TITLE 68

TRUSTS AND FIDUCIARIES

CHAPTER 10

UNIFORM PRINCIPAL AND INCOME ACT

PART 4.

ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST

68-10-404.  Principal receipts. A trustee shall allocate to principal:

(1)  To the extent not allocated to income under this chapter, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;

(2)  Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this part;

(3)  Amounts recovered from third parties to reimburse the trust because of disbursements described in section 68-10-502(a)(7), Idaho Code, or for other reasons to the extent not based on the loss of income;

(4)  Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;

(5)  Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and

(6)  Other receipts as provided in sections 68-10-408 through 68-10-415, Idaho Code.

History:

[68-10-404, added 2001, ch. 261, sec. 2, p. 953.]