The following provisions apply to all trusts created or modified from and after November 1, 2010, regardless of whether a spendthrift provision is included in a trust:
1. A distribution interest shall not be judicially sold. A distribution interest in a trust includes, but is not limited to, a current distribution interest, future distribution interest or income interest;
2. A remainder interest, power of appointment or a reserved power in a trust shall not be judicially sold;
3. Except as to a settlor who is also a trustee of a revocable trust, trust property is not subject to personal obligations of the trustee, even if the trustee becomes insolvent or bankrupt;
4. A beneficiary of a trust has an equitable interest in the trust to bring an action against the trustee to enforce the terms of the trust subject to the judicial review standard set forth in paragraph 4 of Section 9 of this act; and
5. Subject to the provisions of the Uniform Fraudulent Transfer Act, the Oklahoma Discretionary and Special Needs Trust Act provides for the sole and exclusive remedies that are available to a creditor or other nonbeneficiary claiming an interest in the trust.
Added by Laws 2010, c. 280, § 3, eff. Nov. 1, 2010.