Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB153 Compare Versions

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	1st Session of the 58th Legislature (2021)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 153 By: Howard of the Senate
7	37
8	38		and
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10	40		Moore of the House
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17	47		An Act relating to trusts; amending 12 O.S. 2011,
18	48		Section 83, as amended by Section 1, Chapter 58,
19	49		O.S.L. 2019 (12 O.S. Supp. 2020, Section 83), which
20	50		relates to conserving monies obtained for or on
21	51		behalf of persons under eighteen years of age;
22	52		authorizing use of trust instrument for deposit of
23	53		certain recovered monies; and providing an effective
24	54		date.
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29		-	SUBJECT: Trusts
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31	59		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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33	60		SECTION 1. AMENDATORY 12 O.S. 2011, Section 83, as
34	61		amended by Section 1, Chapter 58, O.S.L. 2019 (12 O.S. Supp. 2020,
35	62		Section 83), is amended to read as follows:
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37	63		Section 83. A. Monies recovered in any court proceeding by a
38	64		next friend or guardian ad litem for or on behalf of a person who is
39	65		less than eighteen (18) years of age in excess of One Thousand
40	66		Dollars ($1,000.00) over sums s ufficient for paying costs and
41	67		expenses including medical bills and attorney ’s fees shall be
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	69	+	SB153 HFLR Page 2
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42	95		deposited, by order of the court, in one or more federally insured
43	96		banking, credit union or savings and loan institutions, a trust
44	97		established for the person appro ved by the court, or invested by a
45	98		bank or trust company having trust powers under federal or state
46	99		law, approved by the court; provided, that the court may approve a
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48		-	ENR. S. B. NO. 153 Page 2
49	100		structured settlement, by the terms of which the proceeds of a
50	101		settlement may be invested by the plaintiff or the defendant in an
51	102		annuity to be paid to or for the benefit of the minor by an
52	103		insurance company licensed in this state. If authorized by the
53	104		court at the request of the next friend or guardian ad litem, all or
54	105		a portion of the recov ered monies may be deposited in an account
55	106		pursuant to the Oklahoma College Savings Plan Act with the minor
56	107		designated as beneficiary of the account.
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58	108		B. Until the person becomes eighteen (18) years of age,
59	109		withdrawals of monies from the account or account s shall be solely
60	110		pursuant to order of the court made in the case in which recovery
61	111		was had.
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63	112		C. When an application for the order is made by a person who is
64	113		not represented by an attorney, the judge of the court shall prepare
65	114		the order.
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67	115		D. This section shall not apply if a legal guardian has been
68	116		appointed for the minor prior to any award of monies pursuant to
69	117		subsection A of this section. If a legal guardian is appointed
70	118		after any award of monies pursuant to subsection A of this section,
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71	146		the legal guardian may petition the district court in the county
72	147		where the federally insured funds are held for an order directing
73	148		the bank, credit union or savings and loan to transfer the funds to
74	149		the legal guardian. The district court may make the granting of the
75	150		request to transfer funds subject to reasonable safeguards.
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77	151		SECTION 2. This act shall become effective November 1, 2021.
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80		-	ENR. S. B. NO. 153 Page 3
81		-	Passed the Senate the 2nd day of March, 2021.
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85		-	Presiding Officer of the Senate
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88		-	Passed the House of Representatives the 13th day of April, 2021.
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92		-	Presiding Officer of the House
93		-	of Representatives
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95		-	OFFICE OF THE GOVERNOR
96		-	Received by the Office of the Governor this _______ _____________
97		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
98		-	By: _______________________________ __
99		-	Approved by the Governor of the State of Oklahoma this _ ________
100		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
101		-
102		-	_________________________________
103		-	Governor of the State of Oklahoma
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106		-	OFFICE OF THE SECRETARY OF STATE
107		-	Received by the Office of the Secretary of State this _______ ___
108		-	day of __________________, 20 _______, at _______ o'clock _______ M.
109		-	By: _______________________________ __
	153	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY - CIVIL, dated
	154	+	03/30/2021 - DO PASS.