(1) A trustee commits the offense of timber theft if the trustee, knowingly or with intent to defraud, directly or indirectly retains, uses, disperses, or otherwise diverts trust money without first fully paying all of the beneficiaries the purchase price for the timber.
(2) A trustee acts with intent to defraud if the trustee retains, uses, disperses, or diverts trust money with the intent to deprive a beneficiary of trust money.
(3) A trustee is presumed to have acted with intent to defraud if the trustee does not pay all of the beneficiaries the purchase price for the timber not later than the forty-fifth calendar day after the date the trustee collects money for the timber.
(4) The offense of timber theft is a Class D felony if the amount of trust money retained, used, dispersed, or diverted before paying the beneficiaries is five hundred dollars ($500) or more and a Class A misdemeanor if under five hundred dollars ($500).