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Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.38.710. Minerals, water, and other natural resources

Current as of January 01, 2022 | Updated by FindLaw Staff

(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources under this section, the trustee shall allocate them as follows:

(1) if received as nominal delay rent 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, 90 percent shall be allocated to principal, and the balance shall be allocated to income;

(4) if an amount is received from a working interest or any other interest not provided for in (1)--(3) of this subsection, 90 percent of the net amount received shall be allocated to principal, and the balance shall be allocated to income.

(b) An amount received on account of an interest in renewable water shall be allocated to income. An amount received on account of an interest in nonrenewable water shall be allocated as follows:

(1) 90 percent of the amount shall be allocated to principal; and

(2) the balance shall be allocated to income.

(c) This chapter applies whether or not a decedent or donor was extracting minerals, water, or other natural resources before the interest became subject to the trust.

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Cite this article: FindLaw.com - Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.38.710. Minerals, water, and other natural resources - last updated January 01, 2022 | https://codes.findlaw.com/ak/title-13-decedents-estates-guardianships-transfers-trusts-and-health-care-decisions/ak-st-sect-13-38-710/

Read this complete Alaska Statutes Title 13. Decedents' Estates, Guardianships, Transfers, Trusts, and Health Care Decisions § 13.38.710. Minerals, water, and other natural resources on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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