{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.403","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.403","heading":"Business and other activities conducted by trustee","body":"BUSINESS AND OTHER ACTIVITIES CONDUCTED BY TRUSTEE\n\nA. If a trustee who conducts a business or other activity\n\ndetermines that it is in the best interest of all the beneficiaries\n\nto account separately for the business or activity instead of\n\naccounting for it as part of the trust's general accounting records,\n\nthe trustee may maintain separate accounting records for its\n\ntransactions, whether or not its assets are segregated from other\n\ntrust assets.\n\nB. A trustee who accounts separately for a business or other\n\nactivity may determine the extent to which its net cash receipts\n\nmust be retained for working capital, the acquisition or replacement\n\nof fixed assets, and other reasonably foreseeable needs of the\n\nbusiness or activity, and the extent to which the remaining net cash\n\nreceipts are accounted for as principal or income in the trust's\n\ngeneral accounting records. If a trustee sells assets of the\n\nbusiness or other activity, other than in the ordinary course of the\n\nbusiness or activity, the trustee shall account for the net amount\n\nreceived as principal in the trust's general accounting records to\n\nthe extent the trustee determines that the amount received is no\n\nlonger required in the conduct of the business.\n\nC. Activities for which a trustee may maintain separate\n\naccounting records include:\n\n1. Retail, manufacturing, service, and other traditional\n\nbusiness activities;\n\n2. Farming;\n\n3. Raising and selling livestock and other animals;\n\n4. Management of rental properties;\n\n5. Extraction of minerals and other natural resources;\n\n6. Timber operations; and\n\n7. Activities to which Section 23 of this act applies.","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":"4947ca434033d7584064fb894b0b9376a0451bd8175912ee233a541423ae8bfe","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.402","next":"us-ok/okla.-stat.-tit.-60-60-175.404"},"notice":"GroundRules: Original legal text. Not legal advice."}