{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-1010","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-1010","heading":"Common trust funds","body":"A. Any bank or trust company qualified to act as a fiduciary in\n\nthis state may:\n\n1. Establish one or more common trust funds for the exclusive\n\npurpose of furnishing investments to itself as fiduciary, to itself\n\nand others as cofiduciaries, or to another bank or trust company\n\nwhich is a subsidiary of the same bank holding company as fiduciary\n\nor cofiduciary for estates, guardianships, and all other fiduciary\n\nrelationships now in existence or hereafter created which require or\n\nauthorize investment of trust funds; and\n\n2. Invest funds which it lawfully holds for investment in\n\ninterests in such common trust funds, unless:\n\na. the investment is prohibited by the instrument,\n\njudgment, decree, or order creating the fiduciary\n\nrelationship,\n\nb. in the case of cofiduciaries, the bank or trust\n\ncompany fails to procure the consent of its\n\ncofiduciary or cofiduciaries to such investment,\n\nc. the bank or trust company is not at all times in full\n\ncharge of the full management of the fund, or\n\nd. a cofiduciary or co-trustee has the right to interfere\n\nin the management of the common trust funds.\n\nB. 1. The bank or trust company shall not mingle its own funds\n\nwith common trust funds. Each trust, estate or account owning an\n\ninterest in such common trust fund shall be deemed to own a\n\nproportionate share of each asset of the fund. In determining\n\nwhether the investment by the trust, estate, or account in such\n\ncommon trust fund is a proper investment for assets held in a\n\nfiduciary account, the bank or trust company may consider the common\n\ntrust fund as a whole and shall not, for example, be prohibited from\n\nmaking the investment if any one or more of the assets of the common\n\ntrust fund is nonincome producing or might not otherwise be\n\nconsidered a proper investment for a fiduciary account.\n\n2. When making investment decisions pursuant to this\n\nsubsection, the bank or trust company shall be bound by the\n\nprovisions of the Oklahoma Trust Act and the Oklahoma Uniform\n\nPrudent Investor Act, unless otherwise provided by law.\n\n3. Nothing in this subsection shall in any fashion diminish the\n\nresponsibility of the bank or trust company to carry out its\n\nresponsibilities and duties pursuant to the standard of care of a\n\nfiduciary in handling trust funds.\n\nC. A bank or trust company administering a common trust fund\n\nshall keep proper records, which in addition to all other necessary\n\nand proper matters shall show at all times the proportionate\n\ninterest of each trust in the common trust fund, and, at least once\n\nduring each period of twelve (12) months, cause an audit to be made\n\nof the common trust fund by auditors responsible only to the board\n\nof directors of the bank or trust company. The report of such audit\n\nshall include a list of the investments comprising the common trust\n\nfund at the time of the audit, which shall show the valuation placed\n\non each item on such list by the bank or trust company as of the\n\ndate of the audit, a statement of purchases, sales and any other\n\ninvestment changes, and of income and disbursements since the last\n\naudit, and appropriate comments as to any investment in default as\n\nto payment of principal or interest. The reasonable expenses of any\n\nsuch audit made by independent public accountants may be charged to\n\nthe common trust fund. The bank or trust company administering a\n\ncommon trust fund may charge a reasonable fee for the management of\n\nthe common trust fund provided that:\n\n1. The fee is disclosed in the report of the audit of the\n\ncommon trust fund; and\n\n2. The amount of the fee does not exceed an amount commensurate\n\nwith the value of legitimate services of tangible benefit to the\n\nparticipating fiduciary accounts that would not have been provided\n\nto the accounts were they not invested in the fund.\n1. The fee is disclosed in the report of the audit of the\n\ncommon trust fund; and\n\n2. The amount of the fee does not exceed an amount commensurate\n\nwith the value of legitimate services of tangible benefit to the\n\nparticipating fiduciary accounts that would not have been provided\n\nto the accounts were they not invested in the fund.\n\nThe bank or trust company shall absorb the costs of establishing\n\nor reorganizing a common trust fund. The bank or trust company\n\nshall send a copy of the latest report of such audit annually to\n\neach person to whom a regular periodic accounting of the trusts\n\nparticipating in the common trust fund ordinarily would be rendered,\n\nor shall send advice to each such person annually that the report is\n\navailable and that a copy will be furnished without charge upon\n\nrequest.\n\nD. Unless ordered by a court of competent jurisdiction, the\n\nbank or trust company operating such common trust funds is not\n\nrequired to render a court accounting with regard to such funds; but\n\nit may, by application to the district court, secure approval of\n\nsuch an accounting after such notice, and on such conditions as the\n\ncourt may establish.","path":["OK Code","Title 6"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os6.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bd1313208bca4a8e7357de6031342bd1cde56eb5acb1ec6792b509f464fbe64f","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-101","next":"us-ok/okla.-stat.-tit.-6-6-1011"},"notice":"GroundRules: Original legal text. Not legal advice."}