{"data":{"id":"us-ok/okla.-stat.-tit.-31-31-11","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 31, § 31-11","heading":"Definitions","body":"As used in the Family Wealth Preservation Trust Act:\n\n1. \"Grantor\" means an individual, whether or not a resident of\n\nthis state, establishing or creating a preservation trust;\n\n2. \"Oklahoma assets\" includes:\n\na. a stock, bond, debenture, membership interest,\n\npartnership interest, or other equity or debt interest\n\nissued by an Oklahoma-based company, without reference\n\nto assets owned by the Oklahoma-based company,\n\nb. a bond or other obligation issued by this state or an\n\nOklahoma governmental agency,\n\nc. a bond or other obligation issued by a county of this\n\nstate, by a municipal government located in this\n\nstate, by a school district located in this state or\n\nby any public trust for the benefit of either this\n\nstate or one or more political subdivisions of this\n\nstate,\n\nd. an account in an Oklahoma-based bank. As used in this\n\nsubparagraph, \"account\" means a demand, time, savings\n\nor passbook type of account or a certificate of\n\ndeposit type of account,\n\ne. real or tangible personal property, or any interest\n\ntherein, having a situs in this state, which shall\n\ninclude, but not be limited to:\n\n(1) mineral interests, or\n\n(2) promissory notes secured primarily by real or\n\ntangible personal property or both,\n\nf. any security backed exclusively by promissory notes,\n\nif at least a majority in value of such promissory\n\nnotes are secured by real or tangible personal\n\nproperty having a situs in this state or both, and\n\ng. mutual funds, as defined pursuant to The Investment\n\nCompany Act of 1940, 15 U.S.C., Section 80a-1 et seq.\n\nand The Securities Act of 1933, 15 U.S.C., Section 77a\n\net seq., and common trust funds, as defined pursuant\n\nto Section 1010 of Title 6 of the Oklahoma Statutes,\n\nto the extent the assets within such funds meet one or\n\nmore of the requirements listed in subparagraphs a\n\nthrough f of this paragraph;\n\n3. a. \"Oklahoma-based bank\" means a bank, savings\n\nassociation or credit union which both:\n\n(1) takes deposits insured by the Federal Deposit\n\nInsurance Corporation or the National Credit\n\nUnion Administration, and\n\n(2) has a place of business in Oklahoma, which shall\n\nbe a physical location, and\n\nb. \"Oklahoma-based trust company\" means a trust company\n\nchartered under the laws of this state or nationally\n\nchartered and having a place of business in Oklahoma,\n\nwhich shall be a physical location;\n\n4. \"Oklahoma-based company\" means a corporation, limited\n\nliability company, limited partnership, limited liability\n\npartnership or other legal entity formed or qualified to do business\n\nin this state and having its principal place of business in this\n\nstate, which principal place of business shall be a physical\n\nlocation;\n\n5. \"Preservation trust\" means a trust:\n\na. established by a grantor under Oklahoma law,\n\nb. having at all times as a trustee or cotrustee an\n\nOklahoma-based bank that maintains a trust department\n\nor an Oklahoma-based trust company,\n\nc. having as beneficiaries only qualified beneficiaries\n\nor a qualified beneficiary,\n\nd. having a majority in value of its assets comprised of\n\nOklahoma assets, except that if any asset which\n\nqualifies, or is intended to qualify, as an Oklahoma\n\nasset ceases or fails to qualify as an Oklahoma asset,\n\nthe trustee shall have a reasonable period of time\n\nfollowing discovery thereof to convert such\n\nnonqualifying asset into an Oklahoma asset, and\n\ne. reciting in its terms that the income generated from\n\nthe corpus of the trust is subject to the income tax\n\nlaws of this state; and\n\n6. \"Qualified beneficiary\" or \"qualified beneficiaries\" means:\n\na. the lineal ancestors and lineal descendants of the\n\ngrantor or the grantor's spouse, including adopted\n\nlineal descendants if they were under the age of\n\neighteen (18) at the time of the adoption,\n\nb. the spouse of the grantor,\n\nc. a nonprofit organization qualified under the\n\nprovisions of the Internal Revenue Code of 1986, 26\n\nU.S.C., Section 501(c)(3), or\nor \"qualified beneficiaries\" means:\n\na. the lineal ancestors and lineal descendants of the\n\ngrantor or the grantor's spouse, including adopted\n\nlineal descendants if they were under the age of\n\neighteen (18) at the time of the adoption,\n\nb. the spouse of the grantor,\n\nc. a nonprofit organization qualified under the\n\nprovisions of the Internal Revenue Code of 1986, 26\n\nU.S.C., Section 501(c)(3), or\n\nd. a trust settled for the sole benefit of one or more\n\nqualified beneficiaries.","path":["OK Code","Title 31"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os31.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"62524c57826ee1b2c3c580c81e94fcd4b856387ed7da72a473256aeac5419c6d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-31-31-10","next":"us-ok/okla.-stat.-tit.-31-31-12"},"notice":"GroundRules: Original legal text. Not legal advice."}