Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 1603 By: Frix
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6 AS INTRODUCED
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7 An Act relating to public trusts; authorizing
7 withdrawal as beneficiary of certain public trusts;
8 providing for division of assets upon withdrawal;
8 specifying factors for determination of division of
9 assets; requiring court to determine distribution of
9 assets under certain circumstances; construing
10 provisions; clarifying applicability of provisions to
10 certain trusts; providing for codification; and
11 providing an effective date.
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14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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15 SECTION 1. NEW LAW A new section of law to be codified
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16 in the Oklahoma Statutes as Section 176.2 of Title 60, unless there
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17 is created a duplication in numbering, reads as follows:
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18 A. Any governmental unit that is, or has been, a beneficiary of
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19 a multi-jurisdictional public trust established pursuant to Section
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20 176 et seq. of Title 60 of the Oklahoma Statutes may elect, by
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21 resolution of its governing body, to withdraw as a beneficiary of
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22 such trust. Upon withdrawal, the withdrawing beneficiary shall be
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23 entitled to an equitable division of the trust's net assets and
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24 revenues in accordance with the laws of this state. The method,
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Req. No. 2715 Page 1
1 timing, and amount of such division shall be determined with due
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2 regard for the withdrawing beneficiary's proportionate contribution,
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3 participation, and interest in the trust. In the event the
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4 beneficiaries or trustees are unable to agree on the distribution of
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5 assets or revenues, such distributions shall be determined by the
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6 district court in the county in which the trust is principally
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7 located or operates, applying principles of equity and the laws of
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8 this state.
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9 B. Nothing in this section shall be construed to impair the
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10 rights of any third-party creditor, bondholder, or other person
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11 holding a lawful obligation issued by or on behalf of the trust.
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12 C. The requirements of this section shall apply to all public
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13 trusts created prior to, on, or after the effective date of this
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14 act.
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15 SECTION 2. This act shall become effective November 1, 2026.
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17 60-2-2715 TEK 1/13/2026 12:47:18 PM
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Req. No. 2715 Page 2Every fact on this page links to its source, starting with the official bill record.