Okla. Stat. tit. 60, ch. 23 – Oklahoma Uniform Trust Code | Midpage

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Okla. Stat. tit. 60, ch. 23

Oklahoma Uniform Trust Code

1601.1Short Title 1601.2Application 1601.3Definitions 1601.4Notice or Knowledge of a Fact Involving a Trust - Reasonable Diligence 1601.5Duties and Powers of a Trustee - Terms of a Trust Prevails - Exceptions 1601.6Common Law of Trusts and Principles of Equity 1601.7Meaning and Effect of the Terms of a Trust 1601.8Principal Place of Administration Designation - Trustee Duty to Administer - Transfer Requirements 1601.9Notice Requirements 1601.10Rules of Construction 1601.11Trustee's Insurable Interest in the Life of an Individual Insured Under a Life Insurance Policy 1602.1Court Intervention - Judicial Supervision - Request for Instructions and Action to Declare Rights 1602.2Jurisdiction 1602.3Venue 1603.1Notice - Consent - Exception 1603.2Conflict of Interest Between Holder of General Testamentary Power and Persons Represented 1603.3Conflict of Interest with Respect to Question or Dispute 1603.4Representation by Another Having a Substantially Identical Interest 1603.5Court Appointment of a Representative 1604.1Creation of a Trust 1604.2Limits on Creation of Trusts 1604.3Trust not Created by Will 1604.5Charitable Trust 1604.6Trust Void Due to Fraud, Dursess, or Undue Influence 1604.7Required Evidence for Trust 1604.8Rules 1604.9Termination - Combination or Division 1604.10Court Approval of Modification or Termination of Trust - Spendthrift Provision - Distribution of Property Upon Termination 1604.11Court Modification of Administrative or Dispositive Terms of a Trust 1604.12Unlawful, Impracticable, Impossible to Achieve, or Wasteful Charitable Purpose - Charitable Trust Distributing Property to a Noncharitable Beneficiary 1604.13Insufficient Property to Justify Trust Administration 1604.14Trust Reform Due to Mistake of Law 1604.15Court Modification to Achieve Settlor's Tax Objectives 1604.16Combining and Separating Trusts 1605.1Rules 1606.1Capacity Required to Create, Amend, Revoke, or Add Property to Revocable Trust 1606.2Direction of Settlor Contrary to Terms of Trust - Rights of Beneficiaries - Holder of Power of Withdrawal 1606.3Contesing Validity of a Trust - Liability for Trustee Distributing Trust Property - Beneficiary Liability for Trusts Deemed Invalid 1607.1Accepting the Trusteeship - Rejecting the Trusteeship 1607.2Bond to Secure Performance of Trustee's Duties 1607.3Co-Trustees 1607.4Vacancy in Trusteeship 1607.5Trustee Resignation 1607.6Requesting the Court Remove a Trustee 1607.7Duties of a Resigned or Removed Trustee 1607.8Terms of Trust not Specifying Trustee's Compensation 1607.9Trustee Entitlement to Reimbursment Out of Trust Property - Advance by Trustee of Money for Protection of Trust 1608.1Trustee Duty of Good Faith 1608.2Administering in the Sole Interest of the Beneficiaries 1608.3Due Regard to all Beneficiaries 1608.4Trustee Duty to Reasonable Care, Skill, and Caution 1608.5Trustee Incurring Reasonable Costs in Relation to Trust Property 1608.6Trustee Duty to Employ Special Skills or Expertise 1608.7Trustee Delegating Duties and Powers - Reasonable Care to Comply with Terms of Delegation - Liability - Jurisdiction 1608.8Trustee Duty to Take Reasonable Steps to Control and Protect Trust Property 1608.9Trustee Duty to Keep Adequate Records - Duty to Keep Trust Property Separate From Personal Property - Interest of Trust Appears in Records - Investing as a Whole 1608.10Duty to Take Reasonable Steps to Enforce and Defend Claims Related to Trust 1608.11Duty to Take Reasonable Steps to Compel Delivery of Trust Property 1608.12Duty to Reasonably Inform Qualified Beneficiaries - Notice - Report 1608.13Duty to Exercise Discretionary Power in Good Faith 1608.14Trustee Powers Without Court Authorization 1608.15Trustee Powers 1608.16Termination of a Trust - Notice - Duty to Reasonably Distribute Trust Property 1609.1Contribution From Other Trustees 1609.2Trustee Accountability to Affected Beneficiary - Liability for Depreciation of Value or Lack of Profit 1609.3Liability for Breach of Trust 1609.4Liability for Loss Relating to Marriage, Divorce, Performance of Educational Requirements, or Death 1609.5Limitations on Personal Liability 1609.6Limitations on Trustee Liability for Partnership Obligations under Oklahoma Law 1609.7Certification of Trust - Requirements, Reliance, and Limitations 1610.1Relation to Federal Electronic Signatures Law (E-SIGN Act)1610.2Severability 1610.3Application of Act to Existing Trusts and Proceedings - Transition Rules