{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-1601.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-1601.3","heading":"Definitions","body":"As used in this act:\n\n1. \"Action\", with respect to an act of a trustee, includes a\n\nfailure to act;\n\n2. \"Ascertainable standard\" means a standard relating to an\n\nindividual's health, education, support, or maintenance within the\n\nmeaning of Section 2041(b)(1)(A) or 2514(c)(1) of the Internal\n\nRevenue Code of 1986, as in effect on the effective date of this\n\nact, or as later amended;\n\n3. \"Beneficiary\" means a person who:\n\na. has a present or future beneficial interest in a\n\ntrust, vested or contingent, or\n\nb. in a capacity other than that of trustee, holds a\n\npower of appointment over trust property;\n\n4. \"Charitable trust\" means a trust, or portion of a trust,\n\ncreated for a charitable purpose described in subsection A of\n\nSection 24 of this act;\n\n5. \"Environmental law\" means a federal, state, or local law,\n\nrule, regulation, or ordinance relating to the protection of the\n\nenvironment;\n\n6. \"Guardian of the property\" means a person appointed by the\n\ncourt to administer the estate of a minor or adult individual;\n\n7. \"Guardian of the person\" means a person appointed by the\n\ncourt to make decisions regarding the support, care, education,\n\nhealth, and welfare of a minor or adult individual. The term does\n\nnot include a guardian ad litem;\n\n8. \"Interests of the beneficiaries\" means the beneficial\n\ninterests provided in the terms of the trust;\n\n9. \"Jurisdiction\", with respect to a geographic area, includes\n\na state or country;\n\n10. \"Person\" means an individual, corporation, business trust,\n\nestate, trust, partnership, limited liability company, association,\n\njoint venture, government, governmental subdivision, agency, or\n\ninstrumentality, public corporation, or any other legal or\n\ncommercial entity;\n\n11. \"Power of withdrawal\" means a presently exercisable general\n\npower of appointment other than a power:\n\na. exercisable by a trustee and limited by an\n\nascertainable standard, or\n\nb. exercisable by another person only upon consent of the\n\ntrustee or a person holding an adverse interest;\n\n12. \"Property\" means anything that may be the subject of\n\nownership, whether real or personal, legal or equitable, or any\n\ninterest therein;\n\n13. \"Qualified beneficiary\" means a beneficiary who, on the\n\ndate the beneficiary's qualification is determined:\n\na. is a distributee or permissible distributee of a\n\npresent interest in the trust income or principal, or\n\nhas a vested remainder in the trust,\n\nb. is a charitable organization expressly entitled to\n\nreceive benefits under the terms of a charitable\n\ntrust, or\n\nc. is the Attorney General of this state with respect to\n\na charitable trust having its principal place of\n\nadministration in this state;\n\n14. \"Revocable\", as applied to a trust, means revocable by the\n\nsettlor without the consent of the trustee or a person holding an\n\nadverse interest;\n\n15. \"Settlor\" means a person, including a testator, who\n\ncreates, or contributes property to, a trust. If more than one\n\nperson creates or contributes property to a trust, each person is a\n\nsettlor of the portion of the trust property attributable to that\n\nperson's contribution except to the extent another person has the\n\npower to revoke or withdraw that portion;\n\n16. \"Spendthrift provision\" means a term of a trust which\n\nrestrains both voluntary and involuntary transfer of a beneficiary's\n\ninterest;\n\n17. \"State\" means a state of the United States, the District of\n\nColumbia, Puerto Rico, the United States Virgin Islands, or any\n\nterritory or insular possession subject to the jurisdiction of the\n\nUnited States. The term includes an Indian tribe or band recognized\n\nby federal law or formally acknowledged by a state;\n\n18. \"Terms of a trust\" means:\n\na. except as otherwise provided in subparagraph b of this\n\nparagraph, the manifestation of the settlor's intent\n\nregarding a trust's provisions as:\n\n(1) expressed in the trust instrument, or\nr insular possession subject to the jurisdiction of the\n\nUnited States. The term includes an Indian tribe or band recognized\n\nby federal law or formally acknowledged by a state;\n\n18. \"Terms of a trust\" means:\n\na. except as otherwise provided in subparagraph b of this\n\nparagraph, the manifestation of the settlor's intent\n\nregarding a trust's provisions as:\n\n(1) expressed in the trust instrument, or\n\n(2) established by other evidence that would be\n\nadmissible in a judicial proceeding, or\n\nb. the trust's provisions, as established, determined, or\n\namended by:\n\n(1) a trustee or other person in accordance with\n\napplicable law,\n\n(2) a court order, or\n\n(3) a nonjudicial settlement agreement under Section\n\n1402 of Title 60 of the Oklahoma Statutes;\n\n19. \"Trust instrument\" means an instrument executed by the\n\nsettlor that contains terms of the trust, including any amendments\n\nthereto; and\n\n20. \"Trustee\" includes an original, additional, and successor\n\ntrustee, and a co-trustee.","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":"c1a378cf14d209a65fa34cdea64a636dd1e327629627a845cda7e03322e99796","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-1601.2","next":"us-ok/okla.-stat.-tit.-60-60-1601.4"},"notice":"GroundRules: Original legal text. Not legal advice."}