Oklahoma § 60-175.406
Full text of Oklahoma Oklahoma Statutes § 60-175.406, with citation guidance and answers to common questions.
§ 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.
Frequently Asked Questions About Oklahoma § 60-175.406
What does Oklahoma Statutes § 60-175.406 cover?
Section 60-175.406 is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 60-175.406?
A common citation format is "Oklahoma Statutes § 60-175.406" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 60-175.406 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.