{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-394","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-394","heading":"Trustees, who are - Bond - Designation of trust estate -","body":"Trust fund - Approval of sales - Reports.\n\nWhen any unconditional gift, testamentary or otherwise, of any\n\nproperty to the State of Oklahoma and a county therein and a city or\n\ntown within such county shall have been accepted, upon behalf of all\n\nsuch governmental units, as provided for in Sections 3, 10 and 13\n\nhereof, the Attorney General of the State of Oklahoma, and the\n\ncounty treasurer of such county, and the presiding officer of the\n\ngoverning board of such city or town, at the time of the first\n\ndistribution under such gift, if testamentary, or at the time of\n\nsuch acceptance of such gift, if other than a testamentary gift,\n\nshall be cotrustees and the official representatives and agents of\n\ntheir respective governmental units for all property or monies\n\ninvolved in, and derived from, such gift, for the use and benefit of\n\nsuch governmental units, for the purposes specified in Section 12\n\nhereof; and as such, shall be authorized to execute and deliver any\n\nreceipts required in connection therewith.\n\nThey shall continue as such trustees until the trust estate,\n\nresulting hereunder, shall have been fully administered,\n\nirrespective of their continuance in such public offices; provided,\n\nthat in event of the death, resignation, disqualification or\n\nincapacity of any trustee before such trust estate shall have been\n\nfully administered, the person then holding the public office\n\ncorresponding to that held by such deceased or resigned trustee at\n\nthe time he became trustee hereunder, or, in event such death,\n\ndisqualification, resignation or incapacity occurs while such\n\ntrustee still holds such public office, the person elected or\n\nappointed to fill the vacancy in such public office, or the\n\ntemporary or other successor thereto shall become and be his\n\nsuccessor as such trustee.\n\nEach such trustee shall furnish a bond in a sum equal to the\n\nvalue of such trust estate at the time he becomes such trustee, but\n\nnot to exceed Fifty Thousand Dollars ($50,000.00), with some surety\n\ncompany authorized to do business within the State of Oklahoma, as\n\nsurety thereon, conditioned upon the faithful performance of his\n\nduties as such trustee and truly accounting for all monies and\n\nproperty coming into the custody and control of such cotrustees.\n\nSuch bond shall run in the name of the State of Oklahoma and such\n\ncounty and city or town, and shall be filed in the office of the\n\nSecretary of State of the State of Oklahoma, and the premiums\n\nthereon shall be payable from such trust estate. The trust estate\n\nshall be designated as \"The (name of donor here) Public Improvements\n\nTrust Estate\".\n\nAll cash, or the equivalent thereof, belonging to such trust\n\nestate and received by the trustees shall, upon receipt, be\n\ndeposited in a special depository account in the State Treasury to\n\nbe designated as \"The (name of donor here) Public Improvements Trust\n\nFund\", and shall be subject to withdrawal or disbursement therefrom\n\nupon, but only upon, check or voucher signed by all three of the\n\ncotrustees, for the purposes provided for herein, and each such\n\ncheck or voucher shall state thereon the specific purpose for which\n\nthe withdrawal or disbursement is made.\n\nBefore selling, exchanging, or making any other disposition of\n\nany tangible property or intangible property (other than cash or the\n\nequivalent thereof) belonging to such a trust estate, and before\n\ninvesting any cash or the equivalent thereof belonging to such a\n\ntrust estate in securities or other property (as distinguished from\n\nexpending the same for public improvement purposes as authorized\n\nherein), the cotrustees shall, by written application, obtain the\n\nwritten approval of the district judge of the county involved as one\n\nof the donees of the gift in question. Such cotrustees shall also\n\nfile with the district judge of such county verified annual reports,\n\ncontaining a detailed statement of all assets and liabilities of the\ng the same for public improvement purposes as authorized\n\nherein), the cotrustees shall, by written application, obtain the\n\nwritten approval of the district judge of the county involved as one\n\nof the donees of the gift in question. Such cotrustees shall also\n\nfile with the district judge of such county verified annual reports,\n\ncontaining a detailed statement of all assets and liabilities of the\n\ntrust estate, and a report of the acts and doings of the trustees\n\nduring the period covered by such reports. No notice shall be\n\nrequired in connection with any such application or report, and no\n\nfees shall be charged for the filing of any such application,\n\nreport, or order of approval, or in connection with the entry,\n\nrecording, or certification of any such order of approval.","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":"edeb6e378c816ec434384d0aab80c3b436bc18f02ba016fc0764f0cfdd867082","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-393","next":"us-ok/okla.-stat.-tit.-60-60-395"},"notice":"GroundRules: Original legal text. Not legal advice."}