Oklahoma § 60-175.83 - Applicable provisions for trusts created or modified

§ 60-175.83. Applicable provisions for trusts created or modified

after November 1, 2010.

The following provisions apply to all trusts created or modified

from and after November 1, 2010, regardless of whether a spendthrift

provision is included in a trust:

1. A distribution interest shall not be judicially sold. A

distribution interest in a trust includes, but is not limited to, a

current distribution interest, future distribution interest or

income interest;

2. A remainder interest, power of appointment or a reserved

power in a trust shall not be judicially sold;

Oklahoma Statutes - Title 60. Property

3. Except as to a settlor who is also a trustee of a revocable

trust, trust property is not subject to personal obligations of the

trustee, even if the trustee becomes insolvent or bankrupt;

4. A beneficiary of a trust has an equitable interest in the

trust to bring an action against the trustee to enforce the terms of

the trust subject to the judicial review standard set forth in

paragraph 4 of Section 9 of this act; and

5. Subject to the provisions of the Uniform Fraudulent Transfer

Act, the Oklahoma Discretionary and Special Needs Trust Act provides

for the sole and exclusive remedies that are available to a creditor

or other nonbeneficiary claiming an interest in the trust.

Added by Laws 2010, c. 280, § 3, eff. Nov. 1, 2010.