Okla. Stat. tit. 60 § 175.47

Current through Laws 2024, c. 378.

Section 175.47 - [Effective 11/1/2024] Suspension of absolute power of alienation - Period of suspension

A. Except as otherwise provided in subsection B of this section, the absolute power of alienation of real and personal property, or either of them, shall not be suspended by any limitations or conditions for a longer period than during the continuance of a life or lives of the beneficiaries in being at the creation of the estate and twenty-one (21) years thereafter. The absolute power of alienation is not suspended if there is any person in being who, alone or in combination with one or more others, has the power to sell, exchange, or otherwise convey the real or personal property. If the terms of a trust do not suspend the absolute power of alienation of any trust property beyond the term permitted in this subsection, the trust may exist in perpetuity.

B. The provisions of this section shall not apply when property is given, granted, bequeathed, or devised to:

1. A charitable use;

2. Literary, educational, scientific, religious, or charitable corporations for their sole use and benefit;

3. Any cemetery corporation, society or association;

4. The Department of Mental Health and Substance Abuse Services as provided in Section 2-111 of Title 43A of the Oklahoma Statutes; or

5. Gifts absolute, limited, or in trust, for the advancement of medical science to an incorporated state society of physicians and surgeons.

C. Except as provided in this section, the common law rule against perpetuities shall not apply to a trust subject to the trust laws of this state. A trust created in this state or subject to the trust laws of this state may have a perpetual duration if a timing provision or limit is not specified in the trust document.

Okla. Stat. tit. 60, § 175.47

Amended by Laws 2024, c. 369,s. 41, eff. 11/1/2024.

Amended by Laws 2015 , c. 164, s. 3, eff. 11/1/2015.

Added by Laws 1941, HB 174, p. 264, § 47; Amended by Laws 2003 , HB 1190, c. 217, §6, eff. 11/1/2003.

This section is set out more than once due to postponed, multiple, or conflicting amendments.