§ 1104. Principal place of administration
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 1104
§ 1104. Principal place of administration
A. Without precluding other means for establishing a sufficient connection with the designed jurisdiction, terms of a trust designating the principal place of administration are valid and controlling if:
1. A trustee's principal place of business is located in or a trustee is a resident of the designated jurisdiction; or
2. All or part of the administration occurs in the designated jurisdiction.
B. A trustee is under a continuing duty to administer the trust at a place appropriate to its purposes, its administration, and the interests of the beneficiaries.
C. Without precluding the right of the court to order, approve, or disapprove a transfer, the trustee, in furtherance of the duty prescribed by subsection B of this section, may transfer the trust's principal place of administration to another state or to a jurisdiction outside of the United States.
D. The trustee shall notify the qualified beneficiaries of a proposed transfer of a trust's principal place of administration to a location outside of this state, not less than sixty (60) days before initiating the transfer. The notice of proposed transfer must include:
1. The name of the jurisdiction to which the principal place of administration is to be transferred;
2. The address and telephone number at the new location at which the trustee can be contacted;
3. An explanation of the reasons for the proposed transfer;
4. The date on which the proposed transfer is anticipated to occur; and
5. The date, not less than sixty (60) days after the giving of the notice, by which the qualified beneficiary must notify the trustee of an objection to the proposed transfer.
E. The authority of a trustee under this section to transfer a trust's principal place of administration to a location outside of this state terminates if a qualified beneficiary notifies the trustee of an objection to the proposed transfer on or before the date specified in the notice.
F. In connection with a transfer of the trust's principal place of administration, the trustee may transfer some or all of the trust property to a successor trustee designed in the terms of the trust or otherwise appointed as provided by law.
Credits
Laws 2008, c. 382, § 281, 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. § 1104, OK ST T. 60 § 1104
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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