PRINCIPAL RECEIPTS A trustee shall allocate to principal: 1. To the extent not allocated to income under this act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary; 2. Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article; 3. Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph 7 of subsection A of Section 26 of this act or for other reasons to the extent not based on the loss of income; 4. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; 5. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and 6. Other receipts as provided in Part 3 of this article.
‹ Prev All Oklahoma sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.