§60-1302. Definitions.

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A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

A. As used in the Oklahoma Qualified Dispositions into Trust Act:

1. "Claim" means a right to payment, whether or not the right is reduced to judgment liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured;

2. "Creditor" means, with respect to a transferor, a person who has a claim;

3. "Debt" means liability on a claim;

4. "Disposition" means a transfer, conveyance, or assignment of property, including a change in the legal ownership of property

occurring upon the substitution of one trustee for another or the addition of one or more new trustees, or the exercise of a power so as to cause a transfer of property to a trustee or trustees. The term does not include the release or relinquishment of an interest in property that theretofore was the subject of a qualified disposition;

5. "Property" means real property, personal property, and interests in real or personal property;

6. "Qualified disposition" means a disposition by or from a transferor to a qualified person or qualified persons, without consideration or for less than fair market value, by means of a trust instrument;

7. "Spouse" and "former spouse" mean only persons to whom the transferor was married at, or before, the time the qualified disposition was made; and

8. "Transferor" means any person as an owner of property or as a holder of a power of appointment which authorizes the holder to appoint in favor of the holder, the holder's creditors, the holder's estate, or the creditors of the holder's estate or as a trustee, directly or indirectly, who makes a disposition or causes a disposition to be made.

B. The terms transferor and beneficiary may be any individual, corporation, partnership, limited liability company, association, joint stock company, business trust, trust, unincorporated organization, or two or more persons having a joint or common interest. Added by Laws 2024, c. 369, § 20, eff. Nov. 1, 2024.