A preservation trust may be established as a revocable and amendable trust or as an irrevocable trust. If the grantor of a preservation trust revokes or partially revokes the preservation trust, the exemption provisions of Section 12 of this title shall not be applicable to any property received by the grantor as a result of such revocation or partial revocation. The fair market value of any property received by the grantor as a result of a partial revocation shall increase the amount of property which the grantor may contribute to the preservation trust pursuant to Section 12 of this title.
Added by Laws 2004, c. 509, § 4, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 3, emerg. eff. June 8, 2005.
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.