§ 175.702. Definitions
Oklahoma Statutes AnnotatedTitle 60. PropertyEffective: November 1, 2021
Effective: November 1, 2021
60 Okl.St.Ann. § 175.702
§ 175.702. Definitions
DEFINITIONS
As used in this act, unless the context or subject matter otherwise requires:
1. “Authorized trustee” means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal or income of the trust to or for the benefit of one or more current beneficiaries or a special needs fiduciary under Section 5 of this act;1
4. “First trust” means an existing irrevocable inter vivos or testamentary trust all or part of the principal of which is distributed in further trust under Section 3 or 4 of this act;2
7. “Presumptive remainder beneficiary,” with respect to a particular date, means a beneficiary of a trust on that date who, in the absence of notice to the trustee of the exercise of the power of appointment and assuming that any other powers of appointment under the trust are not exercised, would be eligible to receive a distribution from the trust if:
Credits
Laws 2021, c. 268, § 2, eff. Nov. 1, 2021.
60 Okl. St. Ann. § 175.702, OK ST T. 60 § 175.702
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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