Okla. Stat. tit. 60, § 60-175.407
This is the official text of Okla. Stat. tit. 60, § 60-175.407, 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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Insurance policies and similar contracts
Official statutory text
INSURANCE POLICIES AND SIMILAR CONTRACTS
A. Except as otherwise provided in subsection B of this
section, a trustee shall allocate to principal the proceeds of a
life insurance policy or other contract in which the trust or its
trustee is named as beneficiary, including a contract that insures
the trust or its trustee against loss for damage to, destruction of,
Oklahoma Statutes - Title 60. Property Page 97
or loss of title to a trust asset. The trustee shall allocate
dividends on an insurance policy to income if the premiums on the
policy are paid from income, and to principal if the premiums are
paid from principal.
B. A trustee shall allocate to income proceeds of a contract
that insures the trustee against loss of occupancy or other use by
an income beneficiary, loss of income, or, subject to Section 12 of
this act, loss of profits from a business.
C. This section does not apply to a contract to which Section
18 of this act applies.
A. Except as otherwise provided in subsection B of this
section, a trustee shall allocate to principal the proceeds of a
life insurance policy or other contract in which the trust or its
trustee is named as beneficiary, including a contract that insures
the trust or its trustee against loss for damage to, destruction of,
Oklahoma Statutes - Title 60. Property Page 97
or loss of title to a trust asset. The trustee shall allocate
dividends on an insurance policy to income if the premiums on the
policy are paid from income, and to principal if the premiums are
paid from principal.
B. A trustee shall allocate to income proceeds of a contract
that insures the trustee against loss of occupancy or other use by
an income beneficiary, loss of income, or, subject to Section 12 of
this act, loss of profits from a business.
C. This section does not apply to a contract to which Section
18 of this act applies.
Status: in_force · Read it on the official government site
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