Okla. Stat. tit. 60, § 60-175.102

DEFINITIONS

As used in this act:

1. "Accounting period" means a calendar year unless another

twelve-month period is selected by a fiduciary. The term includes a

portion of a calendar year or other twelve-month period that begins

when an income interest begins or ends when an income interest ends;

2. "Beneficiary" includes, in the case of a decedent's estate,

an heir, legatee, and devisee and, in the case of a trust, an income

beneficiary and a remainder beneficiary;

3. "Fiduciary" means a personal representative or a trustee.

The term includes an executor, administrator, successor personal

representative, special administrator, and a person performing

substantially the same function;

4. "Income" means money or property that a fiduciary receives

as current return from a principal asset. The term includes a

Oklahoma Statutes - Title 60. Property Page 86

portion of receipts from a sale, exchange, or liquidation of a

principal asset, to the extent provided in Article 4 of this act;

5. "Income beneficiary" means a person to whom net income of a

trust is or may be payable;

6. "Income interest" means the right of an income beneficiary

to receive all or part of net income, whether the terms of the trust

require it to be distributed or authorize it to be distributed in

the trustee's discretion;

7. "Mandatory income interest" means the right of an income

beneficiary to receive net income that the terms of the trust

require the fiduciary to distribute;

8. "Net income" means the total receipts allocated to income

during an accounting period minus the disbursements made from income

during the period, plus or minus transfers under this act to or from

income during the period;

9. "Person" means an individual, corporation, business trust,

estate, trust, partnership, limited liability company, association,

joint venture, government; governmental subdivision, agency, or

instrumentality; public corporation; or any other legal or

commercial entity;

10. "Principal" means property held in trust for distribution

to a remainder beneficiary when the trust terminates;

11. "Remainder beneficiary" means a person entitled to receive

principal when an income interest ends;

12. "Terms of a trust" means the manifestation of the intent of

a settlor or decedent with respect to the trust, expressed in a

manner that admits of its proof in a judicial proceeding, whether by

written or spoken words or by conduct; and

13. "Trustee" includes an original, additional, or successor

trustee, whether or not appointed or confirmed by a court.