Okla. Stat. tit. 60, § 60-175.415
This is the official text of Okla. Stat. tit. 60, § 60-175.415, 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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Asset-backed securities
Official statutory text
ASSET-BACKED SECURITIES
A. In this section, "asset-backed security" means an asset
whose value is based upon the right it gives the owner to receive
distributions from the proceeds of financial assets that provide
collateral for the security. The term includes an asset that gives
the owner the right to receive from the collateral financial assets
only the interest or other current return or only the proceeds other
than interest or current return. The term does not include an asset
to which Section 10 or 18 of this act applies.
B. If a trust receives a payment from interest or other current
return and from other proceeds of the collateral financial assets,
the trustee shall allocate to income the portion of the payment
which the payer identifies as being from interest or other current
return and shall allocate the balance of the payment to principal.
C. If a trust receives one or more payments in exchange for the
trust's entire interest in an asset-backed security in one
accounting period, the trustee shall allocate the payments to
principal. If a payment is one of a series of payments that will
result in the liquidation of the trust's interest in the security
over more than one accounting period, the trustee shall allocate ten
percent (10%) of the payment to income and the balance to principal.
A. In this section, "asset-backed security" means an asset
whose value is based upon the right it gives the owner to receive
distributions from the proceeds of financial assets that provide
collateral for the security. The term includes an asset that gives
the owner the right to receive from the collateral financial assets
only the interest or other current return or only the proceeds other
than interest or current return. The term does not include an asset
to which Section 10 or 18 of this act applies.
B. If a trust receives a payment from interest or other current
return and from other proceeds of the collateral financial assets,
the trustee shall allocate to income the portion of the payment
which the payer identifies as being from interest or other current
return and shall allocate the balance of the payment to principal.
C. If a trust receives one or more payments in exchange for the
trust's entire interest in an asset-backed security in one
accounting period, the trustee shall allocate the payments to
principal. If a payment is one of a series of payments that will
result in the liquidation of the trust's interest in the security
over more than one accounting period, the trustee shall allocate ten
percent (10%) of the payment to income and the balance to principal.
Status: in_force · Read it on the official government site
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