Oklahoma § 60-175.17 - Cotrustees - Powers and liabilities

§ 60-175.17. Cotrustees - Powers and liabilities

Unless it is otherwise provided by the trust instrument, or an

amendment thereof, or by court order:

A. Any power vested in three or more trustees may be exercised

by a majority of the trustees; but no trustee who has not joined in

exercising a power shall be liable to the beneficiaries or to others

for the consequences of the exercise, nor shall a dissenting trustee

be liable for the consequences of an act in which the trustee joins

at the direction of the majority trustees, if the trustee expressed

his dissent in writing to any of the cotrustees at or before the

time of the joinder.

B. Where two or more trustees are appointed by will or a

voluntary trust to execute a trust and one or more of them die, the

survivor may execute the trust and may exercise the discretionary

powers given to the trustees jointly, unless the terms of the will

or agreement express a contrary opinion.

C. Any cotrustee may give a power of attorney to another

trustee or authorize a cotrustee to perform any act in the

administration of the trust, but the trustee giving a power of

attorney or authorizing an act to be performed by the cotrustee

shall have the same liability and responsibility as if the trustee

had performed the act done pursuant to the authorization.

D. Nothing in this section shall excuse a cotrustee from

liability for inactivity in the administration of the trust, nor for

failure to attempt to prevent a breach of trust.

E. Where two or more trustees, none of whom is the settlor,

have the power as trustees to make discretionary distributions of

either principal or income to or for the benefit of one of them, the

trustee beneficiary may only make such discretionary distributions

which provide for the health, education, or maintenance of the

trustee beneficiary or to support the trustee beneficiary in an

Oklahoma Statutes - Title 60. Property

accustomed manner of living. The provisions of this subsection

shall apply to any trust created under a document executed on or

before the effective date of this act unless:

1. The trust is revocable or amendable and the settlor revokes

or amends the trust at any time to provide otherwise; or

2. The trust is irrevocable and all parties in interest elect

affirmatively not to be subject to this subsection. Such election

must be made on or before the later of three (3) years after the

effective date of this act, or three (3) years after the date on

which the trust becomes irrevocable.

Added by Laws 1941, p. 253, § 17. Amended by Laws 2001, c. 374, §

1, eff. Nov. 1, 2001.