The Oklahoma Management Agreement between a Trust and a Corporation is a legally binding document that outlines the terms and conditions of a working relationship between a trust and a corporation in the state of Oklahoma. This agreement establishes the roles, responsibilities, and obligations of both parties involved, ensuring smooth and efficient management of trust assets by the corporation. Keywords: Oklahoma, Management Agreement, Trust, Corporation, roles, responsibilities, obligations, assets. There are several types of Oklahoma Management Agreements that can be established between a Trust and a Corporation, depending on the specific needs and goals of the parties involved. Some common types include: 1. Asset Management Agreement: This type of agreement governs the management of the assets owned by the trust. It outlines the responsibilities of the corporation to effectively handle investment decisions, financial planning, and asset allocation on behalf of the trust. 2. Property Management Agreement: If the assets of the trust include real estate or physical properties, this agreement specifically addresses the management, maintenance, leasing, and overall administration of those properties. It sets out the responsibilities of the corporation to ensure the properties are properly cared for and generate maximum returns. 3. Financial Management Agreement: This agreement focuses on the financial matters of the trust, including budgeting, accounting, tax planning, and reporting. It establishes the duties of the corporation to handle financial transactions, maintain accurate records, and provide regular financial statements to the trust. 4. Strategic Management Agreement: In cases where the trust requires comprehensive strategic planning and decision-making for its operations, this agreement outlines the corporation's role in formulating and executing long-term strategies for the trust's growth and success. It may include aspects such as business development, mergers and acquisitions, risk management, and governance. 5. Corporate Governance Agreement: This type of agreement outlines the corporate governance framework for the trust and corporation relationship. It includes provisions related to board composition, voting rights, decision-making processes, and dispute resolution mechanisms to ensure effective communication and collaboration between the trust and the corporation. In summary, the Oklahoma Management Agreement between a Trust and a Corporation is a vital legal instrument that establishes the terms and conditions governing the collaborative efforts between these two entities. By clearly defining roles, responsibilities, and obligations, these agreements help ensure efficient management and growth of the trust's assets by leveraging the expertise of the corporation.
Oklahoma Management Agreement between a Trust and a Corporation
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The Oklahoma Uniform Trust Code applies to express trusts, charitable or noncharitable, and trusts created pursuant to a statute, judgment, or decree that requires the trust to be administered in the manner of an express trust.
When real property is transferred or acquired in the name of the trust after the effective date of this act, the trustee shall file a memorandum of trust with the county clerk in which the real property is located.
§60175.6a. Acquiring and holding real property in name of express trust Transfer Memorandum Presumption for conveyance by trustee. Any estate in real property may be acquired and held in the name of an express private trust which is a legal entity.
In Oklahoma, the memorandum of trust is codified at 60 O.S. 175.6a. Executed by a trustee, the memorandum of trust is a recorded document pertaining to real property acquisitions and transfers by an express private trust.
In Oklahoma, trusts are deemed to be revocable unless the document creating the trust specifically says the trust is irrevocable. An irrevocable trust will generally be required to achieve minimization of estate or income taxes.