Loading chat...
OK SB774
Bill
AI Summary
-
Amends Oklahoma Statute Section 31 to clarify that suspension of absolute power of alienation applies solely to real property not held in trust.
-
Amends Section 32 to clarify that suspension of absolute ownership of a term of years applies solely to real property not held in trust.
-
Amends Section 175.47 to permit trusts to exist in perpetuity if they do not suspend the absolute power of alienation beyond a life or lives of beneficiaries in being plus 21 years, and eliminates application of common law rule against perpetuities to trusts subject to Oklahoma trust laws.
-
Repeals Section 33 relating to suspension of power of alienation.
-
Effective November 1, 2015.
Legislative Description
Trust property; clarifying that certain power not suspended under certain circumstances. Effective date.
Last Action
Approved by Governor 04/21/2015
4/21/2015