Oklahoma § 60-1317 - Non-application of act if transferor is indebted —

§ 60-1317. Non-application of act if transferor is indebted —

Qualifying situations — Application if transferor is married —

Notice of transfer of property.

Oklahoma Statutes - Title 60. Property

A. Notwithstanding the provisions of Sections 29 through 34 of

this act, but subject to subsection B of this section, the Oklahoma

Qualified Dispositions into Trust Act does not apply in any respect

to any person to whom at the time of transfer the transferor is

indebted on account of an agreement or order of court for the

payment of support or alimony in favor of the transferor's spouse,

former spouse, or children, or for a division or distribution of

property in favor of the transferor's spouse or former spouse, to

the extent of the debt.

B. If the transferor is married at the time of the transfer,

the provisions of Sections 29 through 34 of this act, apply to:

1. Any of the transferor's separate property transferred to the

trust; and

2. Any marital property transferred to the trust if the spouse

or former spouse was provided with notice in the form set forth in

subsection C of this section, or executed a written consent to the

transfer after being provided the information set forth in the

notice.

C. For purposes of the application of this section, a notice of

transfer of property to a trust pursuant to the Oklahoma Qualified

Dispositions into Trust Act:

1. Shall also contain the following language in capital

letters, at or near the top of the notice: YOUR SPOUSE IS CREATING

A PERMANENT TRUST INTO WHICH PROPERTY IS BEING TRANSFERRED. YOUR

RIGHTS TO THIS PROPERTY MAY BE AFFECTED DURING YOUR MARRIAGE, UPON

DIVORCE (INCLUDING THE PAYMENT OF CHILD SUPPORT OR ALIMONY OR A

DIVISION OR DISTRIBUTION OF PROPERTY IN A DIVORCE), OR AT THE DEATH

OF YOUR SPOUSE. YOU HAVE A VERY LIMITED PERIOD OF TIME TO OBJECT TO

THE TRANSFER OF PROPERTY INTO THIS TRUST. YOU MAY, UPON REQUEST TO

THE TRUSTEE AT THE ADDRESS BELOW, BE FURNISHED A COPY OF THE TRUST

DOCUMENT. IF YOU HAVE ANY QUESTIONS, YOU SHOULD IMMEDIATELY SEEK

INDEPENDENT LEGAL ADVICE. IF YOU FAIL TO OBJECT WITHIN THE REQUIRED

TIME PERIOD, YOU WILL HAVE CONSENTED TO THE TRANSFER OF PROPERTY

INTO THIS TRUST;

2. Shall contain a description of the property being

transferred to the trust and the name of the trust;

3. May require that any person who is eligible to receive

information pursuant to this section be bound by the duty of

confidentiality that binds the trustee before receiving such

information from the trustee; and

4. Shall be provided by the transferor, the transferor's agent,

the trustee, or other fiduciary of the trust.

D. If a notice is provided under this section before the

property is transferred, the period to commence an action under

Section 30 of this act shall commence running on the date of the

transfer. If a notice is provided after the date the property is

Oklahoma Statutes - Title 60. Property

transferred, the period to commence an action pursuant to Section 30

of this act commences running on the date the notice is provided.

E. The exception contained in subsection A of this section does

not apply to any claim for forced heirship or legitime.

Added by Laws 2024, c. 369, § 35, eff. Nov. 1, 2024.