{"data":{"id":"us-ok/okla.-stat.-tit.-6-6-902","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 6, § 6-902","heading":"Trustee deposit accounts","body":"A. Whenever any deposit shall be made in a bank by any person\n\nwhich is in form in trust for another, and no other or further\n\nnotice of the existence and terms of a legal and valid trust shall\n\nhave been given in writing to the bank, in the event of the death of\n\nthe trustee, the same, or any part thereof, together with the\n\ninterest thereon, may be paid to the person or persons for whom the\n\ndeposit was made. A deposit held in this form shall be deemed to\n\nconstitute a Totten Trust. A revocation of such trust may only be\n\nmade in writing to the bank and the bank shall not suffer any\n\nliability for payment of funds pursuant to the trust unless and\n\nuntil it receives written notice of revocation.\n\nB. 1. If a deposit account is opened with a bank by one or\n\nmore persons expressly as a trustee for one or more other named\n\npersons and further notice of the existence and terms of a legal and\n\nvalid trust is not given in writing to the bank, the bank may accept\n\nand administer the account as set forth in subsection A of this\n\nsection.\n\n2. If a deposit account is opened with a bank by one or more\n\npersons expressly as a trustee for one or more other named persons\n\npursuant to or purporting to be pursuant to a written trust\n\nagreement, the trustee may provide the bank with a certificate of\n\ntrust to evidence the trust relationship. The certificate shall be\n\nan affidavit of the trustee and must include the effective date of\n\nthe trust, the name of the trustee, the name or method for choosing\n\nsuccessor trustees, the name and address of each beneficiary, the\n\nauthority granted to the trustee, the disposition of the account on\n\nthe death of the trustee or the survivor of two or more trustees,\n\nother information required by the bank, and an indemnification of\n\nthe bank. The bank may accept and administer the account, subject\n\nto the provisions of Title 58 of the Oklahoma Statutes, in\n\naccordance with the certificate of trust without requiring a copy of\n\nthe trust agreement. The bank 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 bank has actual knowledge of the terms of the\n\ntrust agreement.\n\n3. On the death of the trustee or the survivor of two or more\n\ntrustees, the bank may pay all or part of the withdrawal value of\n\nthe account with interest as provided by the certificate of trust.\n\nIf the trustee did not deliver a certificate of trust, the bank's\n\nright to treat the account as owned by a trustee ceases on the death\n\nof the trustee. On the death of the trustee or the survivor of two\n\nor more trustees, the bank shall, unless the certificate of trust\n\nprovides otherwise, pay the withdrawal value of the account, with\n\ninterest, in equal shares to the persons who survived the trustee,\n\nare named as beneficiaries in the certificate of trust, and can be\n\nlocated by the bank from its own records. If there is not a\n\ncertificate of trust, payment of the withdrawal value and interest\n\nshall be made as provided by Title 58 of the Oklahoma Statutes. Any\n\npayment made under this section for all or part of the withdrawal\n\nvalue and interest discharges any liability of the bank to the\n\nextent of the payment. The bank may pay all or part of the\n\nwithdrawal value and interest in the manner provided by this\n\nsection, regardless of whether it has knowledge of a competing\n\nclaim, unless the bank receives actual knowledge that payment has\n\nbeen restrained by order of a court of competent jurisdiction.\n\n4. This section does not obligate a bank to accept a deposit\n\naccount from a trustee who does not furnish a copy of the trust\n\nagreementor to search beyond its own records for the location of a\n\nnamed 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 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":"a81416dc16f5843e3dd683131c1cf6132cc26bbf135fca557489d4de0990ad2d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-6-6-901","next":"us-ok/okla.-stat.-tit.-6-6-903.1"},"notice":"GroundRules: Original legal text. Not legal advice."}