Oklahoma § 60-177 - Reformation of offending instruments

§ 60-177. Reformation of offending instruments

Such trusts may be created by written instruments or by will. In

the case of written instruments, the same shall be subscribed by the

grantor or grantors and duly acknowledged as conveyances of real

estate are acknowledged, and before the same shall become effective

the beneficial interest therein shall be accepted by the Governor,

if the state is the beneficiary, or by the governing body of any

other beneficiary named therein, which power and authority of

acceptance hereby is conferred upon the Governor and upon the

governing bodies of the counties or municipalities. Provided, every

trust made hereunder, if the state is the beneficiary, shall, prior

to and as a condition precedent to its entry into force, be

submitted to the Attorney General who shall determine whether the

trust is in proper form and compatible with the laws of this state.

The Attorney General shall approve any trusts submitted to him which

he determines to be in proper form and compatible with the laws of

this state. If approved, the said instrument or will, together with

the written acceptance of the beneficial interest and approval of

the Attorney General endorsed thereon, shall be recorded in the

office of the county clerk of each county wherein is situated any

real estate, or any interest therein, belonging to said trust, as

well as in the county wherein is located the trust property or

wherein are conducted its principal operations. In the case of any

trust of which the State of Oklahoma is the beneficiary, a certified

copy of such instrument or will and the instrument of acceptance

shall be filed with the Secretary of State. Upon the acceptance of

the beneficial interest by the beneficiary and approval by the

Attorney General as hereinabove provided, the same shall be and

constitute a binding contract between the State of Oklahoma and the

grantor or grantors, or the executor of the estate of the testator,

for the acceptance of the beneficial interest in the trust property

by the designated beneficiary and the application of the proceeds of

the trust property and its operation for the purposes, and in

accordance with the stipulations of the trust instrument or will.

Such trusts shall have duration for the term of duration of the

beneficiary, or such shorter length of time as shall be specified in

the instrument or will creating said trust.

Laws 1951, p. 167, § 2; Laws 1953, p. 278, § 2; Laws 1970, c. 319, §

2; Laws 1973, c. 201, § 1; Laws 1976, c. 222, § 2, eff. Dec. 1,

1976.

Oklahoma Statutes - Title 60. Property