Notwithstanding Section 3 of this title and Section 299.15 of Title 60 of the Oklahoma Statutes, the corpus and income of a preservation trust shall be exempt from attachment or execution and every other species of forced sale and no judgment, decree, or execution can be a lien on the trust for the payment of debts of a grantor, except a child support judgment. Any incremental growth derived from income or an increase in value of the corpus of a preservation trust shall also be considered protected by this section. Transfer of an asset to a preservation trust does not affect any mortgage, security interest or lien to which that asset is subject.
Added by Laws 2004, c. 509, § 3, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 2, emerg. eff. June 8, 2005; Laws 2014, c. 102, § 2, 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.