{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-1608.15","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-1608.15","heading":"Specific powers of trustee","body":"Without limiting the authority conferred by Section 62 of this\n\nact, a trustee may:\n\n1. Collect trust property and accept or reject additions to the\n\ntrust property from a settlor or any other person;\n\n2. Acquire or sell property, for cash or on credit, at public\n\nor private sale;\n\n3. Exchange, partition, or otherwise change the character of\n\ntrust property;\n\n4. Deposit trust money in an account in a regulated financial\n\nservice institution;\n\n5. Borrow money, with or without security, and mortgage or\n\npledge trust property for a period within or extending beyond the\n\nduration of the trust;\n\n6. With respect to an interest in a proprietorship,\n\npartnership, limited liability company, business trust, corporation,\n\nor other form of business or enterprise, continue the business or\n\nother enterprise and take any action that may be taken by\n\nshareholders, members, or property owners, including merging,\n\ndissolving, or otherwise changing the form of business organization\n\nor contributing additional capital;\n\n7. With respect to stocks or other securities, exercise the\n\nrights of an absolute owner, including the right to:\n\na. vote, or give proxies to vote, with or without power\n\nof substitution, or enter into or continue a voting\n\ntrust agreement,\n\nb. hold a security in the name of a nominee or in other\n\nform without disclosure of the trust so that title may\n\npass by delivery,\n\nc. pay calls, assessments, and other sums chargeable or\n\naccruing against the securities, and sell or exercise\n\nstock subscription or conversion rights, and\n\nd. deposit the securities with a depositary or other\n\nregulated financial service institution;\n\n8. With respect to an interest in real property, construct, or\n\nmake ordinary or extraordinary repairs to, alterations to, or\n\nimprovements in, buildings or other structures, demolish\n\nimprovements, raze existing or erect new party walls or buildings,\n\nsubdivide or develop land, dedicate land to public use or grant\n\npublic or private easements, and make or vacate plats and adjust\n\nboundaries;\n\n9. Enter into a lease for any purpose as lessor or lessee,\n\nincluding a lease or other arrangement for exploration and removal\n\nof natural resources, with or without the option to purchase or\n\nrenew, for a period within or extending beyond the duration of the\n\ntrust;\n\n10. Grant an option involving a sale, lease, or other\n\ndisposition of trust property or acquire an option for the\n\nacquisition of property, including an option exercisable beyond the\n\nduration of the trust, and exercise an option so acquired;\n\n11. Insure the property of the trust against damage or loss and\n\ninsure the trustee, the trustee's agents, and beneficiaries against\n\nliability arising from the administration of the trust;\n\n12. Abandon or decline to administer property of no value or of\n\ninsufficient value to justify its collection or continued\n\nadministration;\n\n13. With respect to possible liability for violation of\n\nenvironmental law:\n\na. inspect or investigate property the trustee holds or\n\nhas been asked to hold, or property owned or operated\n\nby an organization in which the trustee holds or has\n\nbeen asked to hold an interest, for the purpose of\n\ndetermining the application of environmental law with\n\nrespect to the property,\n\nb. take action to prevent, abate, or otherwise remedy any\n\nactual or potential violation of any environmental law\n\naffecting property held directly or indirectly by the\n\ntrustee, whether taken before or after the assertion\n\nof a claim or the initiation of governmental\n\nenforcement,\n\nc. decline to accept property into trust or disclaim any\n\npower with respect to property that is or may be\n\nburdened with liability for violation of environmental\n\nlaw,\n\nd. compromise claims against the trust which may be\n\nasserted for an alleged violation of environmental\n\nlaw, and\n\ne. pay the expense of any inspection, review, abatement,\nf a claim or the initiation of governmental\n\nenforcement,\n\nc. decline to accept property into trust or disclaim any\n\npower with respect to property that is or may be\n\nburdened with liability for violation of environmental\n\nlaw,\n\nd. compromise claims against the trust which may be\n\nasserted for an alleged violation of environmental\n\nlaw, and\n\ne. pay the expense of any inspection, review, abatement,\n\nor remedial action to comply with environmental law;\n\n14. Pay or contest any claim, settle a claim by or against the\n\ntrust, and release, in whole or in part, a claim belonging to the\n\ntrust;\n\n15. Pay taxes, assessments, compensation of the trustee and of\n\nemployees and agents of the trust, and other expenses incurred in\n\nthe administration of the trust;\n\n16. Exercise elections with respect to federal, state, and\n\nlocal taxes;\n\n17. Select a mode of payment under any employee benefit or\n\nretirement plan, annuity, or life insurance payable to the trustee,\n\nexercise rights thereunder, including exercise of the right to\n\nindemnification for expenses and against liabilities, and take\n\nappropriate action to collect the proceeds;\n\n18. Make loans out of trust property, including loans to a\n\nbeneficiary on terms and conditions the trustee considers to be fair\n\nand reasonable under the circumstances, and the trustee has a lien\n\non future distributions for repayment of those loans;\n\n19. Pledge trust property to guarantee loans made by others to\n\nthe beneficiary;\n\n20. Appoint a trustee to act in another jurisdiction with\n\nrespect to trust property located in the other jurisdiction, confer\n\nupon the appointed trustee all of the powers and duties of the\n\nappointing trustee, require that the appointed trustee furnish\n\nsecurity, and remove any trustee so appointed;\n\n21. Pay an amount distributable to a beneficiary who is under a\n\nlegal disability or who the trustee reasonably believes is\n\nincapacitated, by paying it directly to the beneficiary or applying\n\nit for the beneficiary's benefit, or by:\n\na. paying it to the beneficiary's guardian of the\n\nproperty or, if the beneficiary does not have a\n\nguardian of the property, the beneficiary's guardian\n\nof the person,\n\nb. paying it to the beneficiary's custodian under the\n\nOklahoma Uniform Transfers to Minors Act, and, for\n\nthat purpose, creating a custodianship,\n\nc. if the trustee does not know of a guardian of the\n\nproperty, guardian of the person, or custodian, paying\n\nit to an adult relative or other person having legal\n\nor physical care or custody of the beneficiary, to be\n\nexpended on the beneficiary's behalf, or\n\nd. managing it as a separate fund on the beneficiary's\n\nbehalf, subject to the beneficiary's continuing right\n\nto withdraw the distribution;\n\n22. On distribution of trust property or the division or\n\ntermination of a trust, make distributions in divided or undivided\n\ninterests, allocate particular assets in proportionate or\n\ndisproportionate shares, value the trust property for those\n\npurposes, and adjust for resulting differences in valuation;\n\n23. Resolve a dispute concerning the interpretation of the\n\ntrust or its administration by mediation, arbitration, or other\n\nprocedure for alternative dispute resolution;\n\n24. Prosecute or defend an action, claim, or judicial\n\nproceeding in any jurisdiction to protect trust property and the\n\ntrustee in the performance of the trustee's duties;\n\n25. Sign and deliver contracts and other instruments that are\n\nuseful to achieve or facilitate the exercise of the trustee's\n\npowers; and\n\n26. On termination of the trust, exercise the powers\n\nappropriate to wind up the administration of the trust and\n\ndistribute the trust property to the persons entitled to it.","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":"8517807aa566425d322a911df94ac412175c24866c9ed4f41c0ff82626ad5cf8","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-1608.14","next":"us-ok/okla.-stat.-tit.-60-60-1608.16"},"notice":"GroundRules: Original legal text. Not legal advice."}