Oklahoma § 60-175.3 - Definitions of terms used

§ 60-175.3. Definitions of terms used

As used in this act unless the context or subject matter

otherwise requires:

A. "Person" means an individual, a corporation, a partnership,

an association, a joint stock company, a business trust, an

unincorporated organization, or two or more persons having a joint

or common interest.

Oklahoma Statutes - Title 60. Property

B. "Trustor" means the maker, creator, donor, settlor, grantor,

of a trust and the testator or testatrix of a will containing trust

provisions.

C. "Trustee" includes trustees, a corporate trustee and the

judicially ordered successor of the corporate trustee in the event

of assumption by a financial institution of fiduciary accounts for

all trusts of the corporate trustee in existence on the date of the

assumption, including testamentary trusts which come into existence

after the date of assumption, as well as a natural person and a

successor or substitute trustee. Provided, a successor in interest

shall include a judicially ordered successor in the event of an

assumption by a financial institution of fiduciary accounts for all

trusts in existence on the date of the assumption, together with

those testamentary trusts which come into existence after the date

of assumption.

D. "Relative" means a spouse, ancestor, descendant, brother, or

sister, by blood or adoption.

E. "Affiliate" means any person directly or indirectly

controlling or controlled by another person, or any person under

direct or indirect common control with another person. It includes,

but is not limited to, any person with whom a trustee has an express

or implied agreement regarding the purchase of trust investments by

each from the other, directly or indirectly, except a broker or

stock exchange. It does not include a bank, trust company or

affiliate of a bank or trust company which is providing services to

an investment company or trust as investment advisor, sponsor,

distributor, custodian, transfer agent, administrator, registrar or

otherwise.

F. "Trust" means an express trust only, and does not include so

called "business trusts".

G. "Principal" means any real or personal property which has

been so set aside or limited by the owner thereof, or a person

thereto, legally empowered that it and any substitutions for it are

eventually to be conveyed, delivered, or paid to a person, while the

return therefrom, or use thereof, or any part of such return or use

is in the meantime to be taken or received by or held for

accumulation for the same or another person.

H. "Income" means the return derived from principal.

I. "Tenant" means the person to whom income is presently or

currently payable, or for whom it is accumulated or who is entitled

to the beneficial use of the principal presently and for a time

prior to its distribution.

J. "Remainderman" means the person ultimately entitled to the

principal, whether named or designated by the terms of the

transaction by which the principal was established or determined by

operation of law.

Oklahoma Statutes - Title 60. Property

K. "Beneficiary" means any person entitled to receive from a

trust any benefit of whatsoever kind or character.

L. "Trustee's compensation," as used in this act, means the

normal, recurring fee of the trustee for services in the management

and administration of the trust estate, irrespective of the manner

of computation of such fee. "Trustee's commission," as used in this

act, means the fee of the trustee for services rendered, other than

in the normal management and administration of the trust estate, and

includes extraordinary services, remuneration of the trustee for

acceptance, distribution, termination, and all other fees of similar

nature, as distinguished from regularly recurring compensation for

management and supervision of the trust estate by the trustee.

M. "Trustee advisor" means a person appointed by the terms of

the trust instrument to act as an advisor to the trustee with regard

to all or some of the matters relating to the property of the trust.

Unless otherwise provided by the terms of the trust instrument, if a

trustee advisor is appointed, the property and management of the

trust and the exercise of all powers and discretionary acts

exercisable by the trustee remain vested in the trustee as fully and

effectively as if an advisor were not appointed, the trustee is not

required to follow the advice of the trustee advisor, and the

trustee advisor is not liable as or considered to be a trustee of

the trust or a fiduciary when acting as an advisor to the trust.

Added by Laws 1941, p. 250, § 3. Amended by Laws 1988, c. 319, § 5,

eff. Nov. 1, 1988; Laws 1990, c. 260, § 34, operative July 1, 1990;

Laws 2012, c. 135, § 1, eff. Nov. 1, 2012.