☰ Revisor of Missouri

Title XXXI TRUSTS AND ESTATES OF DECEDENTS AND PERSONS UNDER DISABILITY

Chapter 469

Effective - 28 Aug 2001 bottom

  469.441.  Allocation of interest in minerals or other natural resources — interest in water, allocation of. — 1.  To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:

  (1)  If received as nominal delay rental or nominal annual rent on a lease, a receipt shall be allocated to income;

  (2)  If received from a production payment, a receipt shall be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent.  The balance shall be allocated to principal;

  (3)  If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus or delay rental is more than nominal, ninety percent shall be allocated to principal and the balance to income;

  (4)  If an amount is received from a working interest or any other interest not provided for in subdivision (1), (2) or (3) of this subsection, ninety percent of the net amount received shall be allocated to principal and the balance to income.

  2.  An amount received on account of an interest in water that is renewable shall be allocated to income.  If the water is not renewable, ninety percent of the amount shall be allocated to principal and the balance to income.

  3.  Sections 469.401 to 469.467 apply whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.

  4.  If a trust owns an interest in minerals, water or other natural resources on August 28, 2001, the trustee may allocate receipts from the interest as provided in sections 469.401 to 469.467 or in the manner used by the trustee before August 28, 2001.  If the trust acquires an interest in minerals, water or other natural resources after August 28, 2001, the trustee shall allocate receipts from the interest as provided in sections 469.401 to 469.467.

­­--------

(L. 2001 H.B. 241)


---- end of effective   28 Aug 2001 ----

use this link to bookmark section  469.441


In accordance with Section 3.090, the language of statutory sections enacted during a legislative session are updated and available on this website on the effective date of such enacted statutory section. Revisor Home    

Other Information
 Recent Sections Editorials May Be Cited As Tables & Forms Multiple Enact
Repeal & Transfer Definitions

Site changes Pictures Contact

Other Links
Oversight MOLIS Library MO WebMasters
Senate
Missouri Senate
State of Missouri
MO.gov
House
Missouri House

@16:04:24.1 34 :)