Oklahoma § 60-175.407
Full text of Oklahoma Oklahoma Statutes § 60-175.407, with citation guidance and answers to common questions.
§ 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,
Oklahoma Statutes - Title 60. Property
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.
Frequently Asked Questions About Oklahoma § 60-175.407
What does Oklahoma Statutes § 60-175.407 cover?
Section 60-175.407 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 § 60-175.407?
A common citation format is "Oklahoma Statutes § 60-175.407" (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 § 60-175.407 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.