Okla. Stat. tit. 60, § 60-175.24

- Bond of trustee.

A. In the absence of contrary or limiting provisions in the

trust agreement or a subsequent order or decree of a court of

competent jurisdiction, the trustee of an express trust is

authorized:

1. To exchange, reexchange, subdivide, develop, improve,

dedicate to public use, make or vacate public plats, adjust

boundaries, or partition real property, and to adjust differences in

valuation by giving or receiving money or money's worth. Easements

may be dedicated to public use without consideration if deemed by

the trustee to be for the best interest of the trust;

2. To grant options and to sell real or personal property at

public auction or at private sale for cash, or upon credit secured

by lien upon the property sold or upon such property or a part

thereof or other property;

3. To grant or take leases of real property and of all rights

and privileges above or below the surface of real property for any

term or terms, including exploration for and removal of oil, gas,

and other minerals, with or without options of purchase, and with or

without covenants as to erection of buildings or as to renewals

Oklahoma Statutes - Title 60. Property Page 61

thereof, through the term of the lease or renewals thereof, or of

such options extend beyond the term of the trust;

4. To raze existing party walls or buildings or erect new party

walls or buildings alone or jointly with owners of adjacent

property. To make ordinary repairs and in addition thereto such

extraordinary alterations in buildings or other structures which are

necessary to make the property productive. To effect and keep in

force, fire, rent, title, liability, casualty, or other insurance of

any nature, in any form and in any amount;

5. To compromise, contest, arbitrate, or settle any and all

claims of or against the trust estate or the trustee as such. To

abandon property deemed by the trustee burdensome or valueless;

6. To pay calls, assessments, and any other sums chargeable or

accruing against, or on account of shares of stock or other

securities in the hands of the trustee where such payment may be

legally enforceable against the trustee or any property of the

trust, or the trustee deems payment expedient and for the best

interest of the trust. To sell or exercise stock subscription or

conversion rights, participate in foreclosures, reorganizations,

consolidations, mergers, liquidations, pooling agreements and voting

trusts; to assent to corporate sales, leases, and encumbrances, and

in general, except as limited by the particular trust agreement,

have and exercise all powers of an absolute owner in respect of such

securities. In the exercise of the foregoing powers the trustee

shall be authorized, where he or she deems such course expedient, to

deposit stocks, bonds, or other securities with any protective or

other committee formed by or at the instance of persons holding

similar securities, under such terms and conditions respecting the

deposit thereof as the trustee may approve. Any stock or other

securities obtained by conversion, reorganization, consolidation,

merger, liquidation, or the exercise of subscription rights shall be

free, unless the trust agreement provides otherwise, from any

restrictions on sale or otherwise contained in the trust agreement

relative to the securities originally held;

7. To make such investment directly or in the form of

securities of, or other interests in, any open-end or closed-end

management type investment company or investment trust registered

under the Investment Company Act of 1940, 15 U.S.C.A., Section 80a-1

et seq.; provided, that the portfolio of such investment company or

investment trust is limited to United States government obligations

and to repurchase agreements fully collateralized by such United

States government obligations, and provided further, that any such

investment company or investment trust shall take delivery of such
e Investment Company Act of 1940, 15 U.S.C.A., Section 80a-1

et seq.; provided, that the portfolio of such investment company or

investment trust is limited to United States government obligations

and to repurchase agreements fully collateralized by such United

States government obligations, and provided further, that any such

investment company or investment trust shall take delivery of such

collateral, either directly or through an authorized custodian;

8. To borrow money or create an indebtedness or obligation

including any bond indebtedness or obligation, except as limited by

the provisions of the Oklahoma Trust Act, and generally to execute

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any deed or other instrument and to do all things in relation to

such trust necessary or desirable for carrying out any of the above

powers or incident to the purposes of such trust; and

9. To employ attorneys, accountants, agents, and brokers

reasonably necessary in the administration of the trust estate;

permit real estate held in trust to be occupied by a surviving

spouse or minor child of the trustor and, where reasonably necessary

for the maintenance of the surviving spouse or minor child or

children, invest trust funds in real property to be used for a home

by such beneficiary; make any contracts pertaining to oil, gas, or

other natural resources as are customary in the community where the

real property held in trust is situated; in the trustee's discretion

pay funeral expenses of any beneficiary actually receiving benefits

from the trust estate at the time of the death of the beneficiary.

B. 1. In the exercise of its authority under paragraph 9 of

subsection A of this section, a trustee may pay, from the assets of

the trust, reasonable compensation and costs incurred in connection

with employment of attorneys, accountants, agents, and brokers

reasonably necessary in the administration of the trust estate.

2. In the event of any legal proceeding regarding the trust, a

trustee may pay the costs or attorney fees incurred in any

proceeding from the assets of the trust without the approval of any

person and without court authorization unless otherwise ordered by

the court in such legal proceeding.

3. Unless expressly provided otherwise in a written employment

agreement, the creation of an attorney-client relationship between

an attorney and a person serving as a fiduciary shall not impose

upon the attorney any duties or obligations to other persons

interested in the estate, trust estate, or other fiduciary property,

even though fiduciary funds may be used to compensate the attorney

for legal services rendered to the fiduciary. This paragraph is

intended to be declaratory of the common law and governs

relationships in existence between attorneys and persons serving as

fiduciaries and any such relationship hereafter created.

4. Whenever an attorney-client relationship exists between an

attorney and a fiduciary, communications between the attorney and

the fiduciary shall be subject to attorney-client privilege unless

waived by the fiduciary, even though fiduciary funds may be used to

compensate the attorney for legal services rendered to the

fiduciary. The existence of a fiduciary relationship between a

fiduciary and a beneficiary does not constitute or give rise to any

waiver of the privilege for communications between the attorney and

the fiduciary.

C. The following rules of administration shall be applicable to

all express trusts but such rules shall not be exclusive of those

otherwise imposed by law unless contrary to these rules:

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1. Where a trustee is authorized to sell or dispose of land,

such authority shall include the right to sell or dispose of part

thereof, whether the division is horizontal, vertical, or made in

any other way, or undivided interests therein;

2. Where a trustee is authorized by the trust agreement
wise imposed by law unless contrary to these rules:

Oklahoma Statutes - Title 60. Property Page 63

1. Where a trustee is authorized to sell or dispose of land,

such authority shall include the right to sell or dispose of part

thereof, whether the division is horizontal, vertical, or made in

any other way, or undivided interests therein;

2. Where a trustee is authorized by the trust agreement

creating the trust or by law to pay or apply capital money subject

to the trust for any purpose or in any manner, the trustee shall

have and shall be deemed always to have had power to raise the money

required by selling, converting, calling in, or mortgaging or

otherwise encumbering all or any part of the trust property for the

time being in possession;

3. A trustee shall have a lien and may be reimbursed with

interest for, or pay or discharge out of the trust property, either

principal or income or both, all advances made for the benefit or

protection of the trust or its property and all expenses, losses,

and liabilities, not resulting from the negligence of the trustee,

incurred in or about the execution or protection of the trust or

because of the trustee holding or ownership of any property subject

thereto; and

4. When the happening of any event, including marriage,

divorce, attainment of a certain age, performance of educational

requirements, death, or any other event, affects distribution of

income or principal of trust estates, the trustees shall not be

liable for mistakes of fact prior to the actual knowledge or written

notice of such fact.

D. The powers, duties, and responsibilities stated in the

Oklahoma Trust Act or the Oklahoma Uniform Prudent Investor Act

shall not be deemed to exclude other implied powers, duties, or

responsibilities not inconsistent herewith.

E. The trustee shall pay all taxes and assessments levied or

assessed against the trust estate or the trustee by governmental

taxing or assessing agencies.

F. No trustee shall be required to give bond unless the

instrument creating the trust, or a court of competent jurisdiction

in its discretion upon the application of an interested party,

requires a bond to be given.