Okla. Stat. tit. 60, § 60-175.406
This is the official text of Okla. Stat. tit. 60, § 60-175.406, 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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Obligation to pay money
Official statutory text
OBLIGATION TO PAY MONEY
A. An amount received as interest, whether determined at a
fixed, variable, or floating rate, on an obligation to pay money to
the trustee, including an amount received as consideration for
prepaying principal, must be allocated to income without any
provision for amortization of premium.
B. A trustee shall allocate to principal an amount received
from the sale, redemption, or other disposition of an obligation to
pay money to the trustee more than one year after it is purchased or
acquired by the trustee, including an obligation the purchase price
or value of which when it is acquired is less than its value at
maturity. If the obligation matures within one (1) year after it is
purchased or acquired by the trustee, an amount received in excess
of its purchase price or its value when acquired by the trust must
be allocated to income.
C. This section does not apply to obligations to which Section
18, 19, 20, 21, 23, or 24 of this act applies.
A. An amount received as interest, whether determined at a
fixed, variable, or floating rate, on an obligation to pay money to
the trustee, including an amount received as consideration for
prepaying principal, must be allocated to income without any
provision for amortization of premium.
B. A trustee shall allocate to principal an amount received
from the sale, redemption, or other disposition of an obligation to
pay money to the trustee more than one year after it is purchased or
acquired by the trustee, including an obligation the purchase price
or value of which when it is acquired is less than its value at
maturity. If the obligation matures within one (1) year after it is
purchased or acquired by the trustee, an amount received in excess
of its purchase price or its value when acquired by the trust must
be allocated to income.
C. This section does not apply to obligations to which Section
18, 19, 20, 21, 23, or 24 of this act applies.
Status: in_force · Read it on the official government site
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