A. This act does not apply to:
1. Transfers pursuant to court order, including, but not limited to, transfers pursuant to a writ of execution, transfers by eminent domain and transfers pursuant to an order for partition;
2. Transfers to a mortgagee by a mortgagor or successor in interest who is in default, transfers by any foreclosure sale after default in an obligation secured by a mortgage, transfers by a mortgagee's sale under a power of sale after default in an obligation secured by any instrument containing a power of sale, or transfers by a mortgagee who has acquired the real property at a sale conducted pursuant to a power of sale or a sale pursuant to a decree of foreclosure or has acquired the real property by deed in lieu of foreclosure;
3. Transfers by a fiduciary who is not an owner occupant of the subject property in the course of the administration of a decedent's estate, guardianship, conservatorship or trust;
4. Transfers from one co-owner to one or more other co-owners;
5. Transfers made to a spouse, or to the person or persons in the lineal line of consanguinity of one or more of the owners;
6. Transfers between spouses resulting from a decree of dissolution of marriage or a decree of legal separation or from a property settlement agreement incidental to such a decree;
7. Transfers made pursuant to mergers and from a subsidiary to a parent or the reverse;
8. Transfers or exchanges to or from any governmental entity; or
9. Transfers of a newly constructed, previously unoccupied dwelling.
B. Nothing in this act shall be construed to alter or change the requirements of Section 858-513 of Title 59 of the Oklahoma Statutes, regarding psychologically impacted real estate.
Added by Laws 1994, c. 198, § 8, eff. July 1, 1995.
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.