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Can you summarize OKST Title 6, Chapter 21?
Banks and Trust Companies > Statutory Support Trusts
Short Summary
This legal document pertains to Statutory Support Trusts in Oklahoma. It governs the establishment and operation of a model trust used by banks or trust companies to receive money donated by individuals for the purpose of assisting the beneficiary with medical, financial, educational, humanitarian, or similar needs. The document covers various aspects of the trust, including the appointment and resignation of trustees, their powers and responsibilities, and the management of the trust. It also addresses the addition of property to the trust estate, distributions of income and principal, and the termination of the trust. The document further includes miscellaneous provisions such as the irrevocability of the trust, its binding nature on executors and beneficiaries, and its administration in accordance with Oklahoma law. The State Banking Department is responsible for promulgating any necessary rules to implement the provisions of this section. No specific exemptions or penalties are mentioned in this document.
Whom does it apply to?
Banks and Trust Companies in Oklahoma
What does it govern?
Statutory Support Trusts
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Oklahoma