§ 175.412. Timber
Oklahoma Statutes AnnotatedTitle 60. Property
60 Okl.St.Ann. § 175.412
§ 175.412. Timber
A. To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts:
3. To or between income and principal if the net receipts are from the lease of timberland or from a contract to cut timber from land owned by a trust, by determining the amount of timber removed from the land under the lease or contract and applying the rules in paragraphs 1 and 2 of this subsection; or
D. If a trust exists on the effective date of this act,1 the trustee may allocate receipts from an interest in timber 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 timber 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, § 21, eff. Nov. 1, 1998; Laws 1999, c. 419, § 3, emerg. eff. June 10, 1999.
<Caption added by Laws 1998, c. 115>
<Caption added by Laws 1998, c. 115>
Footnotes
O.S.L. 1999, c. 419, emerg. eff. June 10, 1999.
60 Okl. St. Ann. § 175.412, OK ST T. 60 § 175.412
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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