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§ 1101. Definitions

Oklahoma Statutes AnnotatedTitle 60. Property

Oklahoma Statutes Annotated
Title 60. Property (Refs & Annos)
Chapter 20. Uniform Trust Code
60 Okl.St.Ann. § 1101
§ 1101. Definitions
1. “Action”, with respect to an act of a trustee, includes a failure to act;
2. “Ascertainable standard” means a standard relating to an individual's health, education, support, or maintenance within the meaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal Revenue Code of 1986, as in effect or as later amended;
3. “Beneficiary” means a person that:
a. has a present or future beneficial interest in a trust, vested or contingent, or
b. in a capacity other than that of trustee, holds a power of appointment over trust property;
4. “Charitable trust” means a trust, or portion of a trust, created for a charitable purpose;
5. “Conservator” means a person appointed by the court to administer the estate of an adult individual;
6. “Environmental law” means a federal, state, or local law, rule, regulation, or ordinance relating to protection of the environment;
7. “Guardian” means a person appointed by the court, to make decisions regarding the person or property of a minor or adult, pursuant to the Oklahoma Guardianship and Conservatorship Act. The term does not include a guardian ad litem;
8. “Interests of the beneficiaries” means the beneficial interests provided in the terms of the trust;
9. “Jurisdiction”, with respect to geographic area, includes a state or country;
10. “Person” means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity;
11. “Power of withdrawal” means a presently exercisable general power of appointment other than a power exercisable by a trustee which is limited by an ascertainable standard related to a beneficiary-trustee's health, education, maintenance, or support, or which is exercisable by another person only upon consent of the trustee or a person holding an adverse interest;
12. “Property” means anything that may be the subject of ownership, whether real or personal, legal or equitable, or any interest therein;
13. “Qualified beneficiary” means, unless the trust instrument provides otherwise, a beneficiary who, on the date the beneficiary's qualification is determined:
a. is a distributee or permissible distribute of a present interest in trust income or principal, or has a vested remainder interest in the trust,
b. is a charitable organization expressly entitled to receive benefits under the terms of a charitable trust or a person appointed to enforce a trust created for the care of an animal or another noncharitable purpose, or
c. is the Attorney General of this state with respect to a charitable trust having its principal place of administration in this state;
14. “Revocable”, as applied to a trust, means revocable by the settlor without the consent of the trustee or a person holding an adverse interest;
15. “Settlor” means a person, including a testator, who creates, or contributes property to, a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion. The term trustor shall also mean settlor;
16. “State” means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. The term includes an Indian tribe or band recognized by federal law or formally acknowledged by a state;
17. “Terms of a trust” means the manifestation of the settlor's intent regarding a trust's provisions as expressed in the trust instrument or as may be established by other evidence that would be admissible in a judicial proceeding;
18. “Trust instrument” means an instrument executed by the settlor that contains terms of the trust, including any amendments thereto; and
19. “Trustee” includes an original, additional, and successor trustee, and a cotrustee.

Credits

Laws 2008, c. 382, § 278, eff. Nov. 1, 2008.
<These sections, implementing a ‘‘Uniform Trust Code’’, derived from Laws 2008, c. 382, were held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102 (2008), whose order read: ‘‘The legislation challenged in this original proceeding, identified as Senate Bill 1708, passed by the 51st Legislature, second session on May 23, 2008, and signed into law by the Governor on June 3, 2008, is facially contrary to the Oklahoma Constitution, Article V, Section 57. The entire measure is declared unconstitutional and void. Fent v. State ex rel. Office of State Finance, 2008 OK 2, 184 P.3d 467.’’ >
60 Okl. St. Ann. § 1101, OK ST T. 60 § 1101
Current with emergency effective legislation through Chapter 3 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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