reglab/housing_qa huggingface dataset:
60 OK Stat § 60-175.411 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.411. Minerals, water, and other natural resources.

|MINERALS, WATER, AND OTHER NATURAL RESOURCES |A. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:1. If received as a bonus, delay rental or annual rent on a lease, a receipt of less than One Thousand Dollars ($1,000.00) must be allocated to income and a receipt of One Thousand Dollars ($1,000.00) or more must be allocated fifteen percent (15%) to principal and eighty-five percent (85%) to income;2. If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal;3. If received as a royalty, shut-in-well payment, or take-or-pay payment, a receipt must be allocated fifteen percent (15%) to principal and eighty-five percent (85%) to income;4. If an amount is received from a working interest or any other interest not provided for in paragraph 1, 2, or 3 of this subsection, a receipt must be allocated fifteen percent (15%) to principal and eighty-five percent (85%) to income.B. An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, ninety percent (90%) of the amount must be allocated to principal and the balance to income.C. This act applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest 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 minerals, water, or other natural resources 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 minerals, water, or other natural resources 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.Added by Laws 1998, c. 115, § 20, eff. Nov. 1, 1998. Amended by Laws 1999, c. 419, § 2, emerg. eff. June 10, 1999.
60 OK Stat § 60-175.412 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.412. Timber.

|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; or4. 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.Added by Laws 1998, c. 115, § 21, eff. Nov. 1, 1998. Amended by Laws 1999, c. 419, § 3, emerg. eff. June 10, 1999.
60 OK Stat § 60-175.413 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.413. Property not productive of income.

|PROPERTY NOT PRODUCTIVE OF INCOME |A. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under Section 175.104 of Title 60 of the Oklahoma Statutes and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time, or exercise the power conferred by subsection A of Section 175.104 of Title 60 of the Oklahoma Statutes. The trustee may decide which action or combination of actions to take.B. In cases not governed by subsection A of this section, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.Added by Laws 1998, c. 115, § 22, eff. Nov. 1, 1998. Amended by Laws 1998, c. 422, § 38, eff. Nov. 1, 1998.
60 OK Stat § 60-175.414 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.414. Derivatives and options.

|DERIVATIVES AND OPTIONS |A. In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates, or other market indicator for an asset or a group of assets.B. To the extent that a trustee accounts for transactions in derivatives pursuant to this section, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.C. If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust, or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.Added by Laws 1998, c. 115, § 23, eff. Nov. 1, 1998.
60 OK Stat § 60-175.415 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.415. Asset-backed securities.

|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.Added by Laws 1998, c. 115, § 24, eff. Nov. 1, 1998.
60 OK Stat § 60-175.501 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.501. Disbursements from income.

|DISBURSEMENTS FROM INCOME |A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subparagraph b or c of paragraph 2 of Section 5 of this act applies:1. One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;2. One-half of all expenses for accountings, judicial proceedings, or other matters that involve both the income and remainder interests;3. All of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal, and expenses of a proceeding or other matter that concerns primarily the income interest; and4. Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.Added by Laws 1998, c. 115, § 25, eff. Nov. 1, 1998.
60 OK Stat § 60-175.502 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.502. Disbursements from principal.

|DISBURSEMENTS FROM PRINCIPAL |A. A trustee shall make the following disbursements from principal:1. The remaining one-half of the disbursements described in paragraph 1 and 2 of Section 25 of this act;2. All of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale;3. Payments on the principal of a trust debt;4. Expenses of a proceeding that concerns primarily principal, including a proceeding to construe the trust or to protect the trust or its property;5. Premiums paid on a policy of insurance not described in paragraph 4 of Section 25 of this act of which the trust is the owner and beneficiary;6. Estate, inheritance, and other transfer taxes, including penalties, apportioned to the trust; and7. Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.B. If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.Added by Laws 1998, c. 115, § 26, eff. Nov. 1, 1998.
60 OK Stat § 60-175.503 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.503. Transfers from income to principal for depreciation.

|TRANSFERS FROM INCOME TO PRINCIPAL FOR DEPRECIATION |A. In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one (1) year.B. A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:1. Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;2. During the administration of a decedent's estate; or3. Under this section if the trustee is accounting under Section 12 of this act for the business or activity in which the asset is used.C. An amount transferred to principal need not be held as a separate fund.Added by Laws 1998, c. 115, § 27, eff. Nov. 1, 1998.
60 OK Stat § 60-175.504 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.504. Transfers from income to reimburse principal.

|TRANSFERS FROM INCOME TO REIMBURSE PRINCIPAL |A. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.B. Principal disbursements to which subsection A of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:1. An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;2. A capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments;3. Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;4. Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and5. Disbursements described in paragraph 7 of subsection A of Section 26 of this act.C. If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection A of this section.Added by Laws 1998, c. 115, § 28, eff. Nov. 1, 1998.
60 OK Stat § 60-175.505 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.505. Income taxes.

|INCOME TAXES |A. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income.B. A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing authority.C. A tax required to be paid by a trustee on the trust's share of an entity's taxable income must be paid:1. From income to the extent that receipts from the entity are allocated only to income;2. From principal to the extent that receipts from the entity are allocated only to principal;3. Proportionately from principal and income to the extent that receipts from the entity are allocated to both income and principal; and4. From principal to the extent that the tax exceeds the total receipts from the entity.D. After applying subsections A through C of this section, the trustee shall adjust income or principal receipts to the extent that the trust’s taxes are reduced because the trust receives a deduction for payments made to a beneficiary.Added by Laws 1998, c. 115, § 29, eff. Nov. 1, 1998. Amended by Laws 2009, c. 90, § 2, eff. Nov. 1, 2009.
60 OK Stat § 60-175.506 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.506. Adjustments between principal and income because of taxes.

|ADJUSTMENTS BETWEEN PRINCIPAL AND INCOME BECAUSE OF TAXES |A. A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from:1. Elections and decisions, other than those described in subsection B of this section, that the fiduciary makes from time to time regarding tax matters;2. An income tax or any other tax that is imposed upon the fiduciary or a beneficiary as a result of a transaction involving or a distribution from the estate or trust; or3. The ownership by an estate or trust of an interest in an entity whose taxable income, whether or not distributed, is includable in the taxable income of the estate, trust, or a beneficiary.B. If the amount of an estate tax marital deduction or charitable contribution deduction is reduced because a fiduciary deducts an amount paid from principal for income tax purposes instead of deducting it for estate tax purposes, and as a result estate taxes paid from principal are increased and income taxes paid by an estate, trust, or beneficiary are decreased, each estate, trust, or beneficiary that benefits from the decrease in income tax shall reimburse the principal from which the increase in estate tax is paid. The total reimbursement must equal the increase in the estate tax to the extent that the principal used to pay the increase would have qualified for a marital deduction or charitable contribution deduction but for the payment. The proportionate share of the reimbursement for each estate, trust, or beneficiary whose income taxes are reduced must be the same as its proportionate share of the total decrease in income tax. An estate or trust shall reimburse principal from income.Added by Laws 1998, c. 115, § 30, eff. Nov. 1, 1998.
60 OK Stat § 60-175.601 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.601. Uniformity of application and construction.

|UNIFORMITY OF APPLICATION AND CONSTRUCTION |In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it.Added by Laws 1998, c. 115, § 31, eff. Nov. 1, 1998.
60 OK Stat § 60-175.602 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.602. Application of act to existing trusts and estates.

|APPLICATION OF ACT TO EXISTING TRUSTS AND ESTATES |This act applies to every trust or decedent's estate existing on the effective date of this act except as otherwise expressly provided in the will or terms of the trust or in this act.Added by Laws 1998, c. 115, § 32, eff. Nov. 1, 1998.
60 OK Stat § 60-175.603 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.603. Application of Section 175.409 of Title 60 to trusts - Particular dates.

|TRANSITIONAL MATTERS |Section 175.409 of Title 60 of the Oklahoma Statutes applies to a trust described in subsection D of Section 175.409 of Title 60 of the Oklahoma Statutes on and after the following dates:1. If the trust is not funded as of November 1, 2009, the date of the decedent’s death;2. If the trust is initially funded in the calendar year beginning January 1, 2009, the date of the decedent’s death; or3. If the trust is not described in paragraph 1 or 2 of this section, January 1, 2009.Added by Laws 2009, c. 90, § 3, eff. Nov. 1, 2009.
60 OK Stat § 60-175.701 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.701. Short title - Oklahoma Decanting Act.

|SHORT TITLE |This act shall be known and may be cited as the "Oklahoma Decanting Act" and shall apply to any trust administered under the laws of this state including a trust whose governing jurisdiction is transferred to this state.Added by Laws 2021, c. 268, § 1, eff. Nov. 1, 2021.
60 OK Stat § 60-175.702 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.702. Definitions.

|DEFINITIONS |As used in this act, unless the context or subject matter otherwise requires:1. "Authorized trustee" means a person, other than the settlor, who has authority under the terms of a first trust to distribute the principal or income of the trust to or for the benefit of one or more current beneficiaries or a special needs fiduciary under Section 5 of this act;2. "Charity" means a charitable organization or a charitable trust, as those terms are defined by Section 301.3 of Title 60 of the Oklahoma Statutes or Section 552.2 of Title 18 of the Oklahoma Statutes;3. "Current beneficiary" with respect to a particular date, means a person who is receiving or is eligible to receive a distribution of income or principal from a trust on that date;4. "First trust" means an existing irrevocable inter vivos or testamentary trust all or part of the principal of which is distributed in further trust under Section 3 or 4 of this act;5. "Full discretion" means a power to distribute principal or income to or for the benefit of one or more of the beneficiaries of a trust that is not a trust with limited discretion;6. "Limited discretion" means:a.a power to distribute principal or income according to mandatory distribution provisions under which the trustee has no discretion, orb.a power to distribute principal or income to or for the benefit of one or more beneficiaries of a trust that is limited by an ascertainable standard, including the health, education, support or maintenance of the beneficiary;7. "Presumptive remainder beneficiary", with respect to a particular date, means a beneficiary of a trust on that date who, in the absence of notice to the trustee of the exercise of the power of appointment and assuming that any other powers of appointment under the trust are not exercised, would be eligible to receive a distribution from the trust if:a.the trust terminated on that date, orb.the interests of all current beneficiaries ended on that date without causing the trust to terminate;8. "Principal" means property held in trust for distribution including accumulated income, that, at the time of the exercise of a power of distribution under Section 3 or 4 of this act, is not currently required to be distributed;9. "Second trust" means any irrevocable trust to which principal is distributed under Section 3 or 4 of this act; and10. "Successor beneficiary" means a beneficiary other than a current or presumptive remainder beneficiary. The term does not include a potential appointee under a power of appointment held by a beneficiary.Added by Laws 2021, c. 268, § 2, eff. Nov. 1, 2021.
60 OK Stat § 60-175.703 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.703. Distribution to second trust - Trustee with full discretion.

|DISTRIBUTION TO SECOND TRUST: TRUSTEE WITH FULL DISCRETION |A. An authorized trustee who has the full discretion to distribute the principal or income of a trust may distribute all or part of the principal of that trust in favor of a trustee of a second trust for the benefit of one, more than one or all of the current beneficiaries of the first trust and for the benefit of one, more than one or all of the successor or presumptive remainder beneficiaries of the first trust.B. The authorized trustee may, in connection with the exercise of a power of distribution under this section, grant a power of appointment including a currently exercisable power of appointment, in the second trust to one or more of the current beneficiaries of the first trust who, at the time the power of appointment is granted, is eligible to receive a distribution of principal under the terms of the first trust.C. If the authorized trustee grants a power of appointment to a beneficiary under subsection B of this section, the class of permissible appointees in whose favor the beneficiary may appoint under that power may be broader or different than the current, successor, and presumptive remainder beneficiaries of the first trust.D. If the beneficiaries of the first trust are described as a class of persons, the beneficiaries of the second trust may include one or more persons who become members of that class after the distribution to the second trust.E. The authorized trustee shall exercise a power to distribute under this section in good faith, in accordance with the terms and purposes of the trust, and in the interests of the beneficiaries.Added by Laws 2021, c. 268, § 3, eff. Nov. 1, 2021.