Okla. Stat. tit. 60, § 60-175.404
This is the official text of Okla. Stat. tit. 60, § 60-175.404, part of Oklahoma’s Stat. tit. 60, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 60,." Browse the sections below, each linked to its official government source.
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Principal receipts
Official statutory text
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;
Oklahoma Statutes - Title 60. Property Page 96
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.
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;
Oklahoma Statutes - Title 60. Property Page 96
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.
Status: in_force · Read it on the official government site
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