reglab/housing_qa huggingface dataset:
60 OK Stat § 60-175.92 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.92. Existence of a spendthrift provision - Amount the creditor or assignee may reach.

|Subject to the provisions of the Family Wealth Preservation Trust Act: |1. Whether or not the terms of a trust contain a spendthrift provision, the following rules apply:a.during the lifetime of the settlor, the property of a revocable trust is subject to the claims of the creditors of the settlor, andb.a spendthrift provision is ineffective with respect to the settlor of a revocable trust while the trust is revocable; and2. A creditor or assignee of the settlor may reach the maximum amount that can be distributed to or for the benefit of the settlor. If a trust has more than one settlor, the amount the creditor or assignee of a particular settlor may reach may not exceed the interest of the settlor in the portion of the trust attributable to the contribution of that settlor.Added by Laws 2010, c. 280, § 12, eff. Nov. 1, 2010.
60 OK Stat § 60-175.101 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.101. Short title.

|SHORT TITLE |This act shall be known and may be cited as the "Oklahoma Uniform Principal and Income Act".Added by Laws 1998, c. 115, § 1, eff. Nov. 1, 1998.
60 OK Stat § 60-175.102 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.102. Definitions.

|DEFINITIONS |As used in this act:1. "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends;2. "Beneficiary" includes, in the case of a decedent's estate, an heir, legatee, and devisee and, in the case of a trust, an income beneficiary and a remainder beneficiary;3. "Fiduciary" means a personal representative or a trustee. The term includes an executor, administrator, successor personal representative, special administrator, and a person performing substantially the same function;4. "Income" means money or property that a fiduciary receives as current return from a principal asset. The term includes a portion of receipts from a sale, exchange, or liquidation of a principal asset, to the extent provided in Article 4 of this act;5. "Income beneficiary" means a person to whom net income of a trust is or may be payable;6. "Income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion;7. "Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute;8. "Net income" means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this act to or from income during the period;9. "Person" means an individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity;10. "Principal" means property held in trust for distribution to a remainder beneficiary when the trust terminates;11. "Remainder beneficiary" means a person entitled to receive principal when an income interest ends;12. "Terms of a trust" means the manifestation of the intent of a settlor or decedent with respect to the trust, expressed in a manner that admits of its proof in a judicial proceeding, whether by written or spoken words or by conduct; and13. "Trustee" includes an original, additional, or successor trustee, whether or not appointed or confirmed by a court.Added by Laws 1998, c. 115, § 2, eff. Nov. 1, 1998.
60 OK Stat § 60-175.103 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.103. Fiduciary duties - General principles.

|FIDUCIARY DUTIES; GENERAL PRINCIPLES |A. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3 of this act, a fiduciary:1. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this act;2. May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this act;3. Shall administer a trust or estate in accordance with this act if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and4. Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this act do not provide a rule for allocating the receipt or disbursement to or between principal and income.B. In exercising the power to adjust under subsection A of Section 4 of this act or a discretionary power of administration regarding a matter within the scope of this act, whether granted by the terms of a trust, a will, or this act, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary shall or may favor one or more of the beneficiaries. A determination in accordance with this act is presumed to be fair and reasonable to all of the beneficiaries.Added by Laws 1998, c. 115, § 3, eff. Nov. 1, 1998.
60 OK Stat § 60-175.202 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.202. Distribution to residuary and remainder beneficiaries.

|DISTRIBUTION TO RESIDUARY AND REMAINDER BENEFICIARIES |A. Each beneficiary described in paragraph 4 of Section 175.201 of Title 60 of the Oklahoma Statutes is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to whom this section applies, each beneficiary, including one who does not receive part of the distribution, is entitled, as of each distribution date, to the net income the fiduciary has received after the date of death or terminating event or earlier distribution date but has not distributed as of the current distribution date.B. In determining a beneficiary's share of net income, the following rules apply:1. The beneficiary is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in the undistributed principal assets immediately before the distribution date, including assets that later may be sold to meet principal obligations;2. The beneficiary's fractional interest in the undistributed principal assets must be calculated without regard to property specifically given to a beneficiary and property required to pay pecuniary amounts not in trust;3. The beneficiary's fractional interest in the undistributed principal assets must be calculated on the basis of the aggregate value of those assets as of the distribution date without reducing the value by any unpaid principal obligation; and4. The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.C. If a fiduciary does not distribute all of the collected but undistributed net income to each person as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.D. A fiduciary may apply the rules in this section, to the extent that the fiduciary considers it appropriate, to net gain or loss realized after the date of death or terminating event or earlier distribution date from the disposition of a principal asset if this section applies to the income from the asset.Added by Laws 1998, c. 115, § 6, eff. Nov. 1, 1998. Amended by Laws 1998, c. 422, § 37, eff. Nov. 1, 1998.
60 OK Stat § 60-175.301 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.301. When right to income begins and ends.

|WHEN RIGHT TO INCOME BEGINS AND ENDS |A. An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.B. An asset becomes subject to a trust:1. On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;2. On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or3. On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a third party because of the individual's death.C. An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection D of this section, even if there is an intervening period of administration to wind up the preceding income interest.D. An income interest ends on the day before an income beneficiary dies or another terminating event occurs, or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.Added by Laws 1998, c. 115, § 7, eff. Nov. 1, 1998.
60 OK Stat § 60-175.302 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.302. Apportionment of receipts and disbursements when decedent dies or income interest begins.

|APPORTIONMENT OF RECEIPTS AND DISBURSEMENTS |WHEN DECEDENT DIES OR INCOME INTEREST BEGINSA. A trustee shall allocate an income receipt or disbursement other than one to which paragraph 1 of Section 5 of this act applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.B. A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.C. An item of income or an obligation is due on the date the payer is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this act. Distributions to shareholders or other owners from an entity to which Section 10 of this act applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.Added by Laws 1998, c. 115, § 8, eff. Nov. 1, 1998.
60 OK Stat § 60-175.303 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.303. Apportionment when income interest ends.

|APPORTIONMENT WHEN INCOME INTEREST ENDS |A. In this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.B. When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than five percent (5%) of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.C. When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment if and to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate, or other tax requirements.Added by Laws 1998, c. 115, § 9, eff. Nov. 1, 1998.
60 OK Stat § 60-175.401 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.401. Character of receipts.

|CHARACTER OF RECEIPTS |A. In this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which Section 11 of this act applies, a business or activity to which Section 12 of this act applies, or an asset-backed security to which Section 24 of this act applies.B. Except as otherwise provided in this section, a trustee shall allocate to income money received from an entity.C. A trustee shall allocate the following receipts from an entity to principal:1. Property other than money;2. Money received in one distribution or a series of related distributions in exchange for part or all of a trust's interest in the entity;3. Money received in total or partial liquidation of the entity; and4. Money received from an entity that is a regulated investment company or a real estate investment trust if the money distributed is a capital gain dividend for federal income tax purposes.D. Money is received in partial liquidation:1. To the extent that the entity, at or near the time of a distribution, indicates that it is a distribution in partial liquidation; or2. If the total amount of money and property received in a distribution or series of related distributions is greater than twenty percent (20%) of the entity's gross assets, as shown by the entity's year-end financial statements immediately preceding the initial receipt.E. Money is not received in partial liquidation, nor may it be taken into account under paragraph 2 of subsection D of this section, to the extent that it does not exceed the amount of income tax that a trustee or beneficiary must pay on taxable income of the entity that distributes the money.F. A trustee may rely upon a statement made by an entity about the source or character of a distribution if the statement is made at or near the time of distribution by the entity's board of directors or other person or group of persons authorized to exercise powers to pay money or transfer property comparable to those of a corporation's board of directors.Added by Laws 1998, c. 115, § 10, eff. Nov. 1, 1998.
60 OK Stat § 60-175.402 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.402. Distribution from trust or estate.

|DISTRIBUTION FROM TRUST OR ESTATE |A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, Section 10 or 24 of this act applies to a receipt from the trust.Added by Laws 1998, c. 115, § 11, eff. Nov. 1, 1998.
60 OK Stat § 60-175.403 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.403. Business and other activities conducted by trustee.

|BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE |A. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.B. A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets, and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.C. Activities for which a trustee may maintain separate accounting records include:1. Retail, manufacturing, service, and other traditional business activities;2. Farming;3. Raising and selling livestock and other animals;4. Management of rental properties;5. Extraction of minerals and other natural resources;6. Timber operations; and7. Activities to which Section 23 of this act applies.Added by Laws 1998, c. 115, § 12, eff. Nov. 1, 1998.
60 OK Stat § 60-175.404 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.404. Principal receipts.

|PRINCIPAL RECEIPTS |A trustee shall allocate to principal:1. To the extent not allocated to income under this act, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;2. Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;3. Amounts recovered from third parties to reimburse the trust because of disbursements described in paragraph 7 of subsection A of Section 26 of this act or for other reasons to the extent not based on the loss of income;4. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;5. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and6. Other receipts as provided in Part 3 of this article.Added by Laws 1998, c. 115, § 13, eff. Nov. 1, 1998.
60 OK Stat § 60-175.405 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.405. Rental property.

|RENTAL PROPERTY |To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.Added by Laws 1998, c. 115, § 14, eff. Nov. 1, 1998.
60 OK Stat § 60-175.406 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.406. Obligation to pay money.

|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.Added by Laws 1998, c. 115, § 15, eff. Nov. 1, 1998.
60 OK Stat § 60-175.407 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.407. Insurance policies and similar contracts.

|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, 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.Added by Laws 1998, c. 115, § 16, eff. Nov. 1, 1998.
60 OK Stat § 60-175.408 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.408. Insubstantial allocations not required.

|INSUBSTANTIAL ALLOCATIONS NOT REQUIRED |If a trustee determines that an allocation between principal and income required by Section 18, 19, 20, 21, or 24 of this act is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection C of Section 4 of this act applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in subsection D of Section 4 of this act and may be released for the reasons and in the manner described in subsection E of Section 4 of this act. An allocation is presumed to be insubstantial if:1. The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than ten percent (10%); or2. The value of the asset producing the receipt for which the allocation would be made is less than ten percent (10%) of the total value of the trust's assets at the beginning of the accounting period.Added by Laws 1998, c. 115, § 17, eff. Nov. 1, 1998.
60 OK Stat § 60-175.410 (2021)
2021 Oklahoma Statutes|Title 60. Property|§60-175.410. Liquidating asset.

|LIQUIDATING ASSET |A. In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one (1) year under an arrangement that does not provide for the payment of interest on the unpaid balance. The term does not include a payment subject to Section 18 of this act, resources subject to Section 20 of this act, timber subject to Section 21 of this act, an activity subject to Section 23 of this act, an asset subject to Section 24 of this act, or any asset for which the trustee establishes a reserve for depreciation under Section 27 of this act.B. A trustee shall allocate to income ten percent (10%) of the receipts from a liquidating asset and the balance to principal.Added by Laws 1998, c. 115, § 19, eff. Nov. 1, 1998.