§58-1256. Effect of deed on joint tenancy – “Joint owner” defined.
A. A record joint owner of an interest in real estate may use the procedures in the Nontestamentary Transfer of Property Act to title the interest in transfer-on-death form. However, title to the interest shall vest in the designated grantee beneficiary or beneficiaries only if the record joint owner is the last to die of […]
§58-3014. Agent’s duties.
A. Notwithstanding provisions in the power of attorney, an agent that has accepted appointment shall: 1. Act in accordance with the principal’s reasonable expectations to the extent actually known by the agent and, otherwise, in the principal’s best interest; 2. Act in good faith; and 3. Act only within the scope of authority granted in […]
§58-1216. Expenses and compensation of custodian – Bond.
A. A custodian is entitled to reimbursement from custodial property for reasonable expenses incurred in the performance of the custodian’s duties. B. Except for one who is a transferor pursuant to the provisions of Section 5 of this act, a custodian has a noncumulative election during each calendar year to charge reasonable compensation for services […]
§58-1257. Record owner considered absolute owner.
A record owner who executes a transfer-on-death deed remains the legal and equitable owner until the death of the owner and during the lifetime of the owner is considered an absolute owner as regards creditors and purchasers. Added by Laws 2008, c. 78, § 7, eff. Nov. 1, 2008.
§58-3015. Exoneration.
A provision in a power of attorney relieving an agent of liability for breach of duty is binding on the principal and the principal’s successors in interest except to the extent the provision: 1. Relieves the agent of liability for breach of duty committed dishonestly, with an improper motive or with reckless indifference to the […]
§58-1217. Persons dealing with purported custodian – Responsibilities.
A third person in good faith and without court order may act on the instructions of or otherwise deal with any person purporting to make a transfer or purporting to act in the capacity of a custodian and, in the absence of knowledge, is not responsible for determining: 1. the validity of the purported custodian’s […]
§58-1258. Transfer-on-death deed not considered testamentary disposition.
A deed in transfer-on-death form, executed in conformity with the Nontestamentary Transfer of Property Act, shall not be considered a testamentary disposition and shall not be invalidated due to nonconformity with other provisions in Title 58 or Title 84 of the Oklahoma Statutes. Added by Laws 2008, c. 78, § 8, eff. Nov. 1, 2008.
§58-3016. Judicial relief.
A. The following persons may petition a court to construe a power of attorney or review the agent’s conduct and grant appropriate relief: 1. The principal or the agent; 2. A guardian, conservator or other fiduciary acting for the principal; 3. A person authorized to make health care decisions for the principal; 4. The principal’s […]
§58-1202. Definitions.
As used in the Oklahoma Uniform Transfers to Minors Act: 1. “Adult” means an individual who has attained the age of twenty-one (21) years. 2. “Benefit plan” means an employer’s plan for the benefit of an employee or partner. 3. “Broker” means a person lawfully engaged in the business of effecting transactions in securities or […]
§58-1203. Applicability of law – Custodianship.
A. The Oklahoma Uniform Transfers to Minors Act applies to a transfer that refers to the Oklahoma Uniform Transfers to Minors Act in the designation provided for in subsection A of Section 10 of this act by which the transfer is made if at the time of the transfer, the transferor, minor, or custodian is […]