Oklahoma § 60-1601.5 - Default and mandatory rules

§ 60-1601.5. Default and mandatory rules

A. Except as otherwise provided in the terms of the trust, this

act governs the duties and powers of a trustee, relations among

trustees, and the rights and interests of a beneficiary.

B. The terms of a trust prevail over any provision of this act

except:

1. The requirements for creating a trust;

2. Subject to the Oklahoma Uniform Directed Trust Act, Sections

1209, 1211, and 1212 of Title 60 of the Oklahoma Statutes, the duty

of a trustee to act in good faith and in accordance with the terms

and purposes of the trust and the interests of the beneficiaries;

3. The requirement that a trust and its terms be for the

benefit of its beneficiaries, and that the trust have a purpose that

is lawful, not contrary to public policy, and possible to achieve;

4. The power of the court to modify or terminate a trust under

Sections 28 through 34 of this act;

5. The effect of a spendthrift provision and the rights of

certain creditors and assignees to reach a trust as provided in

Section 36 of this act;

6. The power of the court under Section 41 of this act to

require, dispense with, or modify or terminate a bond;

7. The power of the court under subsection B of Section 47 of

this act to adjust a trustee's compensation specified in the terms

of the trust which is unreasonably low or high;

Oklahoma Statutes - Title 60. Property

8. The duty under paragraphs 2 and 3 of Section 60 of this act

to notify qualified beneficiaries of an irrevocable trust who have

attained twenty-five (25) years of age of the existence of the

trust, of the identity of the trustee, and of their right to request

trustee's reports;

9. The duty under subsection A of Section 60 of this act to

respond to the request of a qualified beneficiary of an irrevocable

trust for trustee's reports and other information reasonably related

to the administration of a trust;

10. The rights under Sections 68 through 71 of this act of a

person other than a trustee or beneficiary;

11. Periods of limitation for commencing a judicial proceeding;

12. The power of the court to take such action and exercise

such jurisdiction as may be necessary in the interests of justice;

and

13. The subject matter jurisdiction of the court and venue for

commencing a proceeding as provided in Section 14 of this act.

Added by Laws 2025, c. 254, § 5, eff. Nov. 1, 2025.