Okla. Stat. tit. 60, § 60-1608.2

A. A trustee shall administer the trust solely in the interests

of the beneficiaries.

B. Subject to the rights of persons dealing with or assisting

the trustee as provided in subsection I of Section 175.57 of Title

60 of the Oklahoma Statutes, a sale, encumbrance, or other

transaction involving the investment or management of trust property

entered into by the trustee for the trustee's own personal account

or which is otherwise affected by a conflict between the trustee's

fiduciary and personal interests is voidable by a beneficiary

affected by the transaction unless:

1. The transaction was authorized by the terms of the trust;

2. The transaction was approved by the court;

3. The beneficiary did not commence a judicial proceeding

within the time allowed by subsection E of Section 175.57 of Title

60 of the Oklahoma Statutes;

4. The beneficiary consented to the trustee's conduct, ratified

the transaction, or released the trustee in compliance with

subsection G of Section 175.57 of Title 60 of the Oklahoma Statutes;

or

5. The transaction involves a contract entered into or claim

acquired by the trustee before the person became or contemplated

becoming trustee.

C. A sale, encumbrance, or other transaction involving the

investment or management of trust property is presumed to be

affected by a conflict between personal and fiduciary interests if

it is entered into by the trustee with:

1. The trustee's spouse;

2. The trustee's descendants, siblings, parents, or their

spouses;

3. An agent or attorney of the trustee; or

4. A corporation or other person or enterprise in which the

trustee, or a person that owns a significant interest in the

trustee, has an interest that might affect the trustee's best

judgment.

D. A transaction between a trustee and a beneficiary that does

not concern trust property but that occurs during the existence of

the trust or while the trustee retains significant influence over

the beneficiary and from which the trustee obtains an advantage is

voidable by the beneficiary unless the trustee establishes that the

transaction was fair to the beneficiary.

E. A transaction not concerning trust property in which the

trustee engages in the trustee's individual capacity involves a

conflict between personal and fiduciary interests if the transaction

concerns an opportunity properly belonging to the trust.

Oklahoma Statutes - Title 60. Property Page 316

F. An investment by a trustee in securities of an investment

company or investment trust to which the trustee, or its affiliate,

provides services in a capacity other than as trustee is not

presumed to be affected by a conflict between personal and fiduciary

interests if the investment otherwise complies with the prudent

investor rule of the Oklahoma Uniform Prudent Investor Act. In

addition to its compensation for acting as trustee, the trustee may

be compensated by the investment company or investment trust for

providing those services out of fees charged to the trust. If the

trustee receives compensation from the investment company or

investment trust for providing investment advisory or investment

management services, the trustee must at least annually notify the

persons entitled under Section 60 of this act to receive a copy of

the trustee's annual report of the rate and method by which that

compensation was determined.

G. In voting shares of stock or in exercising powers of control

over similar interests in other forms of enterprise, the trustee

shall act in the best interests of the beneficiaries. If the trust

is the sole owner of a corporation or other form of enterprise, the

trustee shall elect or appoint directors or other managers who will

manage the corporation or enterprise in the best interests of the

beneficiaries.

H. This section does not preclude the following transactions,

if fair to the beneficiaries:

1. An agreement between a trustee and a beneficiary relating to
iaries. If the trust

is the sole owner of a corporation or other form of enterprise, the

trustee shall elect or appoint directors or other managers who will

manage the corporation or enterprise in the best interests of the

beneficiaries.

H. This section does not preclude the following transactions,

if fair to the beneficiaries:

1. An agreement between a trustee and a beneficiary relating to

the appointment or compensation of the trustee;

2. Payment of reasonable compensation to the trustee;

3. A transaction between a trust and another trust, decedent's

estate, or conservatorship of which the trustee is a fiduciary or in

which a beneficiary has an interest;

4. A deposit of trust money in a regulated financial service

institution operated by the trustee; or

5. An advance by the trustee of money for the protection of the

trust.

I. The court may appoint a special fiduciary to make a decision

with respect to any proposed transaction that might violate this

section if entered into by the trustee.