Okla. Stat. tit. 60, § 60-175.412
This is the official text of Okla. Stat. tit. 60, § 60-175.412, 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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Timber
Official statutory text
TIMBER
A. To the extent that a trustee accounts for receipts from the
sale of timber and related products pursuant to this section, the
trustee shall allocate the net receipts:
1. To income to the extent that the amount of timber removed
from the land does not exceed the estimated rate of growth of the
timber during the accounting periods in which a beneficiary has a
mandatory income interest;
2. To principal to the extent that the amount of timber removed
from the land exceeds the estimated rate of growth of the timber or
the net receipts are from the sale of standing timber;
3. To or between income and principal if the net receipts are
from the lease of timberland or from a contract to cut timber from
land owned by a trust, by determining the amount of timber removed
from the land under the lease or contract and applying the rules in
paragraphs 1 and 2 of this subsection; or
Oklahoma Statutes - Title 60. Property Page 101
4. To principal to the extent that advance payments, bonuses,
and other payments are not allocated pursuant to paragraph 1, 2, or
3 of this subsection.
B. In determining net receipts to be allocated pursuant to
subsection A of this section, a trustee may deduct and transfer to
principal a reasonable amount for depletion.
C. This act applies whether or not a decedent or transferor was
harvesting timber from the property before it became subject to the
trust.
D. If a trust exists on the effective date of this act, the
trustee may allocate receipts from an interest in timber as provided
in this act or in the manner used by the trustee before the
effective date of this act. For every trust created after the
effective date of this act, the trustee shall allocate receipts from
an interest in timber as provided in this act. If and to the extent
that the terms of a trust expressly provide for a different
allocation of receipts or grants the trustee discretionary authority
to determine the amount of the allocation, this act shall not apply
to those receipts.
A. To the extent that a trustee accounts for receipts from the
sale of timber and related products pursuant to this section, the
trustee shall allocate the net receipts:
1. To income to the extent that the amount of timber removed
from the land does not exceed the estimated rate of growth of the
timber during the accounting periods in which a beneficiary has a
mandatory income interest;
2. To principal to the extent that the amount of timber removed
from the land exceeds the estimated rate of growth of the timber or
the net receipts are from the sale of standing timber;
3. To or between income and principal if the net receipts are
from the lease of timberland or from a contract to cut timber from
land owned by a trust, by determining the amount of timber removed
from the land under the lease or contract and applying the rules in
paragraphs 1 and 2 of this subsection; or
Oklahoma Statutes - Title 60. Property Page 101
4. To principal to the extent that advance payments, bonuses,
and other payments are not allocated pursuant to paragraph 1, 2, or
3 of this subsection.
B. In determining net receipts to be allocated pursuant to
subsection A of this section, a trustee may deduct and transfer to
principal a reasonable amount for depletion.
C. This act applies whether or not a decedent or transferor was
harvesting timber from the property before it became subject to the
trust.
D. If a trust exists on the effective date of this act, the
trustee may allocate receipts from an interest in timber as provided
in this act or in the manner used by the trustee before the
effective date of this act. For every trust created after the
effective date of this act, the trustee shall allocate receipts from
an interest in timber as provided in this act. If and to the extent
that the terms of a trust expressly provide for a different
allocation of receipts or grants the trustee discretionary authority
to determine the amount of the allocation, this act shall not apply
to those receipts.
Status: in_force · Read it on the official government site
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