Okla. Stat. tit. 12, § 12-1147.5
This is the official text of Okla. Stat. tit. 12, § 12-1147.5, part of Oklahoma’s Stat. tit. 12, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 12,." Browse the sections below, each linked to its official government source.
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Trust in proceeds of sale
Official statutory text
Upon confirming the sale of real estate under the provisions of
Section 1147.4 of this title, the court shall direct that the
proceeds of the sale, including any purchase money mortgage which
may be accepted as a part of the purchase price, less any costs
chargeable against the same, constitute a trust to be managed and
invested under the continuing jurisdiction of the court and, except
as may be otherwise directed by the court, in accordance with the
provisions of the Oklahoma Trust Act and the Oklahoma Uniform
Prudent Investor Act. The trustee appointed to make said sale may
be continued as trustee for the administration of the trust or the
court may appoint a different trustee for the purpose of
administering the trust. In the order of confirmation of sale and
the appointment of the trustee to administer the trust, the court
shall make appropriate provisions with respect to the term during
which the trust shall be administered and how the income and
principal thereof shall be distributed.
Section 1147.4 of this title, the court shall direct that the
proceeds of the sale, including any purchase money mortgage which
may be accepted as a part of the purchase price, less any costs
chargeable against the same, constitute a trust to be managed and
invested under the continuing jurisdiction of the court and, except
as may be otherwise directed by the court, in accordance with the
provisions of the Oklahoma Trust Act and the Oklahoma Uniform
Prudent Investor Act. The trustee appointed to make said sale may
be continued as trustee for the administration of the trust or the
court may appoint a different trustee for the purpose of
administering the trust. In the order of confirmation of sale and
the appointment of the trustee to administer the trust, the court
shall make appropriate provisions with respect to the term during
which the trust shall be administered and how the income and
principal thereof shall be distributed.
Status: in_force · Read it on the official government site
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