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Committee adopts two amendments and passes Uniform Trust Code bill
Summary
Senators adopted two amendments to a Uniform Trust Code bill and passed the legislation. The first amendment clarified that discretionary distributions are mere expectancies; the second reorganized reserved sections to reduce space in the state code.
The Senate Judiciary Committee passed House Bill 18 50 (uniform trust code) after adopting two amendments offered by the sponsor, Senator Howard.
Howard said the code would bring Oklahoma into closer alignment with other states and simplify trust administration. The first adopted amendment inserts a new subsection clarifying that when a trustee’s discretionary power governs a distribution, the beneficiary’s interest "is neither a property interest nor an enforceable right but a mere expectancy." The sponsor said that language came from a Tulsa practitioner and was intended to prevent a beneficiary from forcing a discretionary distribution.
The committee then approved a second, largely drafting amendment that reduces reserved space in Title 60 and relocates a handful of short articles to avoid excessive reserved sections in the statutory volume. Both amendments passed without recorded opposition; the bill passed by roll call with a recorded 7 ayes and 0 nays.
Senator Howard said staff rewrote portions of the House bill to limit reserved sections and that article 9 (prudent investor rules) was left for later consideration. The committee record shows the bill advanced as amended and will move forward in the legislative process.
