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§ 175.413. Property not productive of income

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 3. Receipts Normally Apportioned
60 Okl.St.Ann. § 175.413
§ 175.413. Property not productive of income
PROPERTY NOT PRODUCTIVE OF INCOME
A. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Section 175.104 of Title 60 of the Oklahoma Statutes and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by subsection A of Section 175.104 of Title 60 of the Oklahoma Statutes. The trustee may decide which action or combination of actions to take.
B. In cases not governed by subsection A of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.

Credits

Laws 1998, c. 115, § 22, eff. Nov. 1, 1998; Laws 1998, c. 422, § 38, eff. Nov. 1, 1998.
<Caption added by Laws 1998, c. 115>
<Caption added by Laws 1998, c. 115>
60 Okl. St. Ann. § 175.413, OK ST T. 60 § 175.413
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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