reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 60. Property › §60-175.703. Distribution to second trust - Trustee with full discretion.

DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH FULL DISCRETION
A. An authorized trustee who has the full discretion to distribute the principal or income of a trust may distribute all or part of the principal of that trust in favor of a trustee of a second trust for the benefit of one, more than one or all of the current beneficiaries of the first trust and for the benefit of one, more than one or all of the successor or presumptive remainder beneficiaries of the first trust.
B. The authorized trustee may, in connection with the exercise of a power of distribution under this section, grant a power of appointment including a currently exercisable power of appointment, in the second trust to one or more of the current beneficiaries of the first trust who, at the time the power of appointment is granted, is eligible to receive a distribution of principal under the terms of the first trust.
C. If the authorized trustee grants a power of appointment to a beneficiary under subsection B of this section, the class of permissible appointees in whose favor the beneficiary may appoint under that power may be broader or different than the current, successor, and presumptive remainder beneficiaries of the first trust.
D. If the beneficiaries of the first trust are described as a class of persons, the beneficiaries of the second trust may include one or more persons who become members of that class after the distribution to the second trust.
E. The authorized trustee shall exercise a power to distribute under this section 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, § 3, eff. Nov. 1, 2021.
2023 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.
2023 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, or
c.
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; and
4. "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; and
2. 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, or
b.
contain payback provisions complying with reimbursement requirements of Medicaid law under 42 U.S.C., Section 1396p(d)(4)(A), as amended; and
2. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; and
2. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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, or
d.
withdraw a specified dollar amount from the trust;
2. Materially limit a trustee's fiduciary duty:
a.
under the terms of the trust, or
b.
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; or
6. 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.
2023 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; or
5. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; or
2. 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.
2023 Oklahoma Statutes › Title 60. Property › §60-178.8. Conflict of interest - Transactions exempt - Applicability to public trusts created and existing prior to July 1, 1988.

A. Except with regard to residents of a facility for aged persons operated by a public trust, who are trustees of the public trust operating the facility and who comprise less than a majority of the trustees, a conflict of interest shall be deemed to exist in any contractual relationship in which a trustee of a public trust, or any for-profit firm or corporation in which such trustee or any member of his or her immediate family is an officer, partner, principal stockholder, shall directly or indirectly buy or sell goods or services to, or otherwise contract with such trust. Upon a showing thereof, such trustee shall be subject to removal and such contract shall be deemed unenforceable as against such trust unless the records of such trust shall reflect that such trustee fully and publicly disclosed all such interest or interests, and unless such contractual relationship shall have been secured by competitive bidding following a public invitation to bid.
The following types of transactions are exempt from the aforementioned provisions of this section:
1. The making of any loan or advance of any funds to, or the purchase of any obligations issued by such public trust, in connection with the performance of any of its authorized purposes;
2. Any legal advertising required by law or indenture or determined necessary by the trustees of such public trust;
3. The performance by any bank, trust company or similar entity or any services as a depository; or
4. The sale of any public utility services to such public trust, in which the price of said services is regulated by law.
It shall be the duty of each public trust to compile a list of all conflicts of interest for which its trustees have made disclosure. It shall also be the duty of each trust to compile a list of all dealings between its trustees and the trust which involve the exempted transactions listed above. Such lists shall be compiled semiannually for periods ending June 30 and December 31 of each year. Such lists shall be compiled on forms prescribed by the Oklahoma Tax Commission and shall be matters of public record. Copies of such lists shall be filed with the Secretary of State by September 1 and March 1 of each year.
B. The provisions of this section shall be inapplicable to any public trust created and existing prior to July 1, 1988, if all bonds issued by such public trust are required to be issued under and pursuant to a single bond indenture by amendment or supplement thereto and if the instrument or will creating such public trust and the bond indenture under which such trust must issue all bonds shall have been held to be valid and binding agreements in an opinion of the Supreme Court of the State of Oklahoma; and nothing in this section shall impair or be deemed to impair the trust indenture, the bond indenture, or existing or future obligations of such public trust.
Laws 1977, c. 235, § 2, eff. Dec. 1, 1977; Laws 1988, c. 319, § 7, eff. Nov. 1, 1988; Laws 1992, c. 371, § 7, eff. July 1, 1992.
2023 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.
2023 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.
2023 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.
2023 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; or
2. The value of all assets of such trust.
Added by Laws 1994, c. 306, § 3, eff. Sept. 1, 1994.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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; and
2. A water supply system is operated by the trust or a person or entity to which such function has been delegated; and
3. 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; and
4. 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.
2023 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; and
4. 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.