Okla. Stat. tit. 60, § 60-175.85
This is the official text of Okla. Stat. tit. 60, § 60-175.85, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Spendthrift provision
Official statutory text
A. A spendthrift provision is valid if it restrains either the
voluntary or involuntary transfer of a beneficiary’s interest. If
the applicable trust instrument so provides, a spendthrift provision
may permit the voluntary transfer of an interest of a beneficiary
even if the transfer is subject to the approval by the trustee if
the trustee is not also the transferring beneficiary. The trustee
may honor a transfer even if the transfer violates a spendthrift
provision. The trustee shall not be liable to either the
beneficiary or the assignee whether or not the trustee honors the
transfer.
B. If a trust provides that the interest of a beneficiary is
held subject to a spendthrift provision, or words of similar import,
it shall restrain both the voluntary or involuntary transfer of the
interest of the beneficiary.
C. Except for an exception creditor of a support interest under
paragraph 4 of Section 8 of this act, if a trust contains a
spendthrift provision, a creditor or assignee of the beneficiary may
not reach an interest in a trust or a distribution by the trustee
until such distribution is received by the beneficiary.
D. A creditor shall wait until a distribution is received by a
beneficiary before attachment; provided, however, an exception
creditor may attach current and future distributions at the trust
level.
E. A spendthrift provision applies to both current distribution
interests, future distribution interests, and remainder interests.
Oklahoma Statutes - Title 60. Property Page 82
F. A power of appointment in any trust is personal in nature
and cannot be attached or forced to be exercised by a creditor or a
court regardless of the presence of a spendthrift provision. A
power of appointment is not a property interest.
G. A reserved power is not protected by a spendthrift
provision. If a reserved power does not constitute a power of
withdrawal for the settlor to withdraw income or principal, the
holder of a reserved power may exercise the power in the sole and
absolute discretion of the holder unencumbered by any court.
H. A spendthrift provision is a material provision of a trust.
voluntary or involuntary transfer of a beneficiary’s interest. If
the applicable trust instrument so provides, a spendthrift provision
may permit the voluntary transfer of an interest of a beneficiary
even if the transfer is subject to the approval by the trustee if
the trustee is not also the transferring beneficiary. The trustee
may honor a transfer even if the transfer violates a spendthrift
provision. The trustee shall not be liable to either the
beneficiary or the assignee whether or not the trustee honors the
transfer.
B. If a trust provides that the interest of a beneficiary is
held subject to a spendthrift provision, or words of similar import,
it shall restrain both the voluntary or involuntary transfer of the
interest of the beneficiary.
C. Except for an exception creditor of a support interest under
paragraph 4 of Section 8 of this act, if a trust contains a
spendthrift provision, a creditor or assignee of the beneficiary may
not reach an interest in a trust or a distribution by the trustee
until such distribution is received by the beneficiary.
D. A creditor shall wait until a distribution is received by a
beneficiary before attachment; provided, however, an exception
creditor may attach current and future distributions at the trust
level.
E. A spendthrift provision applies to both current distribution
interests, future distribution interests, and remainder interests.
Oklahoma Statutes - Title 60. Property Page 82
F. A power of appointment in any trust is personal in nature
and cannot be attached or forced to be exercised by a creditor or a
court regardless of the presence of a spendthrift provision. A
power of appointment is not a property interest.
G. A reserved power is not protected by a spendthrift
provision. If a reserved power does not constitute a power of
withdrawal for the settlor to withdraw income or principal, the
holder of a reserved power may exercise the power in the sole and
absolute discretion of the holder unencumbered by any court.
H. A spendthrift provision is a material provision of a trust.
Status: reserved · Read it on the official government site
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