Title 6. Banks and Trust Companies.

Superseded Effective July 01,1997

Chapter 1
Oklahoma Banking Code of 1965
Article IX. Deposits and Collections - Notary Public - Protests
§902. Deposit In Form of Trust for Another.

Whenever any deposit shall be made in a bank by any person which is in form in trust for another, and no other or further notice of the existence and terms of a legal and valid trust shall have been given in writing to the bank, in the event of the death of the trustee, the same, or any part thereof, together with the interest thereon, may be paid to the person or persons for whom said deposit was made. A deposit held in this form shall be deemed to constitute a Totten Trust. A revocation of such trust may only be made in writing to the bank and the bank shall not suffer any liability for payment of funds pursuant to the trust unless and until it receives written notice of revocation.

Added by Laws 1965, c. 161, § 902. Amended by Laws 1991, c. 128, § 8, emerg. eff. April 29, 1991; Laws 1993, c. 183, § 13, eff. July 1, 1993.tempmarker