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§ 175.92. Existence of a spendthrift provision--Amount the creditor or assignee may reach

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. § 175.92
§ 175.92. Existence of a spendthrift provision--Amount the creditor or assignee may reach
Currentness
Subject to the provisions of the Family Wealth Preservation Trust Act:1
1. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:
a. during the lifetime of the settlor, the property of a revocable trust is subject to the claims of the creditors of the settlor, and
b. a spendthrift provision is ineffective with respect to the settlor of a revocable trust while the trust is revocable; and
2. A creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the benefit of the settlor. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the interest of the settlor in the portion of the trust attributable to the contribution of that settlor.

Credits

Laws 2010, c. 280, § 12, eff. Nov. 1, 2010.

Footnotes

1
Title 31, § 10 et seq.
60 Okl. St. Ann. § 175.92, OK ST T. 60 § 175.92
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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