Okla. Stat. tit. 60 § 175.702

Current through Laws 2024, c. 453.

Section 175.702 - Definitions

As used in this act, unless the context or subject matter otherwise requires:

1. "Authorized trustee" means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal or income of the trust to or for the benefit of one or more current beneficiaries or a special needs fiduciary under Section 5 of this act;

2. "Charity" means a charitable organization or a charitable trust, as those terms are defined by Section 301.3 of Title 60 of the Oklahoma Statutes or Section 552.2 of Title 18 of the Oklahoma Statutes;

3. "Current beneficiary" with respect to a particular date, means a person who is receiving or is eligible to receive a distribution of income or principal from a trust on that date;

4. "First trust" means an existing irrevocable inter vivos or testamentary trust all or part of the principal of which is distributed in further trust under Section 3 or 4 of this act;

5. "Full discretion" means a power to distribute principal or income to or for the benefit of one or more of the beneficiaries of a trust that is not a trust with limited discretion;

6. "Limited discretion" means:

a. a power to distribute principal or income according to mandatory distribution provisions under which the trustee has no discretion, or

b. a power to distribute principal or income to or for the benefit of one or more beneficiaries of a trust that is limited by an ascertainable standard, including the health, education, support or maintenance of the beneficiary;

7. "Presumptive remainder beneficiary", with respect to a particular date, means a beneficiary of a trust on that date who, in the absence of notice to the trustee of the exercise of the power of appointment and assuming that any other powers of appointment under the trust are not exercised, would be eligible to receive a distribution from the trust if:

a. the trust terminated on that date, or

b. the interests of all current beneficiaries ended on that date without causing the trust to terminate;

8. "Principal" means property held in trust for distribution including accumulated income, that, at the time of the exercise of a power of distribution under Section 3 or 4 of this act, is not currently required to be distributed;

9. "Second trust" means any irrevocable trust to which principal is distributed under Section 3 or 4 of this act; and

10. "Successor beneficiary" means a beneficiary other than a current or presumptive remainder beneficiary. The term does not include a potential appointee under a power of appointment held by a beneficiary.

Okla. Stat. tit. 60, § 175.702

Added by Laws 2021 , c. 268, s. 2, eff. 11/1/2021.