reglab/housing_qa huggingface dataset:
60 OK Stat § 60-175.17 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.17. Cotrustees - Powers and liabilities.

|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 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; or2. 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.Added by Laws 1941, p. 253, § 17. Amended by Laws 2001, c. 374, § 1, eff. Nov. 1, 2001.
60 OK Stat § 60-175.19 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.19. Torts of trustee - Exoneration or reimbursement.

|A trustee who has incurred personal liability for a tort committed in the administration of the trust is entitled to exoneration therefor from the trust property; |A. If he has not discharged the claim, or to be reimbursed therefor out of trust funds if he has paid the claim; if1. The tort was a common incident of the kind of business activity in which the trustee was properly engaged for the trust; or 2. Although the tort was not a common incident of such activity, if neither the trustee nor any officer or employee of the trustee was guilty of actionable negligence in incurring the liability.B. If a trustee commits a tort which increases the value of the trust property, he shall be entitled to exoneration or reimbursement with respect thereto to the extent of such increase in value, even though he would not otherwise be entitled to exoneration or reimbursement.Where the trust instrument reserves to the trustor or vests in an advisory or investment committee or any other person, including a cotrustee, authority to direct the making or retention of investments, the excluded trustee or trustees shall not be liable as a trustee for any loss resulting from the making or retention of any investment pursuant to such mandatory direction, except to the extent the excluded trustee is negligent in carrying out the execution of the directed investment or other directed action, and nothing herein shall relieve any trustee having custody of any asset from liability for exercising due diligence in the safekeeping thereof.Laws 1941, p. 254, § 19; Laws 1968, c. 15, § 4, emerg. eff. Feb. 19, 1968.
60 OK Stat § 60-175.20 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.20. Actions for trustee's torts - Personal liability of trustee.

|Where a trustee or his predecessor has incurred personal liability for a tort committed in the course of his administration: |A. The trustee in his representative capacity may be sued and collection had from the trust property, if the court shall determine in such action:1. That the tort was a common incident of the kind of business activity in which the trustee or his predecessor was properly engaged for the trust; or2. That although the tort was not a common incident of such activity neither the trustee nor his predecessor, nor any officer or employee of the trustee or his predecessor, was guilty of actionable negligence in incurring the liability; or3. That although the tort did not fall within Classes 1 or 2 above, it increased the value of the trust property. If the tort is within Classes 1 or 2 above, collection may be had of the full amount of damage proved; and if the tort is within Class 3 above, collection may be had only to the extent of the permanent increase in the value of the trust property.B. In an action against the trustee in his representative capacity under this section the plaintiff need not prove that the trustee could have secured reimbursement from the trust fund if he had paid the plaintiff's claim.C. No judgment shall be rendered in favor of the plaintiff in such action unless he proves that within thirty (30) days after the beginning of the action, or within such other period as the court may fix, and more than thirty (30) days prior to obtaining the judgment, he notified each of the beneficiaries known to the trustee who then had a present or contingent interest of the existence and nature of the action. Such notice shall be given by mailing copies thereof in postpaid envelopes addressed to such beneficiaries at their last known addresses. The trustee shall furnish the plaintiff a list of such beneficiaries and their addresses, within ten (10) days after written demand therefor, and notification of the persons on such list shall constitute compliance with the duty placed on the plaintiff by this action. Any beneficiary may intervene in such action and contest the right of the plaintiff to recover. If any beneficiary is a minor or has been adjudged incompetent, the court shall appoint a guardian ad litem, whose duty it shall be to defend such action.D. The trustee may also be held personally liable for any tort committed by him, or his agents or employees in the course of their employments, subject to the rights of exoneration or reimbursement provided in Section 19 of this act.Laws 1941, p. 254, § 20.
60 OK Stat § 60-175.21 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.21. Duties, restrictions or liabilities of trustee - Trustor may relieve trustee or add others.

|The trustor of any trust affected by this act may, by provisions in the instrument creating the trust, or by an amendment of the trust if the trustor reserved the power to amend the trust, relieve his trustee from any or all of the duties, restrictions, and liabilities which would otherwise be imposed upon him by this act; or alter or deny to his trustee any or all of the privileges and powers conferred upon the trustee by this act; or add duties, restrictions, liabilities, privileges, or powers to those imposed or granted by this act; but no act of the trustor shall relieve a corporate trustee from the duties, restrictions, and liabilities imposed upon it by Sections 9, 10, and 11 of this act. |Laws 1941, p. 255, § 21.
60 OK Stat § 60-175.23 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.23. Jurisdiction of district court regarding trusts - Venue - Parties - Applicable statutes.

|A. The district court shall have original jurisdiction to construe the provisions of any trust instrument; to determine the law applicable thereto; the powers, duties, and liability of trustee; the existence or nonexistence of facts affecting the administration of the trust estate; to require accounting by trustees; to surcharge trustee; and in its discretion to supervise the administration of trusts; and all actions hereunder are declared to be proceedings in rem. |B. The venue of such actions shall be in the county where the trustees or any cotrustee resides. Upon obtaining jurisdiction the same shall not be divested by the removal of the trustee from the county where the action is commenced.C. Actions hereunder may be brought by a trustee, beneficiary, or any person affected by the administration of the trust estate. If the action is predicated upon any act or obligation of any beneficiary, the beneficiary shall be a necessary party to the proceedings. The only necessary parties to such actions shall be those persons designated as beneficiaries by name or class in the instrument creating the trust and who have a vested interest in the trust which is the subject of the action, those persons currently serving as trustees of the trust, and any persons who may be actually receiving distributions from the trust estate at the time the action is filed. Contingent beneficiaries designated by name or class shall not be necessary parties.D. The provisions of the statutes governing civil procedure, commencement of action, process, process by publication, appointment of guardians ad litem, supersedeas and appeal, shall govern all actions and proceedings brought under provisions of this act.E. A court of competent jurisdiction may, for cause shown and upon notice to the beneficiaries, relieve a trustee from any or all of the duties and restrictions which would otherwise be placed upon the trustee by this act, or wholly or partly excuse a trustee who has acted honestly and reasonably from liability for violations of the provisions of this act.Added by Laws 1941, p. 255, § 23. Amended by Laws 1993, c. 345, § 14, eff. Sept. 1, 1993; Laws 1995, c. 351, § 22, eff. Nov. 1, 1995.
60 OK Stat § 60-175.37 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.37. Death of trustee - Appointment of successor.

|Upon the death of a sole or surviving trustee of an express trust and in the absence of the trust providing for a practical method of appointment, the power to appoint a trustee shall vest in the court having jurisdiction thereof, and on petition of any person interested such court shall appoint a successor in whom the trust shall vest. |Laws 1941, p. 262, § 37.
60 OK Stat § 60-175.38 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.38. Resignation of trustee.

|Upon petition of any trustee of an express trust, a court having jurisdiction may accept his resignation, and discharge him from the trust upon such terms as the rights of the persons interested in the execution of the trust may require. |Laws 1941, p. 263, § 38.
60 OK Stat § 60-175.39 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.39. Removal of trustee - Filling vacancies.

|Trustees having violated or attempted to violate any express trust, or becoming incompetent or insolvent, or of whose solvency or that of their sureties there is reasonable doubt, or for other cause, in the discretion of the court having jurisdiction, may, on petition of any person interested, after hearing, be removed by such court and denied compensation in whole or in part; and any beneficiary, cotrustee, or successor may treat the violation as a breach of trust; and all vacancies in express trusteeships may be filled by such court. |Laws 1941, p. 263, § 39.
60 OK Stat § 60-175.40 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.40. Rights, duties, etc. of trustees appointed by court.

|Trustees appointed by the district courts of Oklahoma shall be vested with all the rights, powers, trusts, privileges, discretion and title to properties conferred upon the trustee by the trust instrument, and by statute, unless otherwise provided by the court in the order of appointment; and shall be charged with all the duties, responsibilities and liabilities enjoined by said trust instrument and by statute. |Laws 1941, p. 263, § 40.
60 OK Stat § 60-175.41 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.41. Revocation of trust by trustor.

|Every trust shall be revocable by the trustor, unless expressly made irrevocable by the terms of the instrument creating the same. Provided, that any trust may be revoked by the trustor upon the written consent of all living persons having vested or contingent interest therein. The term "contingent interest," as used in this section, shall include an interest which a beneficiary may take by purchase, and exclude any interest which a beneficiary may take by descent. Provided further that this section shall not apply to a spendthrift trust unless same is created by the trustor for his own benefit. |Laws 1941, p. 263, § 41.
60 OK Stat § 60-175.42 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.42. Designation of person to whom property shall belong on 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 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. |Laws 1941, p. 263, § 42.
60 OK Stat § 60-175.43 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.43. Legal estate of grantee or devisee of property subject 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. |Laws 1941, p. 263, § 43.
60 OK Stat § 60-175.44 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.44. Estates remaining in trustor.

|Where an express trust is created in relation to real or personal property, every estate not embraced in the trust, and not otherwise disposed of, is left in the trustor of the trust or his successors. |Laws 1941, p. 263, § 44.
60 OK Stat § 60-175.45 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.45. Grant deemed absolute as to purchasers or encumbrances for value - Notice of restrictions - Intent of Legislature.

|(a) Where an express trust is created in relation to real property; any grant, deed, conveyance, lease, easement, encumbrance, assignment, or release by the trustee with respect to such real property or interest therein shall be deemed authorized and binding upon the trust in favor of purchasers or encumbrances for value without either (i) actual notice of restrictions or limitations established by the trust upon the trustee, or (ii) the constructive notice as provided in subsection (b) hereof. |(b) If the instrument establishing the trust is recorded in the county where the real property is located, said purchasers or encumbrances for value shall be charged with constructive notice of the restrictions and limitations contained in such instrument.(c) It is the intent of the Legislature that trusts are private instruments and it shall not be necessary to record the instrument establishing a trust unless the trustor desires to put the public on notice of restrictions or limitations upon the powers of the trustee, in which case the same must be recorded.Laws 1941, p. 263, § 45; Laws 1979, c. 157, § 1.
60 OK Stat § 60-175.47 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.47. Suspension of absolute power of alienation - Period of suspension.

|A. Except as otherwise provided in subsection B of this section, the absolute power of alienation of real and personal property, or either of them, shall not be suspended by any limitations or conditions whatever for a longer period than during the continuance of a life or lives of the beneficiaries in being at the creation of the estate and twenty-one (21) years thereafter. The absolute power of alienation is not suspended if there is any person in being who, alone or in combination with one or more others, has the power to sell, exchange, or otherwise convey the real or personal property. If the terms of a trust do not suspend the absolute power of alienation of any trust property beyond the term permitted in this subsection, the trust may exist in perpetuity. |B. The provisions of this section shall not apply when property is given, granted, bequeathed, or devised to:1. A charitable use;2. Literary, educational, scientific, religious, or charitable corporations for their sole use and benefit;3. Any cemetery corporation, society or association;4. The Department of Mental Health and Substance Abuse Services as provided in Section 2-111 of Title 43A of the Oklahoma Statutes; or5. Gifts absolute, limited, or in trust, for the advancement of medical science to an incorporated state society of physicians and surgeons.C. Except as provided in this section, the common law rule against perpetuities shall not apply to a trust subject to the trust laws of this state.Added by Laws 1941, p. 264, § 47. Amended by Laws 2003, c. 217, § 6, eff. Nov. 1, 2003; Laws 2015, c. 164, § 3, eff. Nov. 1, 2015.
60 OK Stat § 60-175.48 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.48. Compensation or commissions of trustee.

|A trustee acting in a fiduciary capacity, as herein authorized, is entitled to receive such compensation or commission as provided for in the trust agreement or other contract. If the amount of such compensation or commission is not regulated by or stipulated in the trust agreement, the trustee may charge and deduct a reasonable compensation or commission for the services rendered and the responsibilities assumed. Where the trustee is acting under appointment by a court, such compensation or commission shall be paid, irrespective of the provisions in the trust instrument, as allowed or approved by that court. |Laws 1941, p. 264, § 48.
60 OK Stat § 60-175.49 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.49. Trust ceases when purpose ceases.

|When the purpose for which an express trust was created ceases, the estate of the trustee also ceases. |Laws 1941, p. 265, § 49.
60 OK Stat § 60-175.50 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.50. Repeals as reinstating common law rules.

|The repeal of any section of the statutory law of this state by this act, which section abrogated or restated the common-law rule, shall operate to reinstate and reestablish the common-law rule applicable thereto, except as the subject matter thereof may be changed by the provisions of this act. |Laws 1941, p. 265, § 50.
60 OK Stat § 60-175.51 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.51. Tax statutes to supersede act.

|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. |Laws 1941, p. 265, § 51.
60 OK Stat § 60-175.53 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.53. Agreements, wills and trust relations to which statute applicable.

|The terms of this act shall apply in the construction of, and operation under, |A. All agreements containing trust provisions entered into subsequent to the effective date hereof;B. All wills made by testators who shall die subsequent to the effective date hereof; andC. All other wills and trust agreements and trust relations in so far as such terms do not impair the obligation of contract or deprive persons of property without due process of law under the Constitution of the State of Oklahoma or the United States of America.Laws 1941, p. 265, § 54.
60 OK Stat § 60-175.54 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.54. Situs in jurisdiction where trustee not qualified to 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. |Laws 1971, c. 201, § 1, eff. Oct. 1, 1971.
60 OK Stat § 60-175.55 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.55. Investment of trust assets by bank, trust company or affiliate of bank or trust company.

|A. A bank, trust company, or affiliate of a bank or trust company which serves as a fiduciary, trustee, custodian, managing agent, personal representative, or otherwise may invest and reinvest assets that it maintains in its trust department or trust company in the securities of any open-end or closed-end management investment company or investment trust registered under the Investment Company Act of 1940, 15 U.S.C., Section 80a-1 through 80a-64, as amended. |B. Any investment or reinvestment made pursuant to subsection A of this section shall comply with the provisions of the Oklahoma Uniform Prudent Investor Act.C. A bank, trust company or an affiliate of a bank or trust company which is providing services to an investment company or investment trust as investment adviser, sponsor, distributor, custodian, transfer agent, administrator, registrar, or otherwise and who is receiving reasonable remuneration for such services, may make investments and reinvestments pursuant to subsections A and B of this section in said investment company or investment trust.D. Any bank, trust company or affiliate of a bank or trust company which makes investments or reinvestments pursuant to subsection C of this section:1. Shall not be required to reduce or waive its fees or charges for services provided in connection with the investment and management of funds it holds as fiduciary, trustee, custodian, managing agent, personal representative, or otherwise because such funds are invested, reinvested, or retained in an investment company or investment trust so long as the total compensation paid, including any fees or charges payable by the investment company or investment trust in connection with the investment of such funds, is reasonable; and2. May receive fees in accordance with Rule 12b-1 of the Investment Company Act of 1940, or similar fees, from the investment company or investment trust in the same amount that would be paid by such investment company or investment trust to any other party, without reducing or waiving other fees it receives for serving as a fiduciary, trustee, custodian, managing agent, personal representative or otherwise. Any fees received by a bank, trust company, or affiliate of a bank or trust company pursuant to this paragraph shall be disclosed to the customer of such bank, trust company, or affiliate of the bank or trust company.Added by Laws 1990, c. 260, § 35, operative July 1, 1990. Amended by Laws 1995, c. 351, § 26, eff. Nov. 1, 1995; Laws 1997, c. 58, § 1, eff. Nov. 1, 1997.