reglab/housing_qa huggingface dataset:
60 OK Stat § 60-175.704 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.704. Distribution to second trust - Trustee with limited discretion.

|DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH LIMITED DISCRETION |A. An authorized trustee who has limited discretion to distribute the principal of a trust may distribute all or part of the principal of that trust in favor of a trustee of a second trust as provided by this section.B. The current beneficiaries of the second trust shall be substantially the same as the current beneficiaries of the first trust, and the successor and presumptive remainder beneficiaries of the second trust shall be substantially the same as the successor and presumptive remainder beneficiaries of the first trust, as determined in the reasonable discretion of the authorized trustee.C. If the beneficiaries of the first trust are described as a class of persons, the beneficiaries of the second trust shall include substantially the same persons who become members of that class after the distribution to the second trust, as determined in the reasonable discretion of the authorized trustee.D. If the first trust grants a power of appointment to a beneficiary of the trust, the second trust shall grant the power of appointment to the beneficiary in the second trust, and the class of permissible appointees under that power shall be the same as the class of permissible appointees under the power granted by the first trust.E. The exercise of a power of distribution under this section shall be made by the authorized trustee in good faith, in accordance with the terms and purposes of the trust, and in the interests of the beneficiaries.Added by Laws 2021, c. 268, § 4, eff. Nov. 1, 2021.
60 OK Stat § 60-175.705 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.705. Trust for beneficiary with disability.

|TRUST FOR BENEFICIARY WITH DISABILITY |A. As used in this act:1. "Beneficiary with a disability" means a beneficiary of a first trust who the special-needs fiduciary believes may qualify for governmental benefits based on disability, whether or not the beneficiary currently receives those benefits or is an individual who has been adjudicated incompetent;2. "Governmental benefits" means financial aid or services from a state, federal or other public agency;3. "Special-needs fiduciary" means, with respect to a trust that has a beneficiary with a disability:a.a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the principal of a first trust to one or more current beneficiaries,b.if no trustee or fiduciary has discretion under subparagraph a of this section, a trustee or other fiduciary, other than a settlor, that has discretion to distribute part or all of the income of the first trust to one or more current beneficiaries, orc.if no trustee or fiduciary has discretion under subparagraphs a and b of this section, a trustee or other fiduciary, other than a settlor, that is required to distribute part or all of the income or principal of the first trust to one or more current beneficiaries; and4. "Special-needs trust" means a trust the trustee believes would not be considered a resource for purposes of determining whether a beneficiary with a disability is eligible for governmental benefits.B. A special-needs fiduciary may exercise the decanting power under Section 3 of this act over the principal of a first trust as if the fiduciary had authority to distribute principal to a beneficiary with a disability subject to expanded distributive discretion if:1. A second trust is a special-needs trust that benefits the beneficiary with a disability; and2. The special-needs fiduciary determines that exercise of the decanting power will further the purposes of the first trust.C. In an exercise of the decanting power under this section, the following rules apply:1. Notwithstanding Section 3 of this act, the interest in the second trust of a beneficiary with a disability may:a.be a pooled trust as defined by Medicaid law for the benefit of the beneficiary with a disability under 42 U.S.C., Section 1396p(d)(4)(C), as amended, orb.contain payback provisions complying with reimbursement requirements of Medicaid law under 42 U.S.C., Section 1396p(d)(4)(A), as amended; and2. Except as affected by any change to the interests of the beneficiary with a disability, the second trust, or if there are two or more second trusts, the second trusts in the aggregate, shall comply with Section 3 or 4 of this act with respect to the interest or interests of each other current beneficiary, presumptive remainder beneficiary or successor beneficiary.Added by Laws 2021, c. 268, § 5, eff. Nov. 1, 2021.
60 OK Stat § 60-175.707 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.707. Written instrument required.

|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.Added by Laws 2021, c. 268, § 7, eff. Nov. 1, 2021.
60 OK Stat § 60-175.708 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.708. Reference to trust terms.

|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.Added by Laws 2021, c. 268, § 8, eff. Nov. 1, 2021.
60 OK Stat § 60-175.709 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.709. Settlor of second trust.

|SETTLOR OF SECOND TRUST |A. Except as provided by subsection B of this section, the settlor of a first trust is considered to be the settlor of a second trust established under this act.B. If a settlor of a first trust is not also the settlor of a second trust into which principal of that first trust is distributed, the settlor of the first trust is considered the settlor of the portion of the second trust distributed to the second trust from that first trust under this act.Added by Laws 2021, c. 268, § 9, eff. Nov. 1, 2021.
60 OK Stat § 60-175.710 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.710. Court-ordered distribution.

|COURT-ORDERED DISTRIBUTION |A. An authorized trustee may petition a court to order a distribution under this act.B. If the authorized trustee receives a written objection to a distribution under this act from a beneficiary before the proposed effective date of the distribution specified in the notice provided to the beneficiary under Section 6 of this act, the trustee or the beneficiary may petition a court to approve, modify or deny the exercise of the trustee's power to make a distribution under this act.C. If the authorized trustee receives a written objection to the distribution from the attorney general not later than the thirtieth day after the date the notice required by Section 6 of this act was received by the attorney general, the trustee shall not make a distribution under Section 3 or 4 of this act without petitioning a court to approve or modify the exercise of the trustee's power to make a distribution under this act.D. In a judicial proceeding under this section, the authorized trustee may present the trustee's reasons for supporting or opposing a proposed distribution, including whether the trustee believes the distribution would enable the trustee to better carry out the purposes of the trust.E. The authorized trustee has the burden of proving that the proposed distribution furthers the purposes of the trust, is not expressly prohibited by the terms of the trust, and is in the interests generally of the beneficiaries.F. This section does not limit a beneficiary's right to bring an action against a trustee for a breach of trust.Added by Laws 2021, c. 268, § 10, eff. Nov. 1, 2021.
60 OK Stat § 60-175.711 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.711. Divided discretion.

|DIVIDED DISCRETION |If an authorized trustee has full discretion to distribute the principal of a trust and another trustee has limited discretion to distribute principal under the trust instrument, the authorized trustee having full discretion may exercise the power to distribute the trust's principal under Section 3 of this act.Added by Laws 2021, c. 268, § 11, eff. Nov. 1, 2021.
60 OK Stat § 60-175.712 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.712. Later discovered assets.

|LATER DISCOVERED ASSETS |To the extent the authorized trustee does not provide otherwise:1. The distribution of all of the principal of a first trust to a second trust includes subsequently discovered assets otherwise belonging to the first trust and principal paid to or acquired by the first trust after the distribution of the first trust's principal to the second trust; and2. The distribution of part of the principal of a first trust to a second trust does not include subsequently discovered assets belonging to the first trust or principal paid to or acquired by the first trust after the distribution of principal from the first trust to the second trust, and those assets or that principal remain the assets or principal of the first trust.Added by Laws 2021, c. 268, § 12, eff. Nov. 1, 2021.
60 OK Stat § 60-175.713 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.713. Other authority to distribute in further trust not limited.

|OTHER AUTHORITY TO DISTRIBUTE IN FURTHER TRUST NOT LIMITED |This act shall not be construed to limit the power of an authorized trustee to distribute property in further trust under the terms of the governing instrument of a trust, other law, or a court order.Added by Laws 2021, c. 268, § 13, eff. Nov. 1, 2021.
60 OK Stat § 60-175.714 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.714. Need for distribution not required.

|NEED FOR DISTRIBUTION NOT REQUIRED |An authorized trustee may exercise the power to distribute principal to a second trust under Section 3 or 4 of this act regardless of whether there is a current need to distribute principal under the terms of the first trust.Added by Laws 2021, c. 268, § 14, eff. Nov. 1, 2021.
60 OK Stat § 60-175.715 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.715. Duties not created.

|DUTIES NOT CREATED |A. This act does not create or imply a duty for an authorized trustee to exercise a power to distribute principal, and impropriety shall not be inferred as a result of the trustee not exercising a power conferred by Section 3 or 4 of this act.B. An authorized trustee does not have a duty to inform beneficiaries about the availability of the authority provided by this act or a duty to review the trust to determine whether any action should be taken under this act.Added by Laws 2021, c. 268, § 15, eff. Nov. 1, 2021.
60 OK Stat § 60-175.716 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.716. Certain distributions prohibited.

|CERTAIN DISTRIBUTIONS PROHIBITED |A. Except as provided by subsection B of this section, an authorized trustee shall not exercise a power to distribute principal of a trust otherwise provided by Section 3 or 4 of this act if the distribution is expressly prohibited by the terms of the governing instrument of the trust.B. A general prohibition of the amendment or revocation of a trust or a provision that constitutes a spendthrift clause shall not preclude the exercise of a power to distribute principal of a trust under Section 3 or 4 of this act.Added by Laws 2021, c. 268, § 16, eff. Nov. 1, 2021.
60 OK Stat § 60-175.717 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.717. Exceptions to power of distribution.

|EXCEPTIONS TO POWER OF DISTRIBUTION |An authorized trustee shall not exercise a power to distribute principal of a trust under Section 3 or 4 of this act to:1. Reduce, limit or modify a beneficiary's current, vested right to:a.receive a mandatory distribution of income or principal,b.receive a mandatory annuity or unitrust interest,c.withdraw a percentage of the value of the trust, ord.withdraw a specified dollar amount from the trust;2. Materially limit a trustee's fiduciary duty:a.under the terms of the trust, orb.in a manner that would be prohibited by the Oklahoma Trust Act, Section 175.1 et seq. of Title 60 of the Oklahoma Statutes, the Oklahoma Prudent Investor Act, Section 175.60 et seq. of Title 60 of the Oklahoma Statutes, the Oklahoma Principal and Income Act, Section 175.101 et seq. of Title 60 of the Oklahoma Statutes or the Oklahoma Charitable Fiduciary Act, Section 301.1 et seq. of Title 60 of the Oklahoma Statutes;3. Decrease or indemnify against a trustee's liability or exonerate a trustee from liability;4. Add a provision exonerating a trustee for failure to exercise reasonable care, diligence and prudence;5. Eliminate a provision granting another person the right to remove or replace the authorized trustee exercising the distribution power under Section 3 or 4 of this act; or6. Reduce, limit or modify in the second trust a perpetuities provision included in the first trust, unless expressly permitted by the terms of the first trust.Added by Laws 2021, c. 268, § 17, eff. Nov. 1, 2021.
60 OK Stat § 60-175.718 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.718. Tax-related limitations.

|TAX-RELATED LIMITATIONS |A. The authorized trustee shall not distribute the principal of a trust under Section 3 or 4 of this act in a manner that would prevent a contribution to that trust from qualifying for or that would reduce the exclusion, deduction or other federal tax benefit that was originally claimed for that contribution, including:1. The annual exclusion under Section 2503(b) of the Internal Revenue Code of 1986, as amended;2. A marital deduction under Section 2056(a) or 2523(a) of the Internal Revenue Code of 1986, as amended;3. The charitable deduction under Section 170(a), 642(c), 2055(a), or 2522(a) of the Internal Revenue Code of 1986, as amended;4. Direct skip treatment under Section 2642(c) of the Internal Revenue Code of 1986, as amended; or5. Any other tax benefit for income, gift, estate, or generation-skipping transfer tax purposes under the Internal Revenue Code of 1986, as amended.B. Notwithstanding subsection A of this section, an authorized trustee may distribute the principal of a first trust to a second trust regardless of whether the settlor is treated as the owner of either or both trusts under the Internal Revenue Code, 26 U.S.C., Sections 671 through 679, as amended.C. If S corporation stock is held in trust, an authorized trustee shall not distribute all or part of that stock under Section 3 or 4 of this act to a second trust that is not a permitted shareholder under the Internal Revenue Code, 26 U.S.C., Section 1361(c)(2), as amended.D. If an interest in property that is subject to the minimum distribution rules of the Internal Revenue Code, 26 U.S.C., Section 401(a)(9), as amended, is held in trust, an authorized trustee shall not distribute the trust's interest in the property to a second trust under Section 3 or 4 of this act if the distribution would shorten the minimum distribution period applicable to the property.Added by Laws 2021, c. 268, § 18, eff. Nov. 1, 2021.
60 OK Stat § 60-175.719 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.719. Compensation of trustee.

|COMPENSATION OF TRUSTEE |A. Except as provided by subsection B of this section and unless a court, on application of the authorized trustee, directs otherwise, the trustee shall not exercise a power under Section 3 or 4 of this act solely to change trust provisions regarding the determination of the compensation of any trustee.B. An authorized trustee, in connection with the exercise of a power under Section 3 or 4 of this act for another valid and reasonable purpose, may bring the trustee's compensation into conformance with reasonable limits authorized by state law.C. The compensation payable to an authorized trustee of the first trust may continue to be paid to the trustee of the second trust during the term of the second trust and may be determined in the same manner as the compensation would have been determined in the first trust.D. An authorized trustee shall not receive a commission or other compensation for the distribution of a particular asset from a first trust to a second trust under Section 3 or 4 of this act.Added by Laws 2021, c. 268, § 19, eff. Nov. 1, 2021.
60 OK Stat § 60-177 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-177. Reformation of offending instruments.

|Such trusts may be created by written instruments or by will. In the case of written instruments, the same shall be subscribed by the grantor or grantors and duly acknowledged as conveyances of real estate are acknowledged, and before the same shall become effective the beneficial interest therein shall be accepted by the Governor, if the state is the beneficiary, or by the governing body of any other beneficiary named therein, which power and authority of acceptance hereby is conferred upon the Governor and upon the governing bodies of the counties or municipalities. Provided, every trust made hereunder, if the state is the beneficiary, shall, prior to and as a condition precedent to its entry into force, be submitted to the Attorney General who shall determine whether the trust is in proper form and compatible with the laws of this state. The Attorney General shall approve any trusts submitted to him which he determines to be in proper form and compatible with the laws of this state. If approved, the said instrument or will, together with the written acceptance of the beneficial interest and approval of the Attorney General endorsed thereon, shall be recorded in the office of the county clerk of each county wherein is situated any real estate, or any interest therein, belonging to said trust, as well as in the county wherein is located the trust property or wherein are conducted its principal operations. In the case of any trust of which the State of Oklahoma is the beneficiary, a certified copy of such instrument or will and the instrument of acceptance shall be filed with the Secretary of State. Upon the acceptance of the beneficial interest by the beneficiary and approval by the Attorney General as hereinabove provided, the same shall be and constitute a binding contract between the State of Oklahoma and the grantor or grantors, or the executor of the estate of the testator, for the acceptance of the beneficial interest in the trust property by the designated beneficiary and the application of the proceeds of the trust property and its operation for the purposes, and in accordance with the stipulations of the trust instrument or will. Such trusts shall have duration for the term of duration of the beneficiary, or such shorter length of time as shall be specified in the instrument or will creating said trust. |Laws 1951, p. 167, § 2; Laws 1953, p. 278, § 2; Laws 1970, c. 319, § 2; Laws 1973, c. 201, § 1; Laws 1976, c. 222, § 2, eff. Dec. 1, 1976.
60 OK Stat § 60-177.1 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-177.1. Limitation upon engaging in activity other than 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. |Laws 1970, c. 71, § 1, emerg. eff. March 17, 1970. Amended by Laws 2007, c. 343, § 2, eff. Nov. 1, 2007.
60 OK Stat § 60-177.3 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-177.3. Authorization of participation in short-term cash 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 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.Added by Laws 1991, c. 212, § 2, eff. Aug. 1, 1991.
60 OK Stat § 60-177.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-177.4. Endorsement of short-term cash management program by 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. |Added by Laws 1991, c. 212, § 3, eff. Aug. 1, 1991.
60 OK Stat § 60-177.5 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-177.5. Rebate of reserve funds resulting from any advance funding or cash management program.

|All reserve funds currently or hereafter held by any public trust or entity, which funds result from any advance funding or cash management program, must be rebated, with all accrued interest thereon, on a pro rata basis of actual participation to the program participants of the advance funding or cash management program from which the reserve was created unless, within three (3) years of the date of the reserve fund's initial creation, such reserve funds are used by the public trust or entity to fund a similar advance funding or cash management program. |Added by Laws 1991, c. 341, § 1, eff. July 1, 1991.
60 OK Stat § 60-178.3 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.3. Validity of outstanding indebtedness.

|Nothing in this act shall affect the validity of outstanding indebtedness of any public trust heretofore created nor shall the validity of any document pertaining to such outstanding indebtedness or written instrument creating such public trust be affected. |Laws 1976, c. 222, § 6, eff. Dec. 1, 1976.