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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 1603 By: Frix
AS INTRODUCED
An Act relating to public trusts; authorizing
withdrawal as beneficiary of certain public trusts;
providing for division of assets upon withdrawal;
specifying factors for determination of division of
assets; requiring court to determine distribution of
assets under certain circumstances; construing
provisions; clarifying applicability of provisions to
certain trusts; 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 176.2 of Title 60, unless there
is created a duplication in numbering, reads as follows:
A. Any governmental unit that is, or has been, a beneficiary of
a multi-jurisdictional public trust established pursuant to Section
176 et seq. of Title 60 of the Oklahoma Statutes may elect, by
resolution of its governing body, to withdraw as a beneficiary of
such trust. Upon withdrawal, the withdrawing beneficiary shall be
entitled to an equitable division of the trust’s net assets and
revenues in accordance with the laws of this state. The method,
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timing, and amount of such division shall be determined with due
regard for the withdrawing beneficiary’s proportionate contribution,
participation, and interest in the trust. In the event the
beneficiaries or trustees are unable to agree on the distribution of
assets or revenues, such distributions shall be determined by the
district court in the county in which the trust is principally
located or operates, applying principles of equity and the laws of
this state.
B. Nothing in this section shall be construed to impair the
rights of any third-party creditor, bondholder, or other person
holding a lawful obligation issued by or on behalf of the trust.
C. The requirements of this section shall apply to all public
trusts created prior to, on, or after the effective date of this
act.
SECTION 2. This act shall become effective November 1, 2026.
60-2-2715 TEK 1/13/2026 12:47:18 PM