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Public Trust Budget

K
Kim@spadylaw.com
Thu, Jun 9, 2022 10:49 PM

Other than the requirement in 60 O.S. § 176(H) that public trusts file their
budgets annually with their beneficiaries, there isn’t any legal requirement
or restriction on the trust’s budget, is there?  For example, a trust budget
that provides for expenditures exceeding anticipated income (using savings)
does not violate any statutory or constitutional provision. Correct?
(Acknowledging, of course, that the trust indenture may speak to these
matters.)

I am not aware of anything but wanted to make sure I’m not missing
something.

Thanks!

Kim Spady

Other than the requirement in 60 O.S. § 176(H) that public trusts file their budgets annually with their beneficiaries, there isn’t any legal requirement or restriction on the trust’s budget, is there? For example, a trust budget that provides for expenditures exceeding anticipated income (using savings) does not violate any statutory or constitutional provision. Correct? (Acknowledging, of course, that the trust indenture may speak to these matters.) I am not aware of anything but wanted to make sure I’m not missing something. Thanks! Kim Spady