Oklahoma § 60-1205 Excluded from application.

Oklahoma Statutes

§ 60-1205 — Excluded from application.

Oklahoma·Title 60 Property

A.In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property.

B.This act does not apply to a: 1. Power of appointment; 2. Power to appoint or remove a trustee or trust director; 3. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust; 4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: a. the beneficiary, or b. another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or 5. Power over a trust, if: a. the terms of the trust provide that the power is held in a nonfiduciary

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A. In this section, "power of appointment" means a power that enables a person acting in a nonfiduciary capacity to designate a recipient of an ownership interest in or another power of appointment over trust property. B. This act does not apply to a: 1. Power of appointment; 2. Power to appoint or remove a trustee or trust director; 3. Power of a settlor over a trust to the extent the settlor has a power to revoke the trust; 4. Power of a beneficiary over a trust to the extent the exercise or nonexercise of the power affects the beneficial interest of: a. the beneficiary, or b. another beneficiary represented by the beneficiary with respect to the exercise or nonexercise of the power; or 5. Power over a trust, if: a. the terms of the trust provide that the power is held in a nonfiduciary capacity, and b. the power must be held in a nonfiduciary capacity to achieve the settlor's tax objectives under the United States Internal Revenue Code of 1986, as amended, and regulations issued thereunder, as amended. C. Unless the terms of a trust provide otherwise, a power granted to a person to designate a recipient of an ownership interest in, or power of appointment over trust property which is exercisable while the person is not serving as a trustee is a power of appointment and not a power of direction.

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