Okla. Stat. tit. 60, § 60-175.702: Definitions

DEFINITIONS

As used in this act, unless the context or subject matter

otherwise requires:

1. "Authorized trustee" means a person, other than the settlor,

who has authority under the terms of a first trust to distribute the

principal or income of the trust to or for the benefit of one or

more current beneficiaries or a special needs fiduciary under

Section 5 of this act;

2. "Charity" means a charitable organization or a charitable

trust, as those terms are defined by Section 301.3 of Title 60 of

the Oklahoma Statutes or Section 552.2 of Title 18 of the Oklahoma

Statutes;

3. "Current beneficiary" with respect to a particular date,

means a person who is receiving or is eligible to receive a

distribution of income or principal from a trust on that date;

4. "First trust" means an existing irrevocable inter vivos or

testamentary trust all or part of the principal of which is

distributed in further trust under Section 3 or 4 of this act;

5. "Full discretion" means a power to distribute principal or

income to or for the benefit of one or more of the beneficiaries of

a trust that is not a trust with limited discretion;

6. "Limited discretion" means:

a. a power to distribute principal or income according to

mandatory distribution provisions under which the

trustee has no discretion, or

b. a power to distribute principal or income to or for

the benefit of one or more beneficiaries of a trust

that is limited by an ascertainable standard,

including the health, education, support or

maintenance of the beneficiary;

7. "Presumptive remainder beneficiary", with respect to a

particular date, means a beneficiary of a trust on that date who, in

the absence of notice to the trustee of the exercise of the power of

appointment and assuming that any other powers of appointment under

the trust are not exercised, would be eligible to receive a

distribution from the trust if:

a. the trust terminated on that date, or

b. the interests of all current beneficiaries ended on

that date without causing the trust to terminate;

8. "Principal" means property held in trust for distribution

including accumulated income, that, at the time of the exercise of a

power of distribution under Section 3 or 4 of this act, is not

currently required to be distributed;

9. "Second trust" means any irrevocable trust to which

principal is distributed under Section 3 or 4 of this act; and

10. "Successor beneficiary" means a beneficiary other than a

current or presumptive remainder beneficiary. The term does not

include a potential appointee under a power of appointment held by a

beneficiary.