The Oklahoma Bar Journal January 2023

No trustee shall directly or indi rectly buy or sell any property for the trust from or to itself or an affiliate; or from or to a direc tor, officer, or employee of such trustee or of an affiliate; or from or to himself, a relative, employer, partner, or other business associate ; provided a national banking association or a state bank and trust company performing trust functions, where acting as exec utor, administrator, guardian, or trustee, may sell stock of itself to one or more of its officers, stockholders, or directors upon a court of competent jurisdiction finding that such sale will be for the best interest of the trust estate and making an order for such sale. [emphasis added] Further, the OTES are built upon the Model Title Standards devel oped in 1960 by the University of Michigan Law School in Ann Arbor. Model Title Standard 11.2 recites: Since a conveyance by a fidu ciary to himself, either directly or indirectly, cannot be set aside after the five-year period of limitation on such a proceed ing has expired, no objection

THE OKLAHOMA BAR JOURNAL