Author: Tracy Kersey
Last saved by: Gina Delaney
Company: Senate

STATE OF OKLAHOMA

1st Session of the 52nd Legislature (2009)

SENATE BILL 816	By:	Stanislawski

AS INTRODUCED

An Act relating to property; establishing trust requirements for property held by certain corporations; providing for resolution of certain disputes between specified entities; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 172.1 of Title 60, unless there is created a duplication in numbering, reads as follows:
A.  No real or personal property in this state held by a nonprofit or religious corporation shall be deemed to be held in, or impressed with, any express trust unless the trust was created by the execution and delivery by an officer of such corporation of an instrument expressly creating the trust interest and expressly conveying a trust interest in such property to a named trustee for the benefit of a named beneficiary.  No real or personal property in this state held by a non-profit or religious corporation shall be deemed to be held in, or impressed with, any implied trust in favor of a national religious denomination or superior religious body.
B.  A dispute between a nonprofit or religious corporation and a national religious denomination or superior religious body regarding the ownership of a legal or equitable interest in real property in this state shall be resolved solely by resort to the deed or other instrument that reflects record ownership of legal title to such property.  A dispute between a nonprofit or religious corporation and a national religious denomination or superior religious body regarding the ownership of a legal or equitable interest in tangible or intangible personal property in this state shall be resolved solely by resort to the bill of sale, assignment, account documents or other instrument that reflects ownership of legal title to such property, unless an express agreement executed by an authorized officer of the nonprofit or religious corporation provides otherwise. 
SECTION 2.  This act shall become effective November 1, 2009.

52-1-1068	TEK	1/14/2009 3:45:42 PM

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