No court or other judicial body shall have the authority to compel a person holding a power of revocation or amendment over a preservation trust to exercise the power of revocation or amendment. The provisions of this act shall be considered restrictions on the transferability of the grantor’s beneficial interest in the preservation trust that is enforceable under applicable nonbankruptcy law within the meaning of Section 541(c)(2) of the United States Bankruptcy Code or any successor provisions.
Added by Laws 2004, c. 509, § 7, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 6, 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.