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§ 1735. Delegation of fiduciary functions

Oklahoma Statutes AnnotatedTitle 6. Banks and Trust Companies

Oklahoma Statutes Annotated
Title 6. Banks and Trust Companies (Refs & Annos)
Chapter 1B. Trust Institutions
State Trust Institution Charter Modernization Act
6 Okl.St.Ann. § 1735
§ 1735. Delegation of fiduciary functions
Currentness
A. Any person acting as a trustee or as any other fiduciary under the laws of this state may delegate any investment, management or administrative function if such person exercises reasonable care, judgment and caution in:
1. Selecting the delegate, taking into account the delegate's financial standing and reputation;
2. Establishing the scope and other terms of any delegation; and
3. Reviewing periodically the delegate's actions in order to monitor overall performance and compliance with the scope and other terms of the delegation.
B. Notwithstanding any delegation permitted by subsection A of this section, any person acting as a trustee or in any other fiduciary capacity under the laws of this state shall retain responsibility for the due performance of any delegated fiduciary function.

Credits

Laws 1998, c. 104, § 31, eff. Nov. 1, 1998.
6 Okl. St. Ann. § 1735, OK ST T. 6 § 1735
Current with emergency effective legislation through Chapter 277 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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