Okla. Stat. tit. 60 § 1202

Current through Laws 2024, c. 453.

Section 1202 - [Effective 11/1/2024]

As used in the Oklahoma Uniform Directed Trust Act of 2024:

1. "Breach of trust" means a violation by a trust director or trustee of a duty imposed on that director or trustee by the terms of the trust, this act, or laws of this state other than this act pertaining to trusts;

2. "Directed trust" means a trust for which the terms of the trust grant a power of direction;

3. "Directed trustee" means a trustee that is subject to a trust director's power of direction;

4. "Person" means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity;

5. "Power of direction" means a power over a trust granted to a person by the terms of the trust to the extent the power is exercisable while the person is not serving as a trustee. The term includes a power over the investment, management, or distribution of trust property or other matters of trust administration. The term excludes the powers described in subsection B of Section 6 of this act;

6. "Settlor" means a person, including a testator, that creates or contributes property to a trust. If more than one person creates or contributes property to a trust, each person is a settlor of the portion of the trust property attributable to that person's contribution except to the extent another person has the power to revoke or withdraw that portion;

7. "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any other territory or possession subject to the jurisdiction of the United States;

8. "Terms of a trust" means:

a. except as otherwise provided in subparagraph b of this paragraph, the manifestation of the settlor's intent regarding a trust's provisions as:

(1) expressed in the trust instrument, or

(2) established by other evidence that would be admissible in a judicial proceeding, or

b. the trust's provisions as established, determined, or amended by:

(1) a trustee or trust director in accordance with applicable law, or

(2) a court order;

9. "Trust director" means a person that is granted a power of direction by the terms of a trust to the extent the power is exercisable while the person is not serving as a trustee. The person is a trust director whether or not the terms of the trust refer to the person as a trust director and whether or not the person is a beneficiary or settlor of the trust; and

10. "Trustee" means an original, additional, and successor trustee, and a cotrustee.

Okla. Stat. tit. 60, § 1202

Added by Laws 2024, c. 369,s. 3, eff. 11/1/2024.