Section 15-32-602 - 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.