{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-1302","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-1302","heading":"Definitions","body":"A. As used in the Oklahoma Qualified Dispositions into Trust\n\nAct:\n\n1. \"Claim\" means a right to payment, whether or not the right\n\nis reduced to judgment liquidated, unliquidated, fixed, contingent,\n\nmatured, unmatured, disputed, undisputed, legal, equitable, secured,\n\nor unsecured;\n\n2. \"Creditor\" means, with respect to a transferor, a person who\n\nhas a claim;\n\n3. \"Debt\" means liability on a claim;\n\n4. \"Disposition\" means a transfer, conveyance, or assignment of\n\nproperty, including a change in the legal ownership of property\n\noccurring upon the substitution of one trustee for another or the\n\naddition of one or more new trustees, or the exercise of a power so\n\nas to cause a transfer of property to a trustee or trustees. The\n\nterm does not include the release or relinquishment of an interest\n\nin property that theretofore was the subject of a qualified\n\ndisposition;\n\n5. \"Property\" means real property, personal property, and\n\ninterests in real or personal property;\n\n6. \"Qualified disposition\" means a disposition by or from a\n\ntransferor to a qualified person or qualified persons, without\n\nconsideration or for less than fair market value, by means of a\n\ntrust instrument;\n\n7. \"Spouse\" and \"former spouse\" mean only persons to whom the\n\ntransferor was married at, or before, the time the qualified\n\ndisposition was made; and\n\n8. \"Transferor\" means any person as an owner of property or as\n\na holder of a power of appointment which authorizes the holder to\n\nappoint in favor of the holder, the holder's creditors, the holder's\n\nestate, or the creditors of the holder's estate or as a trustee,\n\ndirectly or indirectly, who makes a disposition or causes a\n\ndisposition to be made.\n\nB. The terms transferor and beneficiary may be any individual,\n\ncorporation, partnership, limited liability company, association,\n\njoint stock company, business trust, trust, unincorporated\n\norganization, or two or more persons having a joint or common\n\ninterest.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"49bd0fd9372331219f342d71cb107d98b797e6cd6a5c1359a81b2e6bf6c5e6b7","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-1301","next":"us-ok/okla.-stat.-tit.-60-60-1303"},"notice":"GroundRules: Original legal text. Not legal advice."}