reglab/housing_qa huggingface dataset:
60 OK Stat § 60-175.56 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.56. Death of beneficiary before distribution - Distribution to beneficiary's lineal descendants.

|When the declaration or agreement of an express trust provides for any of the property held in trust to be distributed to a beneficiary related by blood to the grantor or to a grantor of the trust, and the beneficiary is living at the time the trust is created but dies before the time for distribution of the trust leaving one or more lineal descendants who are living at the time for distribution of the trust, and no provision is made in the trust declaration or agreement for disposition of the property in the event that the beneficiary is not living at the time for distribution of the trust, the beneficiary's lineal descendants take the share of the trust property so given to the beneficiary in the trust declaration or agreement, by right of representation, in the same manner as the beneficiary would have done had he been living at the time for distribution of the trust. |Added by Laws 1993, c. 345, § 15, eff. Sept. 1, 1993.
60 OK Stat § 60-175.60 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.60. Short title.

|Short Title. |Sections 1 through 13 of this act shall be known and may be cited as the "Oklahoma Uniform Prudent Investor Act".Added by Laws 1995, c. 351, § 1, eff. Nov. 1, 1995.
60 OK Stat § 60-175.61 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.61. Prudent investor rule.

|Prudent Investor Rule. |A. Except as otherwise provided in subsection B of this section, a trustee who invests and manages trust assets owes a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in the Oklahoma Uniform Prudent Investor Act.B. The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust. A trustee is not liable to a beneficiary to the extent that the trustee acted in reasonable reliance on the provisions of the trust.Added by Laws 1995, c. 351, § 2, eff. Nov. 1, 1995.
60 OK Stat § 60-175.62 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.62. Standard of care - Portfolio strategy - Risk and return objectives.

|Standard of Care; Portfolio Strategy; Risk and Return Objectives. |A. A trustee shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustee shall exercise reasonable care, skill, and caution.B. A trustee's investment and management decisions respecting individual assets must be evaluated not in isolation, but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.C. Among circumstances that a trustee shall consider in investing and managing trust assets are those of the following as are relevant to the trust or its beneficiaries:1. General economic conditions;2. The possible effect of inflation or deflation;3. The expected tax consequences of investment decisions or strategies;4. The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;5. The expected total return from income and the appreciation of capital;6. Other resources of the beneficiaries;7. Needs for liquidity, regularity of income, and preservation or appreciation of capital; and8. An asset's special relationship or special value, if any, to the purposes of the trust or to one or more of the beneficiaries.D. A trustee shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.E. A trustee may invest in any kind of property or type of investment consistent with the standards of the Oklahoma Uniform Prudent Investor Act.F. A trustee who has special skills or expertise, or is named trustee in reliance upon the trustee's representation that the trustee has special skills or expertise, has a duty to use those special skills or expertise.Added by Laws 1995, c. 351, § 3, eff. Nov. 1, 1995.
60 OK Stat § 60-175.63 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.63. Diversification.

|Diversification. |A trustee shall diversify the investments of the trust unless the trustee reasonably determines that, because of special circumstances, the purposes of the trust are better served without diversifying.Added by Laws 1995, c. 351, § 4, eff. Nov. 1, 1995.
60 OK Stat § 60-175.64 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.64. Duties at inception of trusteeship.

|Duties at Inception of Trusteeship. |Within a reasonable time after accepting a trusteeship or receiving trust assets, a trustee shall review the trust assets and make and implement decisions concerning the retention and disposition of assets, in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of the Oklahoma Uniform Prudent Investor Act.Added by Laws 1995, c. 351, § 5, eff. Nov. 1, 1995.
60 OK Stat § 60-175.65 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.65. Loyalty.

|Loyalty. |A trustee shall invest and manage the trust assets solely in the interest of the beneficiaries.Added by Laws 1995, c. 351,.§ 6, eff. Nov. 1, 1995.
60 OK Stat § 60-175.66 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.66. Impartiality.

|Impartiality. |If a trust has two or more beneficiaries, the trustee shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.Added by Laws 1995, c. 351, § 7, eff. Nov. 1, 1995.
60 OK Stat § 60-175.67 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.67. Investment costs.

|Investment Costs. |In investing and managing trust assets, a trustee may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.Added by Laws 1995, c. 351, § 8, eff. Nov. 1, 1995.
60 OK Stat § 60-175.68 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.68. Reviewing compliance.

|Reviewing Compliance. |Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of a trustee's decision or action and not by hindsight.Added by Laws 1995, c. 351, § 9, eff. Nov. 1, 1995.
60 OK Stat § 60-175.69 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.69. Delegation of investment and management functions.

|Delegation of Investment and Management Functions. |A. A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in:1. Selecting an agent;2. Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and3. Periodically reviewing the agent's actions in order to monitor the agent's performance and compliance with the terms of the delegation.B. In performing a delegated function, an agent owes a duty to the trust to exercise reasonable care to comply with the terms of the delegation.C. A trustee who complies with the requirements of subsection A of this section is not liable to the beneficiaries or to the trust for the decisions or actions of the agent to whom the function was delegated.D. By accepting the delegation of a trust function from the trustee of a trust that is subject to the laws of this state, an agent submits to the jurisdiction of the courts of this state.Added by Laws 1995, c. 351, § 10, eff. Nov. 1, 1995.
60 OK Stat § 60-175.70 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.70. Language invoking standard of the Oklahoma Uniform Prudent Investor Act.

|Language Invoking Standard of the Oklahoma Uniform Prudent Investor Act. |The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under the Oklahoma Uniform Prudent Investor Act: "Investments permissible by law for investment of trust funds", "legal investments", "authorized investments", "using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital", "prudent man rule", "prudent trustee rule", "prudent person rule", and "prudent investor rule".Added by Laws 1995, c. 351, § 11, eff. Nov. 1, 1995.
60 OK Stat § 60-175.71 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.71. Application to existing trusts.

|Application to Existing Trusts. |The Oklahoma Uniform Prudent Investor Act applies to trusts existing on and created after its effective date. As applied to trusts existing on its effective date, this act governs only decisions or actions occurring after that date.Added by Laws 1995, c. 351, § 12, eff. Nov. 1, 1995.
60 OK Stat § 60-175.72 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.72. Uniformity of application and construction.

|Uniformity of Application and Construction. |The Oklahoma Uniform Prudent Investor Act shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this act among the states enacting it.Added by Laws 1995, c. 351, § 13, eff. Nov. 1, 1995.
60 OK Stat § 60-175.81 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.81. Oklahoma Discretionary and Special Needs Trust Act.

|This act shall be known and may be cited as the “Oklahoma Discretionary and Special Needs Trust Act”. |Added by Laws 2010, c. 280, § 1, eff. Nov. 1, 2010.
60 OK Stat § 60-175.83 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.83. Applicable provisions for trusts created or modified after November 1, 2010.

|The following provisions apply to all trusts created or modified from and after November 1, 2010, regardless of whether a spendthrift provision is included in a trust: |1. A distribution interest shall not be judicially sold. A distribution interest in a trust includes, but is not limited to, a current distribution interest, future distribution interest or income interest;2. A remainder interest, power of appointment or a reserved power in a trust shall not be judicially sold;3. Except as to a settlor who is also a trustee of a revocable trust, trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt;4. A beneficiary of a trust has an equitable interest in the trust to bring an action against the trustee to enforce the terms of the trust subject to the judicial review standard set forth in paragraph 4 of Section 9 of this act; and5. Subject to the provisions of the Uniform Fraudulent Transfer Act, the Oklahoma Discretionary and Special Needs Trust Act provides for the sole and exclusive remedies that are available to a creditor or other nonbeneficiary claiming an interest in the trust.Added by Laws 2010, c. 280, § 3, eff. Nov. 1, 2010.
60 OK Stat § 60-175.84 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.84. Applicable provisions for trusts created pursuant to Oklahoma Discretionary and Special Needs Trust Act.

|The following provisions apply to all trusts created pursuant to the Oklahoma Discretionary and Special Needs Trust Act: |1. A creditor shall not attach, exercise, or otherwise reach an interest of a beneficiary or any other person who holds an unconditional or conditional removal or replacement power over a trustee. Further, this power is personal to the beneficiary and may not be exercised by the creditors of the beneficiary, nor may a court direct any person to exercise this power;2. A creditor shall not reach an interest of a beneficiary nor otherwise compel a distribution because the beneficiary is then serving as a trustee or a cotrustee;3. If a party challenges a settlor or the influence of a beneficiary over a trust, the following factors, alone or in combination, shall not be considered dominion and control over a trust:a.a beneficiary serving as a trustee or a cotrustee as described in paragraph 2 of this section,b.the settlor or a beneficiary holds an unrestricted power to remove or replace a trustee,c.the settlor or a beneficiary, as provided in the applicable trust instrument, is:(1)a trust administrator,(2)a trust protector,(3)a special trustee, or(4)a general partner of a partnership, a manager of a limited liability company, an officer of a corporation, or any other managerial function of any other type of entity, and part or all of the trust property consists of an interest in said entity,d.a person related by blood or adoption to a settlor or a beneficiary is appointed as trustee, ore.an accountant of a settlor or a beneficiary, attorney, financial advisor, business associate, or a friend is appointed as trustee; and4. The settlor or any beneficiary shall not be deemed to be the alter ego of a trustee. The following factors, alone or in combination, shall not be sufficient evidence for a court to conclude that the settlor controls a trustee or is the alter ego of a trustee:a.any combination of the factors listed in paragraph 3 of this section,b.occasional occurrences in which the settlor or a beneficiary may have signed checks, made disbursements or executed other documents related to the trust as a trustee, when in fact the settlor or a beneficiary was not a trustee,c.making requests for distributions on behalf of beneficiaries, ord.making requests to the trustee to hold, purchase, or sell any trust property.Added by Laws 2010, c. 280, § 4, eff. Nov. 1, 2010.
60 OK Stat § 60-175.85 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.85. Spendthrift provision.

|A. A spendthrift provision is valid if it restrains either the voluntary or involuntary transfer of a beneficiary’s interest. If the applicable trust instrument so provides, a spendthrift provision may permit the voluntary transfer of an interest of a beneficiary even if the transfer is subject to the approval by the trustee if the trustee is not also the transferring beneficiary. The trustee may honor a transfer even if the transfer violates a spendthrift provision. The trustee shall not be liable to either the beneficiary or the assignee whether or not the trustee honors the transfer. |B. If a trust provides that the interest of a beneficiary is held subject to a spendthrift provision, or words of similar import, it shall restrain both the voluntary or involuntary transfer of the interest of the beneficiary.C. Except for an exception creditor of a support interest under paragraph 4 of Section 8 of this act, if a trust contains a spendthrift provision, a creditor or assignee of the beneficiary may not reach an interest in a trust or a distribution by the trustee until such distribution is received by the beneficiary.D. A creditor shall wait until a distribution is received by a beneficiary before attachment; provided, however, an exception creditor may attach current and future distributions at the trust level.E. A spendthrift provision applies to both current distribution interests, future distribution interests, and remainder interests.F. A power of appointment in any trust is personal in nature and cannot be attached or forced to be exercised by a creditor or a court regardless of the presence of a spendthrift provision. A power of appointment is not a property interest.G. A reserved power is not protected by a spendthrift provision. If a reserved power does not constitute a power of withdrawal for the settlor to withdraw income or principal, the holder of a reserved power may exercise the power in the sole and absolute discretion of the holder unencumbered by any court.H. A spendthrift provision is a material provision of a trust.Added by Laws 2010, c. 280, § 5, eff. Nov. 1, 2010.
60 OK Stat § 60-175.86 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.86. Distribution interest - Mandatory, support, and discretionary interests.

|A. A distribution interest in a trust shall be classified as a mandatory interest, a support interest or a discretionary interest. |B. A beneficiary may concurrently hold a mandatory interest, support interest or discretionary interest. To the extent a trust contains a combination of a discretionary interest, a support interest or a mandatory interest, the trust shall be a mandatory interest only to the extent of the mandatory language and a support interest only to the extent of the support language. The remaining trust property shall be held as a discretionary interest.Added by Laws 2010, c. 280, § 6, eff. Nov. 1, 2010.
60 OK Stat § 60-175.87 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.87. Creditor attachment of mandatory distributions.

|A. If a trust created on or after November 1, 2010, contains a spendthrift provision, a creditor shall not attach present and future mandatory distributions from the trust. A creditor shall wait until a distribution is received by a beneficiary before attachment. However, an exception creditor may attach present and future mandatory distributions for child support. |B. If a trust does not contain a spendthrift provision, a creditor may attach present and future mandatory distributions from the trust at the trust level.C. A beneficiary holding a mandatory distribution interest may enforce the interest. A court may review the distribution discretion of a trustee if the trustee acts beyond the bounds of reasonableness.Added by Laws 2010, c. 280, § 7, eff. Nov. 1, 2010.
60 OK Stat § 60-175.88 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.88. Applicable trust provisions for beneficiaries holding support interests.

|The following provisions apply only to trusts with one or more beneficiaries holding support interests: |1. The fact that a court would have exercised the distribution power under a support interest differently than the trustee is not sufficient reason for interfering with the exercise of the distribution power by the trustee. However, a court may review the distribution discretion of a trustee if the trustee acts beyond the bounds of reasonableness;2. A support interest relies on spendthrift provisions for protection of a beneficial interest as well as the additional protection provided by protective or restrictive distribution language under Section 10 of this act;3. The only exception creditor under the Oklahoma Discretionary and Special Needs Trust Act is a child of a beneficiary who has a judgment or court order against the beneficiary for support;4. As provided by the Oklahoma Discretionary and Special Needs Trust Act, the sole and exclusive remedy of an exception creditor is the attachment of the beneficiary’s support interest at the trust level. The court may limit the amount subject to attachment as appropriate under the circumstances to provide for the needs of the beneficiary and the family of the beneficiary; and5. A beneficiary holding a support interest has an enforceable right to a distribution pursuant to a court review. This does not raise the interest of the beneficiary to the level of a property interest.Added by Laws 2010, c. 280, § 8, eff. Nov. 1, 2010.
60 OK Stat § 60-175.89 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.89. Applicable trust provisions for beneficiaries holding discretionary interests.

|The following provisions apply only to trusts with one or more beneficiaries holding discretionary interests: |1. A discretionary interest is neither a property interest nor an enforceable right to a distribution; it is a mere expectancy; provided, however, a beneficiary holding a discretionary interest has an equitable interest to bring an action against the trustee within the judicial review standard of paragraph 4 of this section. No creditor, regardless of whether the Oklahoma Discretionary and Special Needs Trust Act provides for any exception creditors, shall attach, require the trustee to exercise the trustee’s discretion to make a distribution, or cause a court to judicially sell a discretionary interest;2. Regardless of whether a beneficiary has any outstanding creditor, a trustee may directly pay any expense on behalf of the beneficiary and may exhaust the income and principal of the trust for the benefit of the beneficiary. A trustee shall not be liable to any creditor or beneficiary for paying the expenses of a beneficiary;3. A creditor, including an exception creditor, of a beneficiary has no greater rights in a discretionary interest than a beneficiary, and shall not compel a distribution that is subject to the discretion of the trustee, nor may a court order a distribution;4. A court may review a distribution discretion of a trustee only if it is proved by clear and convincing evidence that the trustee:a.acts dishonestly,b.acts with an improper motive, orc.fails to act.The sole factor not to make a distribution does not constitute a failure to act. There is no standard of reasonableness under the above review standard;5. In addition to any limitations of rights of creditors, if the trust contains a spendthrift provision, a current interest in a discretionary trust also receives the benefits of any spendthrift protection; and6. Absent express language to the contrary, in the event that the distribution language permits unequal distributions between beneficiaries or distributions to the exclusion of other beneficiaries, the trustee may distribute all of the accumulated, accrued, or undistributed income and principal to one beneficiary in the discretion of the trustee.Added by Laws 2010, c. 280, § 9, eff. Nov. 1, 2010.
60 OK Stat § 60-175.90 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.90. Attachment of present or future distributions - Restrictions limiting distribution powers.

|A. A trustee may only make distributions for the purposes designated by the settlor. A creditor, including an exception creditor, has no greater rights than a beneficiary. In this respect, a creditor, including an exception creditor, cannot attach present or future distributions if the claim of the creditor does not come within the distribution standard. |B. A restriction limiting the distribution powers of a trustee as to a trustee, which distribution might result in the loss of a beneficiary’s eligibility for participation in a federal or state benefits program, including, but not limited to, Medicaid, Supplemental Security Income, Social Security Disability Income, or other state or federal benefits program is valid, and no creditor, including an exception creditor, may attach present or future distributions from such a trust. All other restrictions curtailing the distribution power of a trustee are void as to exception creditors, if any exception creditors are provided by the Oklahoma Discretionary and Special Needs Trust Act.Added by Laws 2010, c. 280, § 10, eff. Nov. 1, 2010.
60 OK Stat § 60-175.91 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.91. Validity of trust provisions.

|A. A provision which provides that a current distribution interest shall either become a discretionary interest or shall terminate upon the attachment by a creditor, including an exception creditor, is valid. |B. A provision that provides a remainder interest shall terminate or change into a dynasty interest upon attachment by a creditor, including an exception creditor, is valid.Added by Laws 2010, c. 280, § 11, eff. Nov. 1, 2010.