Oklahoma § 60-1302 - Definitions

§ 60-1302. Definitions

A. As used in the Oklahoma Qualified Dispositions into Trust

Act:

1. "Claim" means a right to payment, whether or not the right

is reduced to judgment liquidated, unliquidated, fixed, contingent,

matured, unmatured, disputed, undisputed, legal, equitable, secured,

or unsecured;

2. "Creditor" means, with respect to a transferor, a person who

has a claim;

3. "Debt" means liability on a claim;

4. "Disposition" means a transfer, conveyance, or assignment of

property, including a change in the legal ownership of property

Oklahoma Statutes - Title 60. Property

occurring upon the substitution of one trustee for another or the

addition of one or more new trustees, or the exercise of a power so

as to cause a transfer of property to a trustee or trustees. The

term does not include the release or relinquishment of an interest

in property that theretofore was the subject of a qualified

disposition;

5. "Property" means real property, personal property, and

interests in real or personal property;

6. "Qualified disposition" means a disposition by or from a

transferor to a qualified person or qualified persons, without

consideration or for less than fair market value, by means of a

trust instrument;

7. "Spouse" and "former spouse" mean only persons to whom the

transferor was married at, or before, the time the qualified

disposition was made; and

8. "Transferor" means any person as an owner of property or as

a holder of a power of appointment which authorizes the holder to

appoint in favor of the holder, the holder's creditors, the holder's

estate, or the creditors of the holder's estate or as a trustee,

directly or indirectly, who makes a disposition or causes a

disposition to be made.

B. The terms transferor and beneficiary may be any individual,

corporation, partnership, limited liability company, association,

joint stock company, business trust, trust, unincorporated

organization, or two or more persons having a joint or common

interest.

Added by Laws 2024, c. 369, § 20, eff. Nov. 1, 2024.