§ 175.411. Minerals, water, and other natural resources
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.411
§ 175.411. Minerals, water, and other natural resources
A. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
1. If received as a bonus, delay rental or annual rent on a lease, a receipt of less than One Thousand Dollars ($1,000.00) must be allocated to income and a receipt of One Thousand Dollars ($1,000.00) or more must be allocated fifteen percent (15%) to principal and eighty-five percent (85%) to income;
C. This act1 applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.
D. If a trust exists on the effective date of this act,2 the trustee may allocate receipts from an interest in minerals, water, or other natural resources as provided in this act or in the manner used by the trustee before the effective date of this act. For every trust created after the effective date of this act, the trustee shall allocate receipts from an interest in minerals, water, or other natural resources as provided in this act. If and to the extent that the terms of a trust expressly provide for a different allocation of receipts or grants the trustee discretionary authority to determine the amount of the allocation, this act shall not apply to those receipts.
Credits
Laws 1998, c. 115, § 20, eff. Nov. 1, 1998; Laws 1999, c. 419, § 2, emerg. eff. June 10, 1999.
<Caption added by Laws 1998, c. 115>
<Caption added by Laws 1998, c. 115>
60 Okl. St. Ann. § 175.411, OK ST T. 60 § 175.411
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.
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