{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.3","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.3","heading":"Definitions of terms used","body":"As used in this act unless the context or subject matter\n\notherwise requires:\n\nA. \"Person\" means an individual, a corporation, a partnership,\n\nan association, a joint stock company, a business trust, an\n\nunincorporated organization, or two or more persons having a joint\n\nor common interest.\n\nB. \"Trustor\" means the maker, creator, donor, settlor, grantor,\n\nof a trust and the testator or testatrix of a will containing trust\n\nprovisions.\n\nC. \"Trustee\" includes trustees, a corporate trustee and the\n\njudicially ordered successor of the corporate trustee in the event\n\nof assumption by a financial institution of fiduciary accounts for\n\nall trusts of the corporate trustee in existence on the date of the\n\nassumption, including testamentary trusts which come into existence\n\nafter the date of assumption, as well as a natural person and a\n\nsuccessor or substitute trustee. Provided, a successor in interest\n\nshall include a judicially ordered successor in the event of an\n\nassumption by a financial institution of fiduciary accounts for all\n\ntrusts in existence on the date of the assumption, together with\n\nthose testamentary trusts which come into existence after the date\n\nof assumption.\n\nD. \"Relative\" means a spouse, ancestor, descendant, brother, or\n\nsister, by blood or adoption.\n\nE. \"Affiliate\" means any person directly or indirectly\n\ncontrolling or controlled by another person, or any person under\n\ndirect or indirect common control with another person. It includes,\n\nbut is not limited to, any person with whom a trustee has an express\n\nor implied agreement regarding the purchase of trust investments by\n\neach from the other, directly or indirectly, except a broker or\n\nstock exchange. It does not include a bank, trust company or\n\naffiliate of a bank or trust company which is providing services to\n\nan investment company or trust as investment advisor, sponsor,\n\ndistributor, custodian, transfer agent, administrator, registrar or\n\notherwise.\n\nF. \"Trust\" means an express trust only, and does not include so\n\ncalled \"business trusts\".\n\nG. \"Principal\" means any real or personal property which has\n\nbeen so set aside or limited by the owner thereof, or a person\n\nthereto, legally empowered that it and any substitutions for it are\n\neventually to be conveyed, delivered, or paid to a person, while the\n\nreturn therefrom, or use thereof, or any part of such return or use\n\nis in the meantime to be taken or received by or held for\n\naccumulation for the same or another person.\n\nH. \"Income\" means the return derived from principal.\n\nI. \"Tenant\" means the person to whom income is presently or\n\ncurrently payable, or for whom it is accumulated or who is entitled\n\nto the beneficial use of the principal presently and for a time\n\nprior to its distribution.\n\nJ. \"Remainderman\" means the person ultimately entitled to the\n\nprincipal, whether named or designated by the terms of the\n\ntransaction by which the principal was established or determined by\n\noperation of law.\n\nK. \"Beneficiary\" means any person entitled to receive from a\n\ntrust any benefit of whatsoever kind or character.\n\nL. \"Trustee's compensation,\" as used in this act, means the\n\nnormal, recurring fee of the trustee for services in the management\n\nand administration of the trust estate, irrespective of the manner\n\nof computation of such fee. \"Trustee's commission,\" as used in this\n\nact, means the fee of the trustee for services rendered, other than\n\nin the normal management and administration of the trust estate, and\n\nincludes extraordinary services, remuneration of the trustee for\n\nacceptance, distribution, termination, and all other fees of similar\n\nnature, as distinguished from regularly recurring compensation for\n\nmanagement and supervision of the trust estate by the trustee.\n\nM. \"Trustee advisor\" means a person appointed by the terms of\n\nthe trust instrument to act as an advisor to the trustee with regard\nincludes extraordinary services, remuneration of the trustee for\n\nacceptance, distribution, termination, and all other fees of similar\n\nnature, as distinguished from regularly recurring compensation for\n\nmanagement and supervision of the trust estate by the trustee.\n\nM. \"Trustee advisor\" means a person appointed by the terms of\n\nthe trust instrument to act as an advisor to the trustee with regard\n\nto all or some of the matters relating to the property of the trust.\n\nUnless otherwise provided by the terms of the trust instrument, if a\n\ntrustee advisor is appointed, the property and management of the\n\ntrust and the exercise of all powers and discretionary acts\n\nexercisable by the trustee remain vested in the trustee as fully and\n\neffectively as if an advisor were not appointed, the trustee is not\n\nrequired to follow the advice of the trustee advisor, and the\n\ntrustee advisor is not liable as or considered to be a trustee of\n\nthe trust or a fiduciary when acting as an advisor to the trust.","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":"08bd5517bce82e5d5374ca2cd85f7481e6d088ac6f2146a3ca1bc1609ead1217","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.25","next":"us-ok/okla.-stat.-tit.-60-60-175.301"},"notice":"GroundRules: Original legal text. Not legal advice."}