reglab/housing_qa huggingface dataset:
60 OK Stat § 60-178.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.4. Trust purpose - Exceptions.

|A. Trusts created under the provisions of Sections 176 through 180.55 of this title or any amendments or extensions thereof shall not include any trust purpose, function nor activity primarily used in the distribution centers for intoxicating beverages and low-point beer as defined in Title 37 of the Oklahoma Statutes; nor shall it include a residential enterprise or function except as provided in Section 178.6 of this title. For the purposes of this section, "primarily used" shall mean more than fifty percent (50%) of the warehouse. |B. Nothing in this section shall preclude the financing, construction, ownership or leasing of a warehouse as a permissible trust purpose, function or activity, so long as such warehouse is not primarily used for housing, storage or distribution of intoxicating beverages or low-point beer.Added by Laws 1976, c. 222, § 11, eff. Dec. 1, 1976. Amended by Laws 1985, c. 10, § 1, emerg. eff. March 28, 1985; Laws 1990, c. 72, § 1, emerg. eff. April 16, 1990; Laws 1995, c. 274, § 50, eff. Nov. 1, 1995; Laws 2003, c. 386, § 4, eff. July 1, 2003; Laws 2010, c. 195, § 1, emerg. eff. May 4, 2010; Laws 2018, c. 274, § 1, eff. Nov. 1, 2018.
60 OK Stat § 60-178.5 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.5. Ad valorem taxation.

|Those assets of any trust, now being used or engaged in any activity or function prohibited by Sections 9, 10 and 11 of this act, and which would be subject to ad valorem taxation if not held by public trust, shall be subject to ad valorem assessment and taxation, and no trust created hereafter shall circumvent the prohibition herein. |Laws 1976, c. 222, § 12, eff. Dec. 1, 1976.
60 OK Stat § 60-178.6 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.6. Public trusts - Exemption from provisions - Housing finance.

|The provisions of Sections 652 and 653 of Title 62 of the Oklahoma Statutes and Sections 178.4 and 178.5 of this title shall not affect: public trusts operating, financing or refinancing facilities for the aged or disabled persons by nonprofit, religious or benevolent organizations; public trusts operating, financing or refinancing county, municipal or nonprofit hospitals; public trusts operating college or educational dormitories or student housing facilities; trusts formed for the purpose of constructing buildings for local units of the Department of Human Services under the provisions of Section 189a of Title 56 of the Oklahoma Statutes; public trusts carrying out redevelopment, rehabilitation and conservation activities in accordance with an approved urban renewal plan, provided property owned by said trust shall not be exempt from ad valorem taxation for a period exceeding five (5) years; trusts created under the provisions of Sections 15-141 through 15-147 of Title 2 of the Oklahoma Statutes or other trusts created for the same purpose. Section 176 et seq. of this title shall not prevent public trusts from administering or financing a housing program pursuant to a contract with an agency of the United States Government or the State of Oklahoma, or prevent public trusts from financing or refinancing housing projects, provided said projects: |1. Involve only property that is subject to ad valorem taxation; or2. Involve financing or refinancing the construction, acquisition and/or improvement and rehabilitation of existing housing projects not subject to ad valorem taxation immediately before any such financing or refinancing,and in either case are located within the geographic boundaries of the beneficiary or beneficiaries of the public trust. Notwithstanding the provisions of subdivision (b) of division (2) of subparagraph a of paragraph 8 of Section 2887 of Title 68 of the Oklahoma Statutes, housing projects which were exempt from ad valorem taxation immediately before such financing or refinancing shall not become subject to ad valorem taxation because they are financed or refinanced by a public trust under this provision.A public trust with a city or cities, a county or counties, or the state as the beneficiary or beneficiaries thereof may issue its evidences of indebtedness for the purpose of financing housing projects or housing programs within the geographic boundaries of its beneficiary or beneficiaries as same represent an authorized and proper public function for public trusts.Added by Laws 1976, c. 222, § 13, eff. Dec. 1, 1976. Amended by Laws 1980, c. 12, § 2, emerg. eff. March 18, 1980; Laws 2000, c. 361, § 1, emerg. eff. June 6, 2000; Laws 2002, c. 33, § 2, emerg. eff. April 10, 2002; Laws 2002, c. 476, § 1, emerg. eff. June 6, 2002; Laws 2010, c. 304, § 1, eff. Nov. 1, 2010.
60 OK Stat § 60-178.9 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.9. Real and/or personal property - Acquiring and holding in public trust - Conveyance, assignment or other transfer.

|Any estate in real and/or personal property may be acquired and held in the name of a public trust. Where so acquired, any conveyance, assignment or other transfer shall be made in the name of such trust by the president or chairman of said trust, whichever the case may be, notwithstanding the number of trustees of such trust, attested by the secretary or assistant secretary of such trust, with the seal of the trust affixed thereto. |Laws 1981, c. 30, § 1.
60 OK Stat § 60-178.10 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.10. Conveyance, assignment or other transfer as evidence of trust existence.

|Any conveyance, assignment or other transfer executed in the name of such trust pursuant to Section 1 of this act and bearing a signature which purports to be the signature of the president or chairman of said trust, shall be deemed prima facie evidence that such trust exists and the conveyance, assignment or other transfer is the act of the trust and the trustees thereof, that it was duly executed and signed by the president or chairman of said trust who were trustees of the trust and that such instrument conforms in all respects to the requirements of the instrument creating such trust; and such conveyance, assignment or other transfer shall be admissible in evidence without further proof of execution. |Laws 1981, c. 30, § 2.
60 OK Stat § 60-178.11 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.11. Acknowledgment of conveyance, assignment or other transfer.

|Every conveyance, assignment, or other transfer of any estate in real property, executed by a trust, must be acknowledged by the president or chair of the trust subscribing the name of the trust thereto, which acknowledgment shall be in substantially a form as provided for in the Uniform Law on Notarial Acts or in substantially the following form: |State of Oklahoma, )) ss:__________ County )The foregoing instrument was acknowledged before me this (Date) by (Name), President or Chair of (Name of Trust), a public trust, on behalf of the trust.(Signature of person taking acknowledgment)(Title or Rank)(Serial number, if any)Added by Laws 1981, c. 30, § 3. Amended by Laws 1999, c. 104, § 4, emerg. eff. April 19, 1999.
60 OK Stat § 60-178.13 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-178.13. Trusts for benefit of hospitals - Exemptions from beneficiary approval requirements.

|Any indebtedness issued by a public trust having as its principal purpose, and which is primarily engaged in, the ownership and operation of a hospital or related institution, as defined in Section 1-701 of Title 63 of the Oklahoma Statutes, and the beneficiary of which is a county or municipality shall not be subject to the beneficiary approval requirements of Section 176 of Title 60 of the Oklahoma Statutes, if the indebtedness does not exceed five percent (5%) of the greater of: |1. The then existing total indebtedness of such trust; or2. The value of all assets of such trust.Added by Laws 1994, c. 306, § 3, eff. Sept. 1, 1994.
60 OK Stat § 60-179 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-179. Status of trustee - Liability for acts.

|The trustee, or trustees, under such an instrument or will shall be an agency of the state and the regularly constituted authority of the beneficiary for the performance of the functions for which the trust shall have been created. No trustee or beneficiary shall be charged personally with any liability whatsoever by reason of any act or omission committed or suffered in the performance of such trust or in the operation of the trust property; but any act, liability for any omission or obligation of a trustee or trustees, in the execution of such trust, or in the operation of the trust property, shall extend to the whole of the trust estate, or so much thereof as may be necessary to discharge such liability or obligation, and not otherwise. |Laws 1951, p. 167, § 4.
60 OK Stat § 60-180 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-180. Termination of trust - Contracts not impaired.

|A. Any such trust may be terminated by agreement of the trustee, or, if there be more than one, then all of the trustees and the approval of a majority of the governing body of the beneficiary, and for trusts whose beneficiary is the State of Oklahoma, with the approval of the Governor of the State of Oklahoma; provided, that such trust shall not be terminated while there exists outstanding any contractual obligations chargeable against the trust property, which, by reason of such termination, might become an obligation of the beneficiary of such trust. |B. Nothing in this act shall operate to impair existing obligations of contracts or existing trust indentures of any trust created prior to July 15, 1970; but to the extent that such existing obligations of contracts are not impaired by the provisions hereof, all of the provisions shall be applicable; provided further, that nothing in this act shall operate to impair or alter the trust indenture of the Oklahoma Ordinance Works Authority or contracts executed prior to July 15, 1970.Added by Laws 1951, p. 167, § 5. Amended by Laws 1970, c. 319, § 4; Laws 2021, c. 262, § 2, eff. Nov. 1, 2021.
60 OK Stat § 60-180.2 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-180.2. Filing of copies of audit or agreed-upon-procedures report - Failure to file – Filing of copy of instrument or will creating public trust.

|(a) The audits herein required shall include the opinion of a certified public accountant or a licensed public accountant notwithstanding any lesser requirement by any instrument under which the trust may have covenanted for an audit to be made or furnished. One copy of the annual audit or agreed-upon-procedures report shall be filed with the State Auditor and Inspector, and, in the case of a trust wherein the state is the beneficiary, one copy with the Governor of the State of Oklahoma and one copy with each beneficiary of the trust, not later than six (6) months following the close of each fiscal year of the trust. |(b) Within thirty (30) days after the effective date hereof, each trust mentioned in Section 180.1 of this title shall certify to the State Auditor and Inspector the date of the close of its fiscal year.(c) In the event that copy of such audit or agreed-upon-procedures report as herein required shall not be filed with the State Auditor and Inspector within the time herein provided, the State Auditor and Inspector hereby is authorized to employ, at the cost and expense of the trust, a certified public accountant or licensed public accountant to make the audit or perform the agreed-upon-procedures report herein required.(d) Prior to the delivery of and payment for any bonds, notes or other evidences of indebtedness by a public trust, there shall be filed with the Secretary of State an executed original or certified copy of the written instrument or will creating such public trust and a notice of said filing with the Secretary of State shall be delivered to the State Auditor and Inspector and, in the case of a trust wherein the state is the beneficiary, to the Attorney General.Added by Laws 1963, c. 76, § 2, emerg. eff. May 21, 1963. Amended by Laws 1970, c. 240, § 1, emerg. eff. April 22, 1970; Laws 1976, c. 222, § 8, eff. Dec. 1, 1976; Laws 1979, c. 30, § 94, emerg. eff. April 6, 1979; Laws 1987, c. 110, § 2, eff. Nov. 1, 1987; Laws 2005, c. 459, § 7, eff. July 1, 2005.
60 OK Stat § 60-180.3 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-180.3. Expense of audits and agreed-upon-procedures engagements.

|The necessary expense of the audits and agreed-upon-procedures engagements, including the cost of typing, printing, and binding, shall be paid from funds of the trust. |Added by Laws 1963, c. 76, § 3, emerg. eff. May 21, 1963. Amended by Laws 2005, c. 459, § 8, eff. July 1, 2005.
60 OK Stat § 60-180.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-180.4. Regulation of certain public trusts operating a water supply system.

|A. The Corporation Commission shall have general supervision over trusts created for the benefit and furtherance of a public function pursuant to Title 60 of the Oklahoma Statutes, Sections 176 et seq., where: |1. The trust has multiple beneficiaries; and2. A water supply system is operated by the trust or a person or entity to which such function has been delegated; and3. The water supply system is operated in a county having a population in excess of five hundred thousand (500,000) persons according to the most recent Federal Decennial Census; and4. The beneficiaries do not regulate the rates, charges and practices of the water supply system.B. The Corporation Commission shall also have general supervision over any person or entity to whom the function of operating a water supply system has been delegated by such a trust.C. The Corporation Commission shall have the power to fix and establish rates and to prescribe rules, requirements and regulations affecting their services, operation, and the management and conduct of the business of persons and entities subject to this section and shall inquire into the management of the business thereof, and the method in which same is conducted. It shall have full visitorial and inquisitorial power to examine such operations, and keep informed as to their general conditions, their capitalization, rates, plants, equipment, apparatus, and other property owned, leased, controlled or operated, the value of same, the management, conduct, operation, practices and services, not only with respect to the adequacy, security and accommodation afforded by their service, but also with respect to their compliance with the Constitution and laws of this state, and with the orders of the Commission.Laws 1972, c. 63, § 1, emerg. eff. March 27, 1972.
60 OK Stat § 60-180.56 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-180.56. Pari-mutuel horse racing facility - terms and condition for participation by public trust.

|A. No public trust as authorized by Section 176 of Title 60 of the Oklahoma Statutes shall be a party to any agreement for land, financing or operation of a pari-mutuel horse racing facility in the State of Oklahoma unless such agreement includes the following terms and conditions: |1. Said agreement shall indemnify and hold harmless the public trust from any financial obligation related to land, financing or operation by organizational license;2. Said agreement shall include provisions for the payment of ad valorem property taxes on any improvements and structures on trust land which would otherwise be subject to ad valorem property taxation if constructed on privately owned land;3. Such agreement shall prohibit the use of public trust financing for construction of any facilities on all land in the agreement; and4. Said agreement shall require that title to any improvements must revert to said public trust at the termination of such lease or agreement.B. Nothing in this section shall prohibit horse racing at county fairs as provided by law.Added by Laws 1985, c. 196, § 12, operative July 1, 1985.
60 OK Stat § 60-181 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-181. Unlimited marital deduction - Construction of trust.

|Any trust of a trustor dying after December 31, 1981, which contains a marital deduction formula expressly providing that the spouse of the trustor is to receive the maximum amount of property qualifying for the marital deduction allowable by federal law shall be construed as referring to the unlimited marital deduction provided by the Economic Recovery Tax Act of 1981, Public Law 97-34. This provision shall apply retrospectively to trusts of trustors dying after December 31, 1981. |Added by Laws 1982, c. 368, § 2, emerg. eff. July 14, 1982. Amended by Laws 1983, c. 123, § 1, emerg. eff. May 17, 1983.
60 OK Stat § 60-199 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-199. Validity of a trust for the care of domestic or pet animals.

|A. A trust for the care of designated domestic or pet animals is valid. Unless the trust instrument provides for an earlier termination, the trust terminates when no living animal is covered by the trust. |B. The instrument creating the trust shall be liberally construed to bring the transfer within the scope of trusts governed by this section, to presume against the mere precatory or honorary nature of the disposition, and to carry out the general intent of the transferor. Extrinsic evidence is admissible in determining the intent of the transferor.C. If a trustee is not designated or no designated or successor trustee is willing or able to serve, a court shall name a trustee. Unless otherwise permitted by the trust, the trustee and the enforcer as provided in subsection D of this section shall not be the same person. The trustee shall be entitled to reasonable trustee fees and expenses for the administration, unless otherwise provided in the trust instrument. The trustee of a trust created in accordance with this section shall ensure that care is provided for the benefit of the animal in accordance with the terms of the trust or, in absence of any terms, shall ensure that care is provided that is reasonable under the circumstances. The trustee may employ agents or contractors to provide any care and pay for the care from the assets of the trust. The trustee shall also ensure that the property of a trust authorized by this section is applied only to its intended use.D. A trust authorized by this section may be enforced by a person appointed in the trust instrument, the caretaker of the designated animal or animals, and the remainder beneficiary, or, if none, by an individual appointed by a court upon application to it by an individual.E. Accountings otherwise required by law shall be provided to those persons qualified as an enforcer as provided for in subsection D of this section. However, if the value of the assets in the trust does not exceed Twenty Thousand Dollars ($20,000.00), no filing, report, registration, periodic accounting, separate maintenance of funds, appointment, or fee shall be required by reason of the existence of the fiduciary relationship of the trustee, unless ordered by the court or required by the trust instrument.F. Each trust created pursuant to this section shall identify a remainder beneficiary. If none is named, the trustee shall transfer any unexpended trust property upon termination of the trust to the transferor, if then living, or if not living, to the transferor’s successors in interest.G. For purposes of Section 175.47 of Title 60 of the Oklahoma Statutes, the beneficiary or beneficiaries in being at the creation of the trust shall include the caretaker of the designated animal or animals and the remainder beneficiaries.Added by Laws 2010, c. 224, § 1.
60 OK Stat § 60-299.1 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.1. Common law.

|The common law of powers is hereby declared to be the law in this state, except as modified by statute. |Laws 1977, c. 210, § 1.
60 OK Stat § 60-299.2 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.2. Creation.

|A donor may create a power of appointment only by an instrument executed with the same formalities as one which would pass title to the property covered by the power. |Laws 1977, c. 210, § 2.
60 OK Stat § 60-299.3 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.3. Donees - Exercising power of appointment.

|A donee may exercise a power of appointment only by an instrument executed with sufficient formalities to pass title to the property covered by the power. When a power of appointment is exercisable only by will, a donee may not exercise it by deed. When a power of appointment is exercisable by deed, a donee may exercise it by will. |Laws 1977, c. 210, § 3.
60 OK Stat § 60-299.4 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.4. Insufficient instruments - Additional formalities.

|A power of appointment authorized to be exercised by an instrument which would not be sufficient to transfer title to the property covered by the power shall not be void, but its execution shall conform to the provisions of this act. When the power of appointment directs that formalities in addition to those prescribed in this act be observed in the execution of the power, the direction may be disregarded. |Laws 1977, c. 210, § 4.
60 OK Stat § 60-299.5 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.5. Persons who may exercise.

|Any donee, except a minor, who would be capable of conveying the property covered by the power may exercise a power of appointment. |Laws 1977, c. 210, § 5.
60 OK Stat § 60-299.6 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.6. Two or more persons vested with a power of appointment.

|When a power of appointment is vested in two or more persons, all such persons shall unite in its exercise. However, if one or more of such persons die, become legally incapable of exercising the power or renounce such power, the power may be exercised by the others. |Laws 1977, c. 210, § 6.
60 OK Stat § 60-299.7 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.7. Consent of donor - Writing - Recording.

|When the consent of the donor, or of any other person, is required by the donor for the exercise of a power of appointment, this consent shall be in writing. To entitle the instrument exercising the power to be recorded, the signature of any person consenting shall be acknowledged. If the consent is given in a separate instrument, that instrument shall be attached to the instrument exercising the power. If any person whose consent is required dies or becomes legally incapable of consenting, the donee may exercise the power with the consent of the other person whose consent is required. If there is no such person, the donee may exercise the power in the manner provided by Section 3 of this act, unless the donor has manifested a contrary intent in the instrument creating the power. |Laws 1977, c. 210, § 7.
60 OK Stat § 60-299.8 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-299.8. Appointment of all the property to one or more of the objects to the exclusion of the others.

|Unless a contrary intent is manifested in the instrument creating the power, the donee may appoint all of the property to one or more of the objects to the exclusion of the others. A direction to appoint "to", "among" or "between" two or more objects shall not be a sufficient manifestation of a contrary intent. However, when the donee is prevented from excluding any object by the instrument creating the power, each object shall receive an equal share, unless the instrument creating the power manifests an intent that some other division may be made. |Laws 1977, c. 210, § 8.