§ 15-1.2-404 — Principal receipts

Colorado § 15-1.2-404

• Jurisdiction: Colorado
• Title 15: Probate,
• Art.: Uniform Fiduciary Income and Principal Act

Text

(1) A fiduciary shall allocate to principal:

(a) To the extent not allocated to income under this article 1.2, an asset
received from:

(I) An individual during the individual's lifetime;

(II) An estate;

(III) A trust on termination of an income interest; or

(IV) A payor under a contract naming the fiduciary as beneficiary;

(b) Except as otherwise provided in this part 4, money or other property
received from the sale, exchange, liquidation, or change in form of a principal asset;

(c) An amount recovered from a third party to reimburse the fiduciary
because of a disbursement described in section 15-1.2-502 (1) or for another reason
to the extent not based on loss of income;

(d) Proceeds of property taken by eminent domain; except that proceeds
awarded for loss of income in an accounting period are income if a current income
beneficiary had a mandatory income interest during the period;

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

(f) Other receipts as provided in sections 15-1.2-408 through 15-1.2-416.

Legislative History

Source: L. 2021: Entire article added, (SB 21-171), ch. 143, p. 823, � 1, effective January 1, 2022.