{"data":{"id":"us-ok/okla.-stat.-tit.-18-18-381.40a","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 18, § 18-381.40a","heading":"Totten Trusts – Express trusts - Payment","body":"A. Whenever any deposit shall be made in an association by any\n\nperson which is in the form of a trust for another, and no other or\n\nfurther notice of the existence and terms of a legal and valid trust\n\nshall have been given in writing to the association, in the event of\n\nthe death of the trustee, the same, or any part thereof, together\n\nwith the interest thereon, may be paid to the person or persons for\n\nwhom the deposit was made. A deposit held in this form shall be\n\ndeemed to constitute a Totten Trust. A revocation of such trust may\n\nonly be made in writing to the association, and the association\n\nshall not suffer any liability for payment of funds pursuant to the\n\ntrust unless and until it receives written notice of revocation.\n\nB. 1. If a deposit account is opened with an association by\n\none or more persons expressly as a trustee for one or more other\n\nnamed persons and further notice of the existence and terms of a\n\nlegal and valid trust is not given in writing to the association,\n\nthe association may accept and administer the account as set forth\n\nin subsection A of this section.\n\n2. If a deposit account is opened with an association by one or\n\nmore persons expressly as a trustee for one or more other named\n\npersons pursuant to or purporting to be pursuant to a written trust\n\nagreement, the trustee may provide the association with a\n\ncertificate of trust to evidence the trust relationship. The\n\ncertificate shall be an affidavit of the trustee and must include\n\nthe effective date of the trust, the name of the trustee, the name\n\nor method for choosing successor trustees, the name and address of\n\neach beneficiary, the authority granted to the trustee, the\n\ndisposition of the account on the death of the trustee or the\n\nsurvivor of two or more trustees, other information required by the\n\nassociation, and an indemnification of the association. The\n\nassociation may accept and administer the account, subject to the\n\nprovisions of Title 58 of the Oklahoma Statutes, in accordance with\n\nthe certificate of trust without requiring a copy of the trust\n\nagreement. The association is not liable for administering the\n\naccount as provided by the certificate of trust, even if the\n\ncertificate of trust is contrary to the terms of the trust\n\nagreement, unless the association has actual knowledge of the terms\n\nof the trust agreement.\n\n3. On the death of the trustee or the survivor of two or more\n\ntrustees, the association may pay all or part of the withdrawal\n\nvalue of the account with interest as provided by the certificate of\n\ntrust. If the trustee did not deliver a certificate of trust, the\n\nassociation's right to treat the account as owned by a trustee\n\nceases on the death of the trustee. On the death of the trustee or\n\nthe survivor of two or more trustees, the association shall, unless\n\nthe certificate of trust provides otherwise, pay the withdrawal\n\nvalue of the account, with interest, in equal shares to the persons\n\nwho survived the trustee, are named as beneficiaries in the\n\ncertificate of trust, and can be located by the association from its\n\nown records. If there is not a certificate of trust, payment of the\n\nwithdrawal value and interest shall be made as provided by Title 58\n\nof the Oklahoma Statutes. Any payment made under this section for\n\nall or part of the withdrawal value and interest discharges any\n\nliability of the association to the extent of the payment. The\n\nassociation may pay all or part of the withdrawal value and interest\n\nin the manner provided by this section, regardless of whether it has\n\nknowledge of a competing claim, unless the association receives\n\nactual knowledge that payment has been restrained by order of a\n\ncourt of competent jurisdiction.\n\n4. This section does not obligate an association to accept a\n\ndeposit account from a trustee who does not furnish a copy of the\nof the withdrawal value and interest\n\nin the manner provided by this section, regardless of whether it has\n\nknowledge of a competing claim, unless the association receives\n\nactual knowledge that payment has been restrained by order of a\n\ncourt of competent jurisdiction.\n\n4. This section does not obligate an association to accept a\n\ndeposit account from a trustee who does not furnish a copy of the\n\ntrust agreement or to search beyond its own records for the location\n\nof a named beneficiary.\n\n5. This section does not affect a contractual provision to the\n\ncontrary that otherwise complies with the laws of this state.","path":["OK Code","Title 18"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os18.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"10e9ce7588d10ea203c084d0e518c334ef9fc9c4f7f3e6d7f197054c67a6cdb3","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-18-18-381.4","next":"us-ok/okla.-stat.-tit.-18-18-381.41a"},"notice":"GroundRules: Original legal text. Not legal advice."}