HB 2135 passed this session and was signed by Gov. Henry this month. It will allow persons to set up trusts that would exempt up to $1 million from attachment or execution of any kind.

While this will be great for trust departments (Oklahoma-based bank with a trust department must be the trustee) what impact do you see for loans that may be secured by the land that is put into the trust?

I see extra due diligence on the part of the loan officer on the front end and additional monitoring throughout the life of the loan.

Is anyone going to change their lending practices based on this new law?

Charles Cheatham's "Legal Brief" in the Oklahoma Banker this month has a great article on this topic.

I have never heard of the Family Wealth preservation Trust. A friend of mine mentioned it to me, but I am still confused. Do you have an article or something with a laymens perspective on it? thanks!

The Tulsa World did an article (yes, it is in layman's terms) about this act in last Sunday's edition.

It allows a person to create a trust that protects up to $1 million in Oklahoma assets from attachment of any kind. There are provisions for fraudulent actions, but that is the bottom line. It was just signed into law in June, HB 2135.

If you have access to the July OBA newpaper, the article I referenced earlier is excellent. It will also be posted on the OBA website.

Oklahoma is the only state that has this.

Now that this has been in place for a few months, has anyone done anything different to their loan documents, specifically the Guaranty Agreements?