An Act
ENROLLED SENATE
BILL NO. 153 By: Howard of the Senate
and
Moore of the House
An Act relating to trusts; amending 12 O.S. 2 011,
Section 83, as amended by Section 1, Chapter 58,
O.S.L. 2019 (12 O.S. Supp. 2020, Section 83), which
relates to conserving monies obtained for or on
behalf of persons under eighteen years of age;
authorizing use of trust instrument for deposit of
certain recovered monies; and providing an ef fective
date.
SUBJECT: Trusts
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 12 O.S. 2011, Section 83, as
amended by Section 1, Chapter 58, O.S.L. 2019 (12 O.S. Sup p. 2020,
Section 83), is amended to read as follows:
Section 83. A. Monies recovered in any court proceedin g by a
next friend or guardian ad litem for or on behalf of a person who is
less than eighteen (18 ) years of age in excess of One Thousand
Dollars ($1,000.00) over sums sufficient for payi ng costs and
expenses including medical bills and attorney’s fees shall be
deposited, by order of the court, in one or more federally insured
banking, credit union or savings and loan institutions, a trust
established for the person approved by the court, or invested by a
bank or trust company having trust powers under fed eral or state
law, approved by the court; provided, that the court may approve a
ENR. S. B. NO. 153 Page 2
structured settlement, by the terms of which the proceeds of a
settlement may be invested by the plaintiff or the defendant in an
annuity to be paid to or for the benefit of t he minor by an
insurance company licensed in this state. If authorized by the
court at the request of the next friend or guardian ad litem, all or
a portion of the recovered monies may be deposited in an account
pursuant to the Oklahoma College Savings Pl an Act with the minor
designated as beneficiary of the account.
B. Until the person becomes eighteen (18) years of age,
withdrawals of monies from the account or accounts shall be solely
pursuant to order of the court made in the case in which recovery
was had.
C. When an application for the order is made by a person who is
not represented by an attorney, the judge of the court shall prepare
the order.
D. This section shall not apply if a legal guardian has bee n
appointed for the minor prior to any aw ard of monies pursuant to
subsection A of this section. If a legal guardian is appointed
after any award of monies pursuant to subsection A of this s ection,
the legal guardian may petition t he district court in the county
where the federally insured funds are held for an order directing
the bank, credit union or savings and loan to transfer the funds to
the legal guardian. The district court may make the granting of the
request to transfer f unds subject to reasonab le safeguards.
SECTION 2. This act shall become effective November 1, 2021.
ENR. S. B. NO. 153 Page 3
Passed the Senate the 2nd day of March, 2021.
Presiding Officer of the Senate
Passed the House of Representatives the 13th day of April, 2021.
Presiding Officer of the House
of Representatives
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this _______ _____________
day of _________________ __, 20_______, at _______ o'clock _______ M.
By: _______________________________ __
Approved by the Governor of the State of Oklahoma this _ ________
day of _________________ __, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this _______ ___
day of __________________, 20 _______, at _______ o'clock _______ M.
By: _______________________________ __