As used in the Family Wealth Preservation Trust Act:
1. "Grantor" means an individual, whether or not a resident of this state, establishing or creating a preservation trust;
2. "Oklahoma assets" includes:
3.a."Oklahoma-based bank" means a bank, savings association or credit union which both:
4. "Oklahoma-based company" means a corporation, limited liability company, limited partnership, limited liability partnership or other legal entity formed or qualified to do business in this state and having its principal place of business in this state, which principal place of business shall be a physical location;
5. "Preservation trust" means a trust:
6. "Qualified beneficiary" or "qualified beneficiaries" means:
Added by Laws 2004, c. 509, § 2, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 1, emerg. eff. June 8, 2005; Laws 2014, c. 102, § 1, eff. Nov. 1, 2014.
Structure Oklahoma Statutes
Title 31. Homestead and Exemptions
§31-1. Property exempt from attachment, execution or other forced sale - Bankruptcy proceedings.
§31-1.1. Earnings from personal services - Exemption from process - Order.
§31-1.3. Certain income not exempt from process.
§31-2. Homestead - Area and value - Indian allottees - Temporary renting.
§31-5. Homestead exemptions shall not apply, when.
§31-6. Exempt personalty subject to attachment or execution for wages.
§31-13. Preservation trust - Revocable or irrevocable - Contributions.
§31-14. Preservation trust exemptions independent and in addition to other exemptions.
§31-15. Effect on homestead exemption.
§31-16. Revocation of preservation trust cannot be compelled - Restrictions on transferability.
§31-17. Transfers subject to Uniform Fraudulent Transfer Act.