§ 175.54. Situs in jurisdiction where trustee not qualified to act--Powers of trustee
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.54
§ 175.54. Situs in jurisdiction where trustee not qualified to act--Powers of trustee
A trustee, whether an individual or a corporation, shall have the power to appoint a natural or corporate trustee to act with respect to the portion of the trust estate that has situs in a jurisdiction in which the trustee is not qualified to act and shall have the power to remove each such appointee at any time with or without cause. Each such appointee shall: (1) have all of the powers granted in this act or under the trust instrument to the trustee with respect to the management of the trust estate, (2) transfer to the trustee as soon as practicable all gross receipts derived from the portion of the trust estate that remains under his control, and (3) be liable to the trustee for any wrongful act or mismanagement of the trust estate in the same manner that the trustee is liable to the beneficiaries.
Credits
Laws 1971, c. 201, § 1, eff. Oct. 1, 1971.
60 Okl. St. Ann. § 175.54, OK ST T. 60 § 175.54
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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