No trustee shall directly or indirectly buy or sell any property for the trust from or to itself or an affiliate; or from or to a director, officer, or employee of such trustee or of an affiliate; or from or to himself, a relative, employer, partner, or other business associate; provided a national banking association or a state bank and trust company performing trust functions, where acting as executor, administrator, guardian, or trustee, may sell stock of itself to one or more of its officers, stockholders, or directors upon a court of competent jurisdiction finding that such sale will be for the best interest of the trust estate and making an order for such sale.
Laws 1941, p. 252, § 11.
Structure Oklahoma Statutes
§60-1. Definition of property.
§60-2. Ownership, what subject to.
§60-3. Wild animals may be owned, when.
§60-9. Personal property defined.
§60-21. Real property, what law governs.
§60-22. Classification as to duration.
§60-23. Estate in fee defined.
§60-24. Estates tail abolished.
§60-25. Limitation of remainder in tail.
§60-26. Certain estates defined.
§60-27. Estate pour autre vie.
§60-28. Particular estate not necessary to remainder.
§60-31. Suspension of alienation.
§60-32. Suspension of ownership limited.
§60-34. Contingent remainder in fee, on prior remainder.
§60-36. Certain limitations of estates void.
§60-36.1. Death of life tenant - Prima facie evidence.
§60-37. Remainder on successive lives must be in fee.
§60-38. Contingent remainder on term of years.
§60-39. Estate for life limited as remainder.
§60-40. Conditional limitations.
§60-41. Remainder in fee to heirs after life estate.
§60-42. Remainder not contingent.
§60-43. Future estate after unexecuted power.
§60-44. Termination of estate at will.
§60-45. Notice of termination.
§60-48. Possession, action for.
§60-49. Easements attached to land.
§60-49.3. Creation, conveyance, acceptance, and duration.
§60-49.7. Uniformity of application and construction.
§60-49.8. Additional Construction.
§60-49.13. Nature of rights - Subordination of interests.
§60-49.14. Contents of environmental covenant.
§60-49.15. Validity - Effective on other instruments.
§60-49.16. Relationship to other land-use law.
§60-49.19. Duration - Amendment by court action.
§60-49.20. Amendment or termination by consent.
§60-49.21. Enforcement of environmental covenant.
§60-49.22. Uniformity of application and construction.
§60-49.23. Relation to Electronic Signatures in Global and National Commerce Act.
§60-50. Easements not attached to land.
§60-51. Dominant and servient tenements.
§60-52. Servitude, who may create.
§60-53. Servitude, who cannot hold.
§60-55. Partition of servitude.
§60-56. Rights of owner of future estate.
§60-57. Action to enforce easement.
§60-58. Action for possession of servient tenement.
§60-59. Servitude extinguished, how.
§60-59.1. Abstracting easement with mortgage or bond indenture - Restrictions.
§60-59.2. Abstracting or copying mortgage or bond indenture without authorization - Damages.
§60-60. Ownership of water - Use of running water.
§60-62. Life lease rent, recovery after death.
§60-63. Action for injury to inheritance.
§60-64. Fee title covers what.
§60-66. Lateral and subjacent support, right to.
§60-67. Trees on land, ownership of.
§60-68. Trees on line, ownership of.
§60-69. Duties of life tenant.
§60-70. Boundaries and fences.
§60-71. Appointment of trustee where there are contingent remainders.
§60-72. Trustee may make oil and gas leases and other mining leases.
§60-74. Joint tenancy and tenancy by entirety.
§60-75. Reformation of interests violating rule against perpetuities - Intent.
§60-76. Construction in accordance with cy pres doctrine.
§60-77. Reformation of offending instruments.
§60-78. Applicability to certain inter vivos instruments, wills and appointments.
§60-121. Alien may not hold land - Ownership of personalty.
§60-123. Five-year limitation in certain cases.
§60-124. Escheat to state, unless conveyance made.
§60-125. Procedure to enforce escheat.
§60-126. Procedure - Minors and incompetents as defendants.
§60-131. Trusts of real property.
§60-132. Former uses confirmed.
§60-136. Requisites of a trust.
§60-137. Trust presumed, when.
§60-140. Surplus liable to creditors.
§60-143. Realty passes subject to power.
§60-157. Mortgages - Words not giving notice of existence of trust.
§60-161. Property in which trustee may invest - Judgment and care required.
§60-163. Retention of property originally received.
§60-164. Trust as furtherance of public function.
§60-165. Acquisition of property.
§60-171. Trusts authorized - Powers of trustee.
§60-172. Express trust, how created - Duration - Specification of duration - Extension of term.
§60-173. Succession of trustees.
§60-174. Liability of trustees and beneficiaries.
§60-174.2. Articles of incorporation deemed to contain certain provisions - Amendment.
§60-175.3. Definitions of terms used.
§60-175.4. Legal estate of person in possession and entitled to rents and profits.
§60-175.5. Trustee's title, when not divested by preceding section.
§60-175.6. Manner of creating trust - Beneficiary as cotrustee.
§60-175.6b. Time limit for challenges to validity of prior conveyances.
§60-175.7. Rights of transferee of trust property for value and without notice.
§60-175.8. Transferor of money or property not responsible for application by trustee.
§60-175.9. Trustee lending funds to self, affiliate, etc.
§60-175.10. Deposits by corporate trustee with itself - Security.
§60-175.11. Trustee buying from, or selling to, self, affiliate, etc.
§60-175.12. Trustee selling to self as trustee of another trust.
§60-175.13. Trustee purchasing stock, bond or securities of self, affiliate, etc.
§60-175.14. Trustee voting corporate stock.
§60-175.15. Trustee owning stock in name of nominee - Exemption.
§60-175.16. Powers of trustee attached to office.
§60-175.17. Cotrustees - Powers and liabilities.
§60-175.19. Torts of trustee - Exoneration or reimbursement.
§60-175.20. Actions for trustee's torts - Personal liability of trustee.
§60-175.23. Jurisdiction of district court regarding trusts - Venue - Parties - Applicable statutes.
§60-175.24. Powers of trustees - Enumeration - Others not excluded - Bond of trustee.
§60-175.37. Death of trustee - Appointment of successor.
§60-175.38. Resignation of trustee.
§60-175.39. Removal of trustee - Filling vacancies.
§60-175.40. Rights, duties, etc. of trustees appointed by court.
§60-175.41. Revocation of trust by trustor.
§60-175.43. Legal estate of grantee or devisee of property subject to trust.
§60-175.44. Estates remaining in trustor.
§60-175.47. Suspension of absolute power of alienation - Period of suspension.
§60-175.48. Compensation or commissions of trustee.
§60-175.49. Trust ceases when purpose ceases.
§60-175.50. Repeals as reinstating common law rules.
§60-175.51. Tax statutes to supersede act.
§60-175.53. Agreements, wills and trust relations to which statute applicable.
§60-175.54. Situs in jurisdiction where trustee not qualified to act - Powers of trustee.
§60-175.55. Investment of trust assets by bank, trust company or affiliate of bank or trust company.
§60-175.57. Breach of trust – Remedies - Liability.
§60-175.61. Prudent investor rule.
§60-175.62. Standard of care - Portfolio strategy - Risk and return objectives.
§60-175.64. Duties at inception of trusteeship.
§60-175.68. Reviewing compliance.
§60-175.69. Delegation of investment and management functions.
§60-175.70. Language invoking standard of the Oklahoma Uniform Prudent Investor Act.
§60-175.71. Application to existing trusts.
§60-175.72. Uniformity of application and construction.
§60-175.81. Oklahoma Discretionary and Special Needs Trust Act.
§60-175.83. Applicable provisions for trusts created or modified after November 1, 2010.
§60-175.85. Spendthrift provision.
§60-175.86. Distribution interest - Mandatory, support, and discretionary interests.
§60-175.87. Creditor attachment of mandatory distributions.
§60-175.88. Applicable trust provisions for beneficiaries holding support interests.
§60-175.89. Applicable trust provisions for beneficiaries holding discretionary interests.
§60-175.91. Validity of trust provisions.
§60-175.92. Existence of a spendthrift provision - Amount the creditor or assignee may reach.
§60-175.103. Fiduciary duties - General principles.
§60-175.104. Trustee's power to adjust.
§60-175.201. Determination and distribution of net income.
§60-175.202. Distribution to residuary and remainder beneficiaries.
§60-175.301. When right to income begins and ends.
§60-175.303. Apportionment when income interest ends.
§60-175.401. Character of receipts.
§60-175.402. Distribution from trust or estate.
§60-175.403. Business and other activities conducted by trustee.
§60-175.404. Principal receipts.
§60-175.406. Obligation to pay money.
§60-175.407. Insurance policies and similar contracts.
§60-175.408. Insubstantial allocations not required.
§60-175.409. Deferred compensation, annuities, and similar payments.
§60-175.410. Liquidating asset.
§60-175.411. Minerals, water, and other natural resources.
§60-175.413. Property not productive of income.
§60-175.414. Derivatives and options.
§60-175.415. Asset-backed securities.
§60-175.501. Disbursements from income.
§60-175.502. Disbursements from principal.
§60-175.503. Transfers from income to principal for depreciation.
§60-175.504. Transfers from income to reimburse principal.
§60-175.506. Adjustments between principal and income because of taxes.
§60-175.601. Uniformity of application and construction.
§60-175.602. Application of act to existing trusts and estates.
§60-175.603. Application of Section 175.409 of Title 60 to trusts - Particular dates.
§60-175.701. Short title - Oklahoma Decanting Act.
§60-175.703. Distribution to second trust - Trustee with full discretion.
§60-175.704. Distribution to second trust - Trustee with limited discretion.
§60-175.705. Trust for beneficiary with disability.
§60-175.707. Written instrument required.
§60-175.708. Reference to trust terms.
§60-175.709. Settlor of second trust.
§60-175.710. Court-ordered distribution.
§60-175.711. Divided discretion.
§60-175.712. Later discovered assets.
§60-175.713. Other authority to distribute in further trust not limited.
§60-175.714. Need for distribution not required.
§60-175.715. Duties not created.
§60-175.716. Certain distributions prohibited.
§60-175.717. Exceptions to power of distribution.
§60-175.718. Tax-related limitations.
§60-175.719. Compensation of trustee.
§60-176.1. Presumptions and conditions - Relationship of trust and beneficiary.
§60-177. Reformation of offending instruments.
§60-177.1. Limitation upon engaging in activity other than expressly authorized.
§60-177.5. Rebate of reserve funds resulting from any advance funding or cash management program.
§60-178.3. Validity of outstanding indebtedness.
§60-178.4. Trust purpose - Exceptions.
§60-178.5. Ad valorem taxation.
§60-178.6. Public trusts - Exemption from provisions - Housing finance.
§60-178.7. Payments in lieu of taxes to be made by lessees of certain public trust property.
§60-178.10. Conveyance, assignment or other transfer as evidence of trust existence.
§60-178.11. Acknowledgment of conveyance, assignment or other transfer.
§60-178.13. Trusts for benefit of hospitals - Exemptions from beneficiary approval requirements.
§60-179. Status of trustee - Liability for acts.
§60-180. Termination of trust - Contracts not impaired.
§60-180.3. Expense of audits and agreed-upon-procedures engagements.
§60-180.4. Regulation of certain public trusts operating a water supply system.
§60-181. Unlimited marital deduction - Construction of trust.
§60-199. Validity of a trust for the care of domestic or pet animals.
§60-299.3. Donees - Exercising power of appointment.
§60-299.4. Insufficient instruments - Additional formalities.
§60-299.5. Persons who may exercise.
§60-299.6. Two or more persons vested with a power of appointment.
§60-299.7. Consent of donor - Writing - Recording.
§60-299.9. Donee authorized to appoint himself - Creditors - Claims - Fraudulent conveyances.
§60-299.10. Transfer by deed or will - Property conveyed.
§60-299.11. Conveyances and devises.
§60-299.12. Suspension of right of alienation - Computation of time.
§60-299.13. Advancements to descendents.
§60-299.14. Assignment for the benefit of creditors.
§60-299.15. Power of revocation - Reservation - Effect.
§60-299.16. Absolute power of disposition in grantee or beneficiary.
§60-300.13. Standard of conduct in managing and investing institutional fund.
§60-300.14. Appropriation for expenditure or accumulation of endowment fund – Rules of construction.
§60-300.15. Delegation of management and investment functions.
§60-300.16. Release or modification of restrictions on management, investment, or purpose.
§60-300.17. Reviewing compliance.
§60-300.18. Application to existing institutional funds.
§60-300.19. Relation to Electronic Signatures in Global and National Commerce Act.
§60-300.20. Uniformity of application and construction.
§60-301.2. Legislative findings and purpose.
§60-301.4. Fiduciary capacities.
§60-301.5. Charitable organizations authorized to exercise certain powers as trustees.
§60-301.8. Private inurement prohibited.
§60-301.10. Inapplicability of Oklahoma Open Records Act and Oklahoma Open Meeting Act.
§60-301.11. Applicability of act.
§60-301.12. Applicability of other laws.
§60-301.13. Charitable organizations administering trusts that are not charitable trusts.
§60-311. Law governing personalty.
§60-313. Thing in action may be transferred.
§60-316. Good-will as property.
§60-321. Verbal lease or loan void as against innocent purchasers or creditors.
§60-326. Perpetuities and restraints on alienation.
§60-327. Provisions against alienation or encumbrance.
§60-328. Power to alienate or encumber - Exemption from process and claims.
§60-331. Property acquired, how.
§60-333. Prescription, title by.
§60-334. Fixture may not be moved - Exceptions.
§60-336. Removals in mass may be reclaimed.
§60-337. Islands in navigable streams.
§60-338. Islands in other streams.
§60-339. Island formed by a new channel.
§60-340. Ownership of ancient bed.
§60-341. Things inseparably united.
§60-342. Principal part defined.
§60-343. Principal part, how determined.
§60-344. Work and material combined.
§60-346. Admixtures of materials of different owners.
§60-347. Use without owner's consent.
§60-350. Definitions - Legislative findings - Recorded transfer fees.
§60-362. Discretion of court - Bond of appointee.
§60-363. Powers and authority of conservator.
§60-365. Reports and accounts - Fees for services.
§60-366. Removal of conservator.
§60-367. Termination of conservatorship.
§60-381. Capacity to take property by gift.
§60-383. Authority to accept gift to state - Delivery of property and muniments of title.
§60-384. Allotment of property to state institution, department or agency.
§60-385. Allotment of property - Gift for particular purpose.
§60-386. Allotment of property given without designation of particular purpose - New allotment.
§60-388. Sale of stocks, bonds, choses in action and intangible personal property.
§60-390. Acceptance by counties, cities, towns and school districts - Delivery - Receipts.
§60-391. Gift to state, county and city or town - Tenancy in common.
§60-392. Gift to state, county and city or town deemed to be intended for public improvements.
§60-393. Delivery directly to trustees.
§60-395. Powers of cotrustees.
§60-396. Duties additional to other duties - Compensation.
§60-502. Creation of unit ownership estate - Recording.
§60-504. Status and title created.
§60-505. Undivided interest in common elements - Ratio.
§60-506. Common elements to remain undivided - Partition actions prohibited.
§60-507. Use of common elements.
§60-508. Strict compliance with rules and bylaws by unit owners.
§60-509. Maintenance and repair of common elements - Additions or improvements.
§60-510. Work jeopardizing soundness or safety of property prohibited without unanimous consent.
§60-511. Liens against unit estates - Discharge.
§60-512. Expense of administration and repair of common elements - Pro rata share - Exemptions.
§60-513. Common profits - Distribution.
§60-514. Declaration creating estate - Contents.
§60-515. Deeds conveying estates - Recording - Contents.
§60-515.1. Instruments and liens - Effectiveness.
§60-516. Plans attached to declarations.
§60-517. Removal of property from provisions of act.
§60-518. Resubmission of property to provisions of act.
§60-519. Administration of property to be governed by bylaws.
§60-520. Necessary contents of bylaws.
§60-521. Maintenance and examination of books and receipts of expenditures.
§60-522. Homestead exemptions applicable.
§60-523. Assessment of taxes, special assessments and other charges - Liability.
§60-524. Liens for unpaid share of common expenses - Priorities - Enforcement.
§60-525. Joint and several liability of grantor and grantee for unpaid common expenses.
§60-529. Actions relating to common elements.
§60-530. Persons subject to act.
§60-652. Property held by banking or financial organizations.
§60-653. Funds held or owing under life or endowment insurance policy or annuity contract.
§60-653.1. Abandoned property - Demutualization or related reorganization of insurance company.
§60-654. Deposit held by utility.
§60-654.1. Sum business association ordered to refund by court or administrative agency.
§60-655. Stock or other equity interest in business association - Unmatured or matured debt.
§60-655.1. Intangible property distributable in course of dissolution of business corporation.
§60-656. Property or funds held by fiduciary.
§60-657. Property held by courts, public officers and agencies.
§60-657.1. Credit memo issued in ordinary course of business.
§60-657.2. Unpaid wages owing in ordinary course of business.
§60-657.3. Personal property held in safe deposit box or other safekeeping repository.
§60-657.4. Intangible property - Presumption of abandonment.
§60-658. Miscellaneous personal property held for another.
§60-658.1. Mineral interests in land.
§60-658.1A. Mineral interests generating intangible personal property.
§60-659. Additional conditions leading to presumption of abandonment.
§60-661. Report of abandoned property.
§60-662. Notice and publication of lists of abandoned property.
§60-663. Payment or delivery of abandoned property.
§60-664. Relief from liability by payment or delivery.
§60-665. Dividends, interest, or other increments realized or accruing after payment or delivery.
§60-666. Periods of limitation - Effect - Application.
§60-667. Sale of abandoned property from safe deposit boxes - Securities.
§60-668. Unclaimed Property Fund - Deposits - Deductions.
§60-668.1. Unclaimed Property Clearinghouse Fund.
§60-668.2. Petty cash fund for administration of unclaimed property program.
§60-669. Control and management of monies in Unclaimed Property Fund.
§60-670. Determination of amount of reserve - Payment of excesses.
§60-671. Insufficiency of reserve.
§60-672. Investment of reserve fund.
§60-674. Claim for abandoned property.
§60-674.2. Property delivered to the State Treasurer.
§60-675. Determination of claims - Payment.
§60-677.1. Destruction of property having insubstantial commercial value.
§60-678. Report may be required - Failure to report property - Examination of records.
§60-679. Proceeding to compel delivery - Costs of examinations or investigations.
§60-679.1. Records of names and addresses of owners and instruments.
§60-680. Interest - Penalties - Waiver or remittance.
§60-681. Promulgation of rules – Continuation of rules in effect.
§60-682. Effect of foreign laws.
§60-683.2. Application and effect of act.
§60-684.1. Recovery of property by another state.
§60-685.1. Application and construction of act.
§60-701. Accounts presumed abandoned - Escheat.
§60-702. Request for account cards.
§60-703. Proceedings to escheat accounts.
§60-704. Notice to depositors.
§60-705. Collection and deposit of funds.
§60-752. Right to file disclaimer - Minor incompetent or deceased beneficiaries.
§60-753. Time for filing disclaimer.
§60-754. Place of filing disclaimer - Delivery of copies - Interest in real estate.
§60-755. Disposition of interest disclaimed.
§60-757. Spendthrift provisions - Binding effect of disclaimer - Spouse of disclaimant.
§60-758. Other rights not abridged.
§60-759. Interests not fixed or finally ascertained - Right to disclaim.
§60-802. Airspace defined - Provisions pertaining to aviation not affected.
§60-803. Airspace as real property.
§60-804. Airspace subject to same statutes, rules of law and common law as other real property.
§60-805. Titles, estates, rights and interests as pertaining to airspace.
§60-807. Division of airspace.
§60-808. Right, title, and interest to pass at death of owner.
§60-811. Joint development use plans.
§60-812. Sale of unneeded airspace or real property.
§60-813. Governmental authority holding only easements for use as rights-of-way.
§60-814. Right of eminent domain.
§60-820.1. Airspace Severance Restriction Act.
§60-833. Disclaimer and disclosure statements.
§60-834. Delivery of statements.
§60-835. Limitation of seller's liability.
§60-836. Duties of real estate licensee.
§60-838. Exemptions from application of act.
§60-839. Notices and acknowledgments.
§60-851. Nature of developments.
§60-853. Taxes and special assessments.
§60-854. Membership - Covenants and restrictions.
§60-856. Enforcement of restrictions and covenants.
§60-857. Copies of recorded covenants and restrictions.
§60-858. Displaying the flag of the United States.
§60-860. Community Residential Living for Persons with Developmental or Physical Disabilities Act.
§60-861. Legislative findings - Goal of act.
§60-863. Establishment of group home - Procedure.
§60-865. Group home not to include.
§60-866. Size limitation - Ordinances.
§60-867. Size limitation - Exemptions.
§60-1001. Adoption and description of official system of coordinates.
§60-1002. Plane coordinate values.
§60-1003. Plane coordinates as supplement to Oklahoma base lines and meridians.
§60-1004. Tract of land in more than one coordinate zone.
§60-1006. Limitations on recording coordinates.
§60-1007. Conversion of feet to meters.
§60-1008. Limitations on use of coordinates - Prior recordations - Nonconformity with System.