§ 60.1202

As used in the Oklahoma Uniform Directed Trust Act of 2024: 1. 'Breach of trust' means a violation by a trust director or trustee of a duty imposed on that ýdirector or trustee by the terms of the trust, this act, or laws of this state other than this act ýpertaining to trusts;ý2. 'Directed trust' means a trust for which the terms of the trust grant a power of direction;3. ý'Directed trustee' means a trustee that is subject to a trust director's power of direction;4. ý'Person' means an individual, estate, business or nonprofit entity, public corporation, ýgovernment or governmental subdivision, agency, or instrumentality, or other legal entity;5. ý'Power of direction' means a power over a trust granted to a person by the terms of the trust to ýthe extent the power is exercisable while the person is not serving as a trustee. The term includes ýa power over the investment, management, or distribution of trust property or other matters of ýtrust administration. The term excludes the powers described in subsection B of Section 6 of this act;ý6. ý'Settlor' means a person, including a testator, that creates or contributes property to a trust.

t administration. The term excludes the powers described in subsection B of Section 6 of this act;ý6. ý'Settlor' means a person, including a testator, that creates or contributes property to a trust. If ýmore than one person creates or contributes property to a trust, each person is a settlor of the ýportion of the trust property attributable to that person's contribution except to the extent another ýperson has the power to revoke or withdraw that portion;ý7. ý'State' means a state of the United States, the District of Columbia, Puerto Rico, the United ýStates Virgin Islands, or any other territory or possession subject to the jurisdiction of the United ýStates;8. ý'Terms of a trust' means:ýa.except as otherwise provided in subparagraph b of this paragraph, the manifestation of the settlor's intent ýregarding a trust's provisions as:ý(1)expressed in the trust instrument, or(2)ýestablished by other evidence that would be admissible in a judicial proceeding, orýb.the trust's provisions as established, determined, or amended by:ý(1)a trustee or trust director in accordance with applicable law,ý or(2)a court order;9.

be admissible in a judicial proceeding, orýb.the trust's provisions as established, determined, or amended by:ý(1)a trustee or trust director in accordance with applicable law,ý or(2)a court order;9. ý'Trust director' means a person that is granted a power of direction by the terms of a trust to the ýextent the power is exercisable while the person is not serving as a trustee. The person is a trust ýdirector whether or not the terms of the trust refer to the person as a trust director and whether or ýnot the person is a beneficiary or settlor of the trust; and10. ý'Trustee' means an original, additional, and successor trustee, and a cotrustee.ýAdded by Laws 2024, c. 369, § 3, eff. Nov. 1, 2024.