§60-1304. Qualified person defined.
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/ok/title-60-property/60-1304A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
A. For the purposes of the Oklahoma Qualified Dispositions into Trust Act, a qualified person is:
1. An individual who, except for brief intervals, military service, attendance at an educational or training institution, or for absences for good cause shown, resides in this state, whose true and permanent home is in this state, who does not have a present intention of moving from this state, and who has the intention of returning to this state when away;
2. A trust company that is organized under state law or under federal law and that has its principal place of business in this state; or
3. A bank or savings association that possesses and exercises trust powers, has its principal place of business in this state, and the deposits of which are insured by the Federal Deposit Insurance Corporation.
B. A qualified person must meet the requirements as provided in Section 23 of this act. Added by Laws 2024, c. 369, § 22, eff. Nov. 1, 2024.