§ 175.103. Fiduciary duties--General principles
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.103
§ 175.103. Fiduciary duties--General principles
A. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3 of this act,1 a fiduciary:
1. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this act;2
B. In exercising the power to adjust under subsection A of Section 4 of this act3 or a discretionary power of administration regarding a matter within the scope of this act, whether granted by the terms of a trust, a will, or this act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this act is presumed to be fair and reasonable to all of the beneficiaries.
Credits
Laws 1998, c. 115, § 3, eff. Nov. 1, 1998.
<Caption added by Laws 1998, c. 115>
Footnotes
Title 60, §§ 175.201 et seq., 175.301 et seq.
Title 60, § 175.101 et seq.
Title 60, § 175.104.
60 Okl. St. Ann. § 175.103, OK ST T. 60 § 175.103
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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