Home Table of Contents

§ 175.407. Insurance policies and similar contracts

Oklahoma Statutes AnnotatedTitle 60. Property

Oklahoma Statutes Annotated
Title 60. Property (Refs & Annos)
Chapter 4. Uses and Trusts
Oklahoma Uniform Principal and Income Act (Refs & Annos)
Article 4. Allocation of Receipts During Administration of Trust
Part 2. Receipts Not Normally Apportioned
60 Okl.St.Ann. § 175.407
§ 175.407. Insurance policies and similar contracts
INSURANCE POLICIES AND SIMILAR CONTRACTS
A. Except as otherwise provided in subsection B of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.
B. A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to Section 12 of this act,1 loss of profits from a business.
C. This section does not apply to a contract to which Section 18 of this act2 applies.

Credits

Laws 1998, c. 115, § 16, eff. Nov. 1, 1998.
<Caption added by Laws 1998, c. 115>
<Caption added by Laws 1998, c. 115>

Footnotes

Title 60, § 175.403.
Title 60, § 175.409.
60 Okl. St. Ann. § 175.407, OK ST T. 60 § 175.407
Current with emergency effective legislation through Chapter 378 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
End of Document