Oklahoma § 60-175.6 - Manner of creating trust - Beneficiary as cotrustee

§ 60-175.6. Manner of creating trust - Beneficiary as cotrustee

A trust may be created by:

Oklahoma Statutes - Title 60. Property

A. A declaration by the owner of property that he holds it as

trustee for another person, or for himself and another person or

persons; or

B. A transfer inter vivos by the owner of property to another

person as trustee for the transferor or for a third person; or

C. A transfer by will by the owner of property to another

person as trustee for a third person; or

D. An appointment by one person having a power of appointment

to another person as trustee for the donee of the power or for a

third person; or

E. A promise by one person to another person whose rights

thereunder are to be held in trust for a third person; or

F. A beneficiary may be a cotrustee and the legal and equitable

title to the trust estate shall not merge by reason thereof.

Provided, however, that no trust in relation to real property shall

be valid, unless created or declared:

1. By a written instrument subscribed by the trustor or by his

agent thereto authorized by writing;

2. By the instrument under which the trustee claims the estate

affected.

Laws 1941, p. 251, § 6.

§60-175.6a. Acquiring and holding real property in name of express

trust - Transfer - Memorandum - Presumption for conveyance by

trustee.

Any estate in real property may be acquired and held in the name

of an express private trust which is a legal entity. Where real

property is so acquired, any conveyance, assignment or other

transfer shall be made in the name of such trust by the trustee or

trustees of said trust. When real property is transferred or

acquired in the name of the trust after the effective date of this

act, the trustee shall file a memorandum of trust with the county

clerk in which the real property is located. The memorandum of

trust shall include the date of creation and the name of the trustee

or trustees of the trust.

Any person or persons making such conveyances and executing

instruments while purporting to be the trustee or trustees of such

trusts shall be presumed to be acting in the capacity indicated and

within the scope of their authority in any action to set aside such

conveyance brought against a bona fide purchaser for value.

Added by Laws 1989, c. 223, § 1, eff. Nov. 1, 1989.

§60-175.6b. Time limit for challenges to validity of prior

conveyances.

Any conveyance made and filed of record prior to the effective

date of this act placing real property or any interest therein in a

trust naming the trust itself as the grantee shall be valid for all

Oklahoma Statutes - Title 60. Property

purposes unless any person claiming adversely to such trust or to

its successors shall file an affidavit setting forth the basis of

such in the office of the county clerk of the county or counties

wherein said property is located within one (1) year from the

effective date of this act.

Added by Laws 1989, c. 223, § 2, eff. Nov. 1, 1989.