§12-1147.5. Trust in proceeds of sale.
194 words·~1 min read·
/ok/title-12-civil-procedure/12-1147-5·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon confirming the sale of real estate under the provisions of Section 1147.4 of this title, the court shall direct that the proceeds of the sale, including any purchase money mortgage which may be accepted as a part of the purchase price, less any costs chargeable against the same, constitute a trust to be managed and invested under the continuing jurisdiction of the court and, except as may be otherwise directed by the court, in accordance with the provisions of the Oklahoma Trust Act and the Oklahoma Uniform Prudent Investor Act.
The trustee appointed to make said sale may be continued as trustee for the administration of the trust or the court may appoint a different trustee for the purpose of administering the trust. In the order of confirmation of sale and the appointment of the trustee to administer the trust, the court shall make appropriate provisions with respect to the term during which the trust shall be administered and how the income and principal thereof shall be distributed. Added by Laws 1953, p. 59, § 5, emerg. eff.
June 1, 1953. Amended by Laws 1995, c. 351, § 17, eff. Nov. 1, 1995.