Thornton-in-Craven was brought to a standstill this week as its landmark Love Tree came under the axe.
Villagers looked on as the lime tree, which is thought to be more than 200 years old, was felled by Gargrave tree surgeon Jonathan Strange on Wednesday.
Thornton Parish Council gave the go-ahead for the tree to be felled after two separate surveys said it was in such a bad condition that it posed a significant risk to safety.
Parish councillor Steven Briggs said: "The tree has been there 200 years plus and it's an emotional moment for people who have lived here for a few years and those who have lived here all their lives as it is the focal point of the village.
"But we do intend to put something back that we can all be proud of to make a new focal centre of the village again."
The surveys concluded that the tree's trunk was essentially hollow and there were large areas of deadwood within its crown.
As it stood within the heart of the village and next to the busy A56 road, parish councillors decided it was too risky to leave it standing.
Both surveys also made the same recommendation - to fell the tree and replant on the site with a healthy and semi-mature lime that would quickly become established as a new village feature.
Mr Strange told the Herald this week that he believed the village had made the right decision. He said the tree was in such a bad condition that it could easily have been brought down by a strong gust of wind, describing it was "an accident waiting to happen".
"It could not have been left in that state. It is literally like a chimney inside," said Mr Strange.
He added that the tree was so rotten inside it would be impossible to tell exactly how old it was.
Coun Briggs added: "When we did the risk assessment we thought it was only a few dead branches that needed removing, but after professional advice we realised that we had something much more serious on our hands."
The parish council is currently compiling a potted history of the Love Tree, including villagers' stories and recollections and local folklore surrounding the landmark.
It was originally called the Lough Tree - lough being an old word for lime - but over the years its name evolved to the Love Tree.
One of the surveys also suggested that the stones surrounding the base were considerably older than the tree itself and could have been part of an earlier village feature, possibly a market cross.
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