§ 175.17. Cotrustees--Powers and liabilities
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.17
§ 175.17. Cotrustees--Powers and liabilities
Unless it is otherwise provided by the trust instrument, or an amendment thereof, or by court order:
A. Any power vested in three or more trustees may be exercised by a majority of the trustees; but no trustee who has not joined in exercising a power shall be liable to the beneficiaries or to others for the consequences of the exercise, nor shall a dissenting trustee be liable for the consequences of an act in which the trustee joins at the direction of the majority trustees, if the trustee expressed his dissent in writing to any of the cotrustees at or before the time of the joinder.
C. Any cotrustee may give a power of attorney to another trustee or authorize a cotrustee to perform any act in the administration of the trust, but the trustee giving a power of attorney or authorizing an act to be performed by the cotrustee shall have the same liability and responsibility as if the trustee had performed the act done pursuant to the authorization.
E. Where two or more trustees, none of whom is the settlor, have the power as trustees to make discretionary distributions of either principal or income to or for the benefit of one of them, the trustee beneficiary may only make such discretionary distributions which provide for the health, education, or maintenance of the trustee beneficiary or to support the trustee beneficiary in an accustomed manner of living. The provisions of this subsection shall apply to any trust created under a document executed on or before the effective date of this act unless:
Credits
Laws 1941, p. 253, § 17; Laws 2001, c. 374, § 1, eff. Nov. 1, 2001.
60 Okl. St. Ann. § 175.17, OK ST T. 60 § 175.17
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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