OK SB1603

Governmental units that are beneficiaries of multi-jurisdictional public trusts may withdraw by resolution of their governing body

Withdrawing beneficiaries are entitled to an equitable division of the trust's net assets and revenues based on their proportionate contribution, participation, and interest

District court in the county where the trust is located will determine asset distribution if beneficiaries or trustees cannot reach agreement, applying principles of equity

Third-party creditor, bondholder, and other lawful obligation holder rights are protected and not impaired by withdrawal

Applies to all public trusts created before, on, or after the effective date of November 1, 2026