Oklahoma § 60-1202 - Definitions

§ 60-1202. Definitions

As used in the Oklahoma Uniform Directed Trust Act of 2024:

1. "Breach of trust" means a violation by a trust director or

trustee of a duty imposed on that director or trustee by the terms

of the trust, this act, or laws of this state other than this act

pertaining to trusts;

2. "Directed trust" means a trust for which the terms of the

trust grant a power of direction;

3. "Directed trustee" means a trustee that is subject to a

trust director's power of direction;

4. "Person" means an individual, estate, business or nonprofit

entity, public corporation, government or governmental subdivision,

agency, or instrumentality, or other legal entity;

5. "Power of direction" means a power over a trust granted to a

person by the terms of the trust to the extent the power is

exercisable while the person is not serving as a trustee. The term

includes a power over the investment, management, or distribution of

trust property or other matters of trust administration. The term

excludes the powers described in subsection B of Section 6 of this

act;

6. "Settlor" means a person, including a testator, that creates

or contributes property to a trust. If more than one person creates

or contributes property to a trust, each person is a settlor of the

portion of the trust property attributable to that person's

contribution except to the extent another person has the power to

revoke or withdraw that portion;

7. "State" means a state of the United States, the District of

Columbia, Puerto Rico, the United States Virgin Islands, or any

other territory or possession subject to the jurisdiction of the

United States;

8. "Terms of a trust" means:

a.

except as otherwise provided in subparagraph b of this

paragraph, the manifestation of the settlor's intent

regarding a trust's provisions as:

(1) expressed in the trust instrument, or

(2) established by other evidence that would be

admissible in a judicial proceeding, or

Oklahoma Statutes - Title 60. Property

b.

the trust's provisions as established, determined, or

amended by:

(1) a trustee or trust director in accordance with

applicable law, or

(2) a court order;

9. "Trust director" means a person that is granted a power of

direction by the terms of a trust to the extent the power is

exercisable while the person is not serving as a trustee. The

person is a trust director whether or not the terms of the trust

refer to the person as a trust director and whether or not the

person is a beneficiary or settlor of the trust; and

10. "Trustee" means an original, additional, and successor

trustee, and a cotrustee.

Added by Laws 2024, c. 369, § 3, eff. Nov. 1, 2024.