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Under Oklahoma caselaw, a donor retains the incidents of
ownership, dominion, and control over stocks and other financial
instruments, even where the donor intends to make a gift and/or
delivers the subject matter of the gift, in the following
instances: (1) The donor continues to receive and expend
dividends paid on stock; (2) the donor retains the sale proceeds
from stock; (3) the donor continues to collect payments on a
promissory note; or (4) the donor maintains the ability to cash a
certificate of deposit for himself, to change the payee, or to
pledge it as collateral. Estate of Davenport v. Commissioner,
supra at 1188 (fact that donor did not receive any dividends
demonstrated that donor did not exercise any control over the
stock); Courtney v. First Natl. Bank, supra at 460 (donor failed
to relinquish dominion and control, and alleged transfer of
property was not irrevocable); Davis v. Natl. Bank of Tulsa,
supra; Barry v. Phillips, supra; Frazier v. Oklahoma Gas & Elec.,
supra.
Respondent argues that decedent retained dominion and
control over Marital Fund assets after January 8, 1997, by
collecting dividends and interest on Marital Fund assets, by
retaining proceeds from the sale or liquidation of Marital Fund
assets, by depositing income generated by Marital Fund assets
into bank accounts she owned and/or controlled, and by using
income from Marital Fund assets for her personal expenses. We
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Last modified: November 10, 2007