SB2147 Summary

• Makes contracts between immediate family members voidable if at least one party is 70 years of age or older and the property has been family-owned for at least 75 years.

• The voidability applies only when the contract does not expressly exclude mineral interests from the property conveyance.

• Adds new codified law as Section 222 of Title 15 of the Oklahoma Statutes.

• Becomes effective November 1, 2010.