Timber trust funds - Trustees - Beneficiaries

(a) Money a timber purchaser collects for harvested timber is trust money. (b) A timber purchaser and each officer, director, partner, or agent of a timber purchaser are trustees of trust money. (c) Each seller of standing timber is a beneficiary of trust money to the extent of the beneficiary's share of the purchase price for the timber. Acts 2001, No. 1247, § 2. (a) Money a timber purchaser collects for harvested timber is trust money. (b) A timber purchaser and each officer, director, partner, or agent of a timber purchaser are trustees of trust money. (c) Each seller of standing timber is a beneficiary of trust money to the extent of the beneficiary's share of the purchase price for the timber. Acts 2001, No. 1247, § 2.