{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.102","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.102","heading":"Definitions","body":"DEFINITIONS\n\nAs used in this act:\n\n1. \"Accounting period\" means a calendar year unless another\n\ntwelve-month period is selected by a fiduciary. The term includes a\n\nportion of a calendar year or other twelve-month period that begins\n\nwhen an income interest begins or ends when an income interest ends;\n\n2. \"Beneficiary\" includes, in the case of a decedent's estate,\n\nan heir, legatee, and devisee and, in the case of a trust, an income\n\nbeneficiary and a remainder beneficiary;\n\n3. \"Fiduciary\" means a personal representative or a trustee.\n\nThe term includes an executor, administrator, successor personal\n\nrepresentative, special administrator, and a person performing\n\nsubstantially the same function;\n\n4. \"Income\" means money or property that a fiduciary receives\n\nas current return from a principal asset. The term includes a\n\nportion of receipts from a sale, exchange, or liquidation of a\n\nprincipal asset, to the extent provided in Article 4 of this act;\n\n5. \"Income beneficiary\" means a person to whom net income of a\n\ntrust is or may be payable;\n\n6. \"Income interest\" means the right of an income beneficiary\n\nto receive all or part of net income, whether the terms of the trust\n\nrequire it to be distributed or authorize it to be distributed in\n\nthe trustee's discretion;\n\n7. \"Mandatory income interest\" means the right of an income\n\nbeneficiary to receive net income that the terms of the trust\n\nrequire the fiduciary to distribute;\n\n8. \"Net income\" means the total receipts allocated to income\n\nduring an accounting period minus the disbursements made from income\n\nduring the period, plus or minus transfers under this act to or from\n\nincome during the period;\n\n9. \"Person\" means an individual, corporation, business trust,\n\nestate, trust, partnership, limited liability company, association,\n\njoint venture, government; governmental subdivision, agency, or\n\ninstrumentality; public corporation; or any other legal or\n\ncommercial entity;\n\n10. \"Principal\" means property held in trust for distribution\n\nto a remainder beneficiary when the trust terminates;\n\n11. \"Remainder beneficiary\" means a person entitled to receive\n\nprincipal when an income interest ends;\n\n12. \"Terms of a trust\" means the manifestation of the intent of\n\na settlor or decedent with respect to the trust, expressed in a\n\nmanner that admits of its proof in a judicial proceeding, whether by\n\nwritten or spoken words or by conduct; and\n\n13. \"Trustee\" includes an original, additional, or successor\n\ntrustee, whether or not appointed or confirmed by a court.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"6e5cce193e1faba21e9c68663782c33f6ff8dc467f9c18130a02f991e06d0c2a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.101","next":"us-ok/okla.-stat.-tit.-60-60-175.103"},"notice":"GroundRules: Original legal text. Not legal advice."}