Okla. Stat. tit. 60 § 175.92 : Property — Uses and Trusts —Oklahoma Discretionary and Special Needs Trust Act — Property of Revocable Trust Subject to Claims of Settlors Creditors - Spendthrift Ineffective While Revocable - Amount Reachable by Creditor or Assignee

Subject to the provisions of the Family Wealth Preservation Trust Act:

1. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:
a. during the lifetime of the settlor, the property of a revocable trust is subject to the claims of the creditors of the settlor, and
b. a spendthrift provision is ineffective with respect to the settlor of a revocable trust while the trust is revocable; and
2. A creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the benefit of the settlor. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the interest of the settlor in the portion of the trust attributable to the contribution of that settlor.

Okla. Stat. tit. 60, § 175.92

Added by Laws 2010, HB 2171, c. 280, §12, eff. 11/1/2010.
SECTIONS