A. Except as otherwise provided in this title and notwithstanding subsection B of this section, the following property shall be reserved to every person residing in the state, exempt from attachment or execution and every other species of forced sale for the payment of debts, except as herein provided: 1. The home of such person, […]
A. Following the issuance of an execution, attachment, or garnishment, except process to collect a judgment or order for child support or maintenance of children or in cases in which the court has limited or reduced the application of this section pursuant to Section 142.18 of Title 21 of the Oklahoma Statutes, the debtor may […]
The determination and order issued by the court pursuant to a hearing requested under Section 1.1 of this title shall not take into consideration any total gross family income which exceeds one hundred twenty times the federal minimum hourly wage prescribed by Section 6(a)(1) of the Fair Labor Standards Act of 1938, U.S.C. Title 29, […]
This act shall be known and may be cited as the “Family Wealth Preservation Trust Act”. Added by Laws 2004, c. 509, § 1, emerg. eff. June 9, 2004.
As used in the Family Wealth Preservation Trust Act: 1. “Grantor” means an individual, whether or not a resident of this state, establishing or creating a preservation trust; 2. “Oklahoma assets” includes: a.a stock, bond, debenture, membership interest, partnership interest, or other equity or debt interest issued by an Oklahoma-based company, without reference to assets […]
Notwithstanding Section 3 of this title and Section 299.15 of Title 60 of the Oklahoma Statutes, the corpus and income of a preservation trust shall be exempt from attachment or execution and every other species of forced sale and no judgment, decree, or execution can be a lien on the trust for the payment of […]
A preservation trust may be established as a revocable and amendable trust or as an irrevocable trust. If the grantor of a preservation trust revokes or partially revokes the preservation trust, the exemption provisions of Section 12 of this title shall not be applicable to any property received by the grantor as a result of […]
The exemptions provided for pursuant to other provisions of the laws of this state shall be independent of and in addition to the exemption provided for pursuant to Section 12 of this title. Added by Laws 2004, c. 509, § 5, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 4, emerg. […]
The provisions of the Family Wealth Preservation Trust Act shall not operate to increase the area and value of the homestead exemption provided for pursuant to Section 2 of this title. Added by Laws 2004, c. 509, § 6, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 5, emerg. eff. June […]
No court or other judicial body shall have the authority to compel a person holding a power of revocation or amendment over a preservation trust to exercise the power of revocation or amendment. The provisions of this act shall be considered restrictions on the transferability of the grantor’s beneficial interest in the preservation trust that […]
Any transfer of monies or property by a grantor to a preservation trust shall be subject to the provisions of the Uniform Fraudulent Transfer Act. Added by Laws 2004, c. 509, § 8, emerg. eff. June 9, 2004. Amended by Laws 2005, c. 438, § 7, emerg. eff. June 8, 2005.
A grantor may not establish more than one preservation trust. However, in the event a preservation trust established by a grantor is wholly revoked or terminated, the grantor may establish a new preservation trust, and this act shall be applicable to such new preservation trust. Added by Laws 2004, c. 509, § 9, emerg. eff. […]
A. The homestead of any person in this state, not within any city or town, shall consist of not more than one hundred sixty (160) acres of land, which may be in one or more parcels, to be selected by the owner. B. Effective November 1, 1997, the homestead of any person in this state, […]
The exemption herein provided for must not be construed to apply to the following persons, namely: 1. To a nonresident. 2. To a debtor who is in the act of removing his family from the state; or, 3. Who has absconded, taking with him his family. R.L.1910, § 3344.
The exemption of the homestead provided for in this chapter shall not apply where the debt is due: 1. For the purchase money of such homestead or a part of such purchase money. 2. For taxes or other legal assessments due thereon. 3. For work and material used in constructing improvements thereon. R.L.1910, § 3346.
None of the personal property mentioned in this chapter, shall be exempt from attachment or execution for wages of any clerk, mechanic, laborer or servant. R.L.1910, § 3347.
There shall also be exempt from levy and sale upon execution or attachment to every resident of this state who became disabled in the service of the United States as a soldier, sailor, or marine, all pension money hereafter received belonging to such soldier, sailor or marine. R.L.1910, § 3348.
