution designates as an endowment fund for its own use.(3) “Gift instrument” means a record or records, including an institutional solicitation, under which property is granted to, transferred to, or held by an institution as an institutional fund.(4) “Institution” means:(A)a person, other than an individual, organized and operated exclusively for charitable purposes;(B)a government or governmental subdivision, agency, or instrumentality, to the extent that it holds funds exclusively for a charitable purpose; or(C)a trust that has both charitable and noncharitable interests, after all noncharitable interests have terminated.(5) “Institutional fund” means a fund held by an institution exclusively for charitable purposes. The term does not include:(A)program-related assets;(B)a fund held for an institution by a trustee that is not an institution; or(C)a fund in which a beneficiary that is not an institution has an interest, other than an interest that could arise upon violation or failure of the purposes of the fund.(6) “Person” means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity.(7) “Program-related asset” means an asset held by an institution primarily to accomplish a charitable purpose of the institution and not primarily for investment.(8) “Record” 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.Added by Laws 2007, c. 91, § 2, eff. Nov. 1, 2007.
60 OK Stat § 60-300.14 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.14. Appropriation for expenditure or accumulation of endowment fund – Rules of construction.

|APPROPRIATION FOR EXPENDITURE OR ACCUMULATION OF ENDOWMENT FUND; RULES OF CONSTRUCTION. |(a) Subject to the intent of a donor expressed in the gift instrument, an institution may appropriate for expenditure or accumulate so much of an endowment fund as the institution determines is prudent for the uses, benefits, purposes, and duration for which the endowment fund is established. Unless stated otherwise in the gift instrument, the assets in an endowment fund are donor-restricted assets until appropriated for expenditure by the institution. In making a determination to appropriate or accumulate, the institution shall act in good faith, with the care that an ordinarily prudent person in a like position would exercise under similar circumstances, and shall consider, if relevant, the following factors:(1) the duration and preservation of the endowment fund;(2) the purposes of the institution and the endowment fund;(3) general economic conditions;(4) the possible effect of inflation or deflation;(5) the expected total return from income and the appreciation of investments;(6) other resources of the institution; and(7) the investment policy of the institution.(b) To limit the authority to appropriate for expenditure or accumulate under subsection (a), a gift instrument must specifically state the limitation.(c) Terms in a gift instrument designating a gift as an endowment, or a direction or authorization in the gift instrument to use only “income”, “interest”, “dividends”, or “rents, issues, or profits”, or “to preserve the principal intact”, or words of similar import:(1) create an endowment fund of permanent duration unless other language in the gift instrument limits the duration or purpose of the fund; and(2) do not otherwise limit the authority to appropriate for expenditure or accumulate under subsection (a) of this section.Added by Laws 2007, c. 91, § 4, eff. Nov. 1, 2007.
60 OK Stat § 60-300.15 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.15. Delegation of management and investment functions.

|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 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.Added by Laws 2007, c. 91, § 5, eff. Nov. 1, 2007.
60 OK Stat § 60-300.16 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.16. Release or modification of restrictions on management, investment, or purpose.

|RELEASE OR MODIFICATION OF RESTRICTIONS ON MANAGEMENT, INVESTMENT, OR PURPOSE. |(a) If the donor consents in a record, an institution may release or modify, in whole or in part, a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund. A release or modification may not allow a fund to be used for a purpose other than a charitable purpose of the institution.(b) The court, upon application of an institution, may modify a restriction contained in a gift instrument regarding the management or investment of an institutional fund if the restriction has become impracticable or wasteful, if it impairs the management or investment of the fund, or if, because of circumstances not anticipated by the donor, a modification of a restriction will further the purposes of the fund. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard. To the extent practicable, any modification must be made in accordance with the donor’s probable intention.(c) If a particular charitable purpose or a restriction contained in a gift instrument on the use of an institutional fund becomes unlawful, impracticable, impossible to achieve, or wasteful, the court, upon application of an institution, may modify the purpose of the fund or the restriction on the use of the fund in a manner consistent with the charitable purposes expressed in the gift instrument. The institution shall notify the Attorney General of the application, and the Attorney General must be given an opportunity to be heard.(d) If an institution determines that a restriction contained in a gift instrument on the management, investment, or purpose of an institutional fund is unlawful, impracticable, impossible to achieve, or wasteful, the institution, sixty (60) days after notification to the Attorney General, may release or modify the restriction, in whole or part, if:(1) The institutional fund subject to the restriction has a total value of less than Twenty-five Thousand Dollars ($25,000.00);(2) More than twenty (20) years have elapsed since the fund was established; and(3) The institution uses the property in a manner consistent with the charitable purposes expressed in the gift instrument.Added by Laws 2007, c. 91, § 6, eff. Nov. 1, 2007.
60 OK Stat § 60-300.17 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.17. Reviewing compliance.

|REVIEWING COMPLIANCE. Compliance with the Uniform Prudent Management of Institutional Funds Act is determined in light of the facts and circumstances existing at the time a decision is made or action is taken, and not by hindsight. |Added by Laws 2007, c. 91, § 7, eff. Nov. 1, 2007.
60 OK Stat § 60-300.18 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.18. Application to existing institutional funds.

|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. |Added by Laws 2007, c. 91, § 8, eff. Nov. 1, 2007.
60 OK Stat § 60-300.19 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.19. Relation to Electronic Signatures in Global and National Commerce Act.

|RELATION TO ELECTRONIC SIGNATURES IN GLOBAL AND NATIONAL COMMERCE ACT. The Uniform Prudent Management of Institutional Funds Act modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Section 7001 et seq., but does not modify, limit, or supersede Section 101 of that act, 15 U.S.C. Section 7001(a), or authorize electronic delivery of any of the notices described in Section 103 of that act, 15 U.S.C. Section 7003(b). |Added by Laws 2007, c. 91, § 9, eff. Nov. 1, 2007.
60 OK Stat § 60-300.20 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-300.20. Uniformity of application and construction.

|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. |Added by Laws 2007, c. 91, § 10, eff. Nov. 1, 2007.
60 OK Stat § 60-301.1 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-301.1. Short title.

|This act shall be known and may be cited as the "Oklahoma Charitable Fiduciary Act". |Added by Laws 1997, c. 99, § 2, emerg. eff. April 15, 1997.
60 OK Stat § 60-301.2 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-301.2. Legislative findings and purpose.

|A. The Legislature finds that: |1. Charitable, religious, and educational and eleemosynary organizations perform essential and needed services in the state;2. Clarification is needed regarding the capability of charitable, religious, educational, and eleemosynary organizations to act as a fiduciary in obtaining and administering present and future gifts benefitting the charitable, religious, educational, and eleemosynary purposes of such organizations and their affiliates; and3. Clarification is needed regarding the fiduciary powers of charitable, religious, educational, and eleemosynary organizations in the administration of trusts which provide for present or future gifts benefitting the charitable, religious, educational, and eleemosynary purposes of such organizations.B. The purpose of this act is to authorize charitable, religious, educational, and eleemosynary organizations to act as a fiduciary and to clarify the powers of such organizations when acting in a permitted fiduciary capacity.Added by Laws 1997, c. 99, § 3, emerg. eff. April 15, 1997.
60 OK Stat § 60-301.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-301.4. Fiduciary capacities.

|Charitable organizations shall be permitted to act in the following fiduciary capacities within this state: |1. To act as trustee under charitable trusts created by will, inter vivos declaration of trust or trust agreement, corporate resolution, or order, judgment or decree of any of the courts of record of this state or of any state or of the United States;2. To accept and execute all charitable trusts and perform such duties of every description as may be committed to them under such trust by any person or persons, any corporation, or any order, judgment or decree of any of the courts of record of this state or of any state or of the United States provided that such duties are not inconsistent with the charitable, religious, educational, or other eleemosynary purposes of the charitable organization;3. To take, accept and hold by gift, grant, assignment, transfer, devise or bequest of any person or persons, any corporation, or any order, judgment or decree of any of the courts of record of this state or of any state or of the United States any real or personal property as a charitable trust;4. To execute and perform any and all charitable trusts upon the terms, conditions, limitations and restrictions which may be declared, imposed, established or agreed upon in and by the person or persons, corporation, or order, judgment, decree, gift, grant, assignment, transfer, devise or bequest establishing such trust;5. To act as attorney-in-fact for any person establishing a charitable trust; and6. To act as personal representative in the probate of the will of any decedent, whether such decedent was a resident of this state or not, and whether the probate of the will of such decedent is by original or ancillary proceeding, where the will makes a present or future gift to or confers a present or future benefit on the charitable organization serving as personal representative or one or more of its affiliated charitable organizations and the total of all gifts made to the charitable organization serving as personal representative or one or more of its affiliated charitable organizations in the will is as large as the largest distribution made to another person who is not a charitable organization, but in no event shall the total of all gifts made to the charitable organization serving as personal representative or one or more of its affiliated charitable organizations in the will be less than twenty-five percent (25%) of the estate which is available for distribution.Added by Laws 1997, c. 99, § 5, emerg. eff. April 15, 1997.
60 OK Stat § 60-301.5 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-301.5. Charitable organizations authorized to exercise certain powers as trustees.

|In addition to the powers conferred on fiduciaries by the Oklahoma Trust Act, the Uniform Prudent Management of Institutional Funds Act, and the Oklahoma Uniform Prudent Investor Act, all charitable organizations acting as trustees of charitable trusts shall expressly be permitted to exercise the following powers: |1. To limit the investment of property received in trust to investments in real or personal property; securities including bonds, stocks, all kinds of negotiable and nonnegotiable paper; and other investment instruments, which are consistent with the charitable, religious, educational, or other eleemosynary purposes of the charitable organization;2. To make distributions from an institutional endowment fund as that term is defined in the Uniform Prudent Management of Institutional Funds Act in a manner that will provide a consistent source of funds to charitable organizations benefited by such charitable trusts;3. For assets held in an institutional endowment fund as that term is defined in the Uniform Prudent Management of Institutional Funds Act, to invest in loans of money upon adequate collateral security to affiliated charitable organizations provided that the charitable organization serving in a fiduciary capacity conforms to the standard for care set forth in the document creating the trust or, in the absence of a standard of care in the document creating the trust, to the standard of care for fiduciaries as set forth in the Oklahoma Trust Code, the Uniform Prudent Management of Institutional Funds Act, and the Oklahoma Uniform Prudent Investor Act, and provided further that the loan furthers the charitable, religious, educational and other eleemosynary purposes of the affiliated charitable organization;4. To recover costs and expenses to include a reasonable charge for administrative overhead incurred in administering charitable trusts to include costs incurred for investment counselors, advisors and agents; and5. To delegate the investment of assets of charitable trusts and the administration of charitable trusts to state banks in Oklahoma having trust powers, national banking associations having trust powers, and trust companies having trust powers.Added by Laws 1997, c. 99, § 6, emerg. eff. April 15, 1997. Amended by Laws 2007, c. 91, § 12, eff. Nov. 1, 2007.
60 OK Stat § 60-301.6 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-301.6. Fidelity bonds.

|A. Governing board must require fidelity bonds. The governing board of a charitable organization serving as trustee of a charitable trust shall require good and sufficient fidelity bonds on all officers and employees who are involved in the funding and administration of a charitable trust, whether or not they are paid a salary or other compensation. The fidelity bonds shall indemnify the charitable trusts administered by a charitable organization for loss sustained to a charitable trust as the result of dishonest, fraudulent, or criminal conduct by the officers and employees of the charitable organization, whether acting independently or in collusion with any person or persons. |B. Form and premiums of fidelity bonds. The governing board of a charitable organization serving as trustee of a charitable trust shall determine the amount and form of its fidelity bonds. The premiums for its fidelity bonds shall be paid by the charitable organization and the cost of premiums may be included in the administrative overhead of the charitable organization.C. Annual review of fidelity bonds. At least once each calendar year the governing board of a charitable organization serving as trustee of a charitable trust shall evaluate all known elements and factors constituting its risk of loss due to dishonest, fraudulent, or criminal conduct by its officers and employees and determine if the amount and form of its fidelity bonds are sufficient. The governing board shall then require fidelity bonds in such amounts and form as are sufficient to protect its charitable trusts from such risk or hazard. The action of the governing board in determining the amount and form of its fidelity bonds shall be recorded in the minutes of the governing board.Added by Laws 1997, c. 99, § 7, emerg. eff. April 15, 1997.