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§ 175.87. Creditor attachment of mandatory distributions

Oklahoma Statutes AnnotatedTitle 60. Property

Oklahoma Statutes Annotated
Title 60. Property (Refs & Annos)
Chapter 4. Uses and Trusts
Oklahoma Discretionary and Special Needs Trust Act
60 Okl.St.Ann. § 175.87
§ 175.87. Creditor attachment of mandatory distributions
Currentness
A. If a trust created on or after November 1, 2010, contains a spendthrift provision, a creditor shall not attach present and future mandatory distributions from the trust. A creditor shall wait until a distribution is received by a beneficiary before attachment. However, an exception creditor may attach present and future mandatory distributions for child support.
B. If a trust does not contain a spendthrift provision, a creditor may attach present and future mandatory distributions from the trust at the trust level.
C. A beneficiary holding a mandatory distribution interest may enforce the interest. A court may review the distribution discretion of a trustee if the trustee acts beyond the bounds of reasonableness.

Credits

Laws 2010, c. 280, § 7, eff. Nov. 1, 2010.
60 Okl. St. Ann. § 175.87, OK ST T. 60 § 175.87
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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