{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-175.415","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-175.415","heading":"Asset-backed securities","body":"ASSET-BACKED SECURITIES\n\nA. In this section, \"asset-backed security\" means an asset\n\nwhose value is based upon the right it gives the owner to receive\n\ndistributions from the proceeds of financial assets that provide\n\ncollateral for the security. The term includes an asset that gives\n\nthe owner the right to receive from the collateral financial assets\n\nonly the interest or other current return or only the proceeds other\n\nthan interest or current return. The term does not include an asset\n\nto which Section 10 or 18 of this act applies.\n\nB. If a trust receives a payment from interest or other current\n\nreturn and from other proceeds of the collateral financial assets,\n\nthe trustee shall allocate to income the portion of the payment\n\nwhich the payer identifies as being from interest or other current\n\nreturn and shall allocate the balance of the payment to principal.\n\nC. If a trust receives one or more payments in exchange for the\n\ntrust's entire interest in an asset-backed security in one\n\naccounting period, the trustee shall allocate the payments to\n\nprincipal. If a payment is one of a series of payments that will\n\nresult in the liquidation of the trust's interest in the security\n\nover more than one accounting period, the trustee shall allocate ten\n\npercent (10%) of the payment to income and the balance to principal.","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":"2ff99b70c9b01f91a30fe5a37b4042aea3f22b17807bfafc63697d072216182d","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-175.414","next":"us-ok/okla.-stat.-tit.-60-60-175.42"},"notice":"GroundRules: Original legal text. Not legal advice."}