{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.702","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.702","heading":"Definitions","body":"DEFINITIONS\n\nAs used in this act, unless the context or subject matter\n\notherwise requires:\n\n1. \"Authorized trustee\" means a person, other than the settlor,\n\nwho has authority under the terms of a first trust to distribute the\n\nprincipal or income of the trust to or for the benefit of one or\n\nmore current beneficiaries or a special needs fiduciary under\n\nSection 5 of this act;\n\n2. \"Charity\" means a charitable organization or a charitable\n\ntrust, as those terms are defined by Section 301.3 of Title 60 of\n\nthe Oklahoma Statutes or Section 552.2 of Title 18 of the Oklahoma\n\nStatutes;\n\n3. \"Current beneficiary\" with respect to a particular date,\n\nmeans a person who is receiving or is eligible to receive a\n\ndistribution of income or principal from a trust on that date;\n\n4. \"First trust\" means an existing irrevocable inter vivos or\n\ntestamentary trust all or part of the principal of which is\n\ndistributed in further trust under Section 3 or 4 of this act;\n\n5. \"Full discretion\" means a power to distribute principal or\n\nincome to or for the benefit of one or more of the beneficiaries of\n\na trust that is not a trust with limited discretion;\n\n6. \"Limited discretion\" means:\n\na. a power to distribute principal or income according to\n\nmandatory distribution provisions under which the\n\ntrustee has no discretion, or\n\nb. a power to distribute principal or income to or for\n\nthe benefit of one or more beneficiaries of a trust\n\nthat is limited by an ascertainable standard,\n\nincluding the health, education, support or\n\nmaintenance of the beneficiary;\n\n7. \"Presumptive remainder beneficiary\", with respect to a\n\nparticular date, means a beneficiary of a trust on that date who, in\n\nthe absence of notice to the trustee of the exercise of the power of\n\nappointment and assuming that any other powers of appointment under\n\nthe trust are not exercised, would be eligible to receive a\n\ndistribution from the trust if:\n\na. the trust terminated on that date, or\n\nb. the interests of all current beneficiaries ended on\n\nthat date without causing the trust to terminate;\n\n8. \"Principal\" means property held in trust for distribution\n\nincluding accumulated income, that, at the time of the exercise of a\n\npower of distribution under Section 3 or 4 of this act, is not\n\ncurrently required to be distributed;\n\n9. \"Second trust\" means any irrevocable trust to which\n\nprincipal is distributed under Section 3 or 4 of this act; and\n\n10. \"Successor beneficiary\" means a beneficiary other than a\n\ncurrent or presumptive remainder beneficiary. The term does not\n\ninclude a potential appointee under a power of appointment held by a\n\nbeneficiary.","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":"f50d4f57b7732beb134ccf23c3b5722065bd12901b179bed936ff1b54fafd043","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.701","next":"us-ok/okla.-stat.-tit.-60-60-175.703"},"notice":"GroundRules: Original legal text. Not legal advice."}