Oklahoma § 60-175.11 - Trustee buying from, or selling to, self, affiliate,

§ 60-175.11. Trustee buying from, or selling to, self, affiliate,

etc.

No trustee shall directly or indirectly buy or sell any property

for the trust from or to itself or an affiliate; or from or to a

director, officer, or employee of such trustee or of an affiliate;

or from or to himself, a relative, employer, partner, or other

business associate; provided a national banking association or a

state bank and trust company performing trust functions, where

acting as executor, administrator, guardian, or trustee, may sell

stock of itself to one or more of its officers, stockholders, or

directors upon a court of competent jurisdiction finding that such

sale will be for the best interest of the trust estate and making an

order for such sale.

Laws 1941, p. 252, § 11.

§60-175.11a. Trust powers.

A national banking association, a credit union, a statechartered corporation, including a state-chartered bank or trust

company, or a state or federal savings and loan association that has

the right to exercise trust powers and that is serving as trustee,

may:

1. Employ an affiliate or division within a financial

institution to provide brokerage, investment, administrative,

custodial, or other account services for the trust and charge the

trust for the services; and

2. Receive compensation, directly or indirectly, for the

services performed by the affiliate or division within the financial

institution, whether in the form of shared commissions, fees, or

otherwise, provided that any amount charged by the affiliate or

division for the services is disclosed and does not exceed the

customary or prevailing amount that is charged by the affiliate or

division, or a comparable entity, for comparable services rendered

to a person other than the trust.

Added by Laws 2006, c. 325, § 1, eff. Nov. 1, 2006.