Title Examination Standards
Chapter 1, App.
Chapter 15. Trusts and Trustees
§15.2. Title to Property Held under an Express Private Trust.

1. A. Any estate in real property may be acquired and held in the name of an express private trust which is a legal entity. Where real property is so acquired, any conveyance, assignment, or other transfer of such property shall be made in the name of such trust by the trustee or trustees of said trust.

2. B. Where real property is transferred or acquired in the name of an express private trust after November 1, 1989, the trustee or trustees shall file a memorandum of trust, containing the date of creation of the trust, and the name of the trustee or trustees of the trust, in the office of the county clerk of the county where the real property is located.

   Authority: 60 O.S. §§ 175.6a, 175.7, 175.17, 175.24 & 175.45.

   Comment: The Legislature, in its 1988 Session, adopted 60 O.S. § 171(B), which was intended to simplify the problem addressed by the former Standard. The Legislature, in its 1989 Session, adopted new law codified as 60 O.S. §§ 175.6(a) and 175.6(b) and amended 60 O.S. § 171 by deleting paragraph (B) therefrom.

History: The original Standard 22.2 was proposed by Report of Title Examination Standards Committee, 55 0.B.J. 1817, 1818 (1984). It was amended by the Real Property Section, November 1, 1984, and adopted as amended by the House of Delegates, November 2, 1984. As a result of the enactment in 1988 of 60 O.S. § 171(B), the 1988 Report of the Title Examination Standards Committee recommended repeal of that standard and the adoption of an explanatory "Caveat" in its place, 59 0.B.J. 3098, 3109. The proposal was approved by the Real Property Section, December 8, 1988, and adopted by the House of Delegates, December 9, 1988.

The 1989 Report of the Title Examination Standards Committee proposed the repeal of the 1988 Standard 22.2, as a result of the Legislature's repeal of 60 O.S. § 171(B) and enactment of new law on the subject in 1989. In place of the previous "Caveat," the Committee recommended a "Comment' which would alert the title examiner to both Acts, 60 O.B.J. 2502, 2518 (1989). The amendment was approved by the Real Property Section November 16, 1989, and adopted by the House of Delegates November 17, 1989, 60 0.B.J. 2941, 2952 (1989).

Subsequent changes to 60 O.S. § 175.6(a), 175.6(b) and 171 prompted the 1995 Title Examination Standards Committee to recommend adoption of a new Standard 22.2. 66 0.B.J. 3256, 3258-59 (10/21/95). The Real Property Section approved the Committee's recommendation on November 9 1995, and the House of Delegates adopted the standard on November 10, 1995, 66 0.B.J. 3751 (1995).

Adopted and Revised by the House of Delegates of the Oklahoma Bar Association November 7, 1997.