§ 176.1. Presumptions and conditions--Relationship of trust and beneficiary
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 176.1
§ 176.1. Presumptions and conditions--Relationship of trust and beneficiary
A. Except as provided in subsection F of this section and if the conditions set out in subsection B of this section are satisfied in compliance with Section 176 et seq. of this title, a public trust duly created in accordance with the provisions of Section 176 et seq. of this title shall be presumed for all purposes of Oklahoma law to:
D. Except where the provisions of the trust indenture or of Section 176 et seq. of this title, or of any other law written specifically to govern the affairs of public trusts, expressly requires otherwise, the affairs of the public trust shall be separate and independent from the affairs of the beneficiary in all matters or activities authorized by the written instrument creating such public trust including, but not limited to, the public trust's budget, expenditures, revenues and general operation and management of its facilities or functions; provided, that either the public trust or the beneficiary may make payment of money to the other unless prohibited by the written instrument creating such public trust or by existing state law.
E. For all purposes of Oklahoma law, the existence and validity of any public trust shall be determined and established solely by the provisions of the written instrument creating such public trust, and by the provisions of Section 176 et seq. of this title and of any other law written specifically to create a public trust. Actions taken or omitted by the trustees of a public trust shall not affect the existence or validity of the entity as a public trust but shall be subject to subsequent review or ratification by said trustees or to correction by the district court in a proper proceeding.
F. Nothing in this section shall affect coverage of any entity under The Governmental Tort Claims Act.1
Credits
Laws 1992, c. 371, § 6, eff. July 1, 1992; Laws 1998, c. 173, § 2, eff. Nov. 1, 1998; Laws 2003, c. 432, § 10, emerg. eff. June 7, 2003.
Footnotes
Title 51, § 151 et seq.
60 Okl. St. Ann. § 176.1, OK ST T. 60 § 176.1
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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