District of Columbia § 28-4804.06 Obligation to pay money.

District of Columbia Statutes

§ 28-4804.06 — Obligation to pay money.

District of Columbia § 28-4804.06

JurisdictionDistrict of Columbia

Title 28Commercial Instruments and Transactions. [Enacted title]

Ch. 48Principal and Income; Uniform Law.

Subch. IVAllocation of Receipts During Administration of Trust.

Subpart 2Receipts Not Normally Apportioned.

This text of District of Columbia § 28-4804.06 (Obligation to pay money.) is published on Counsel Stack Legal Research, covering District of Columbia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

D.C. Code § 28-4804.06 (2026).

Text

(a)An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium.

(b)A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by t

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(a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium.

(b) A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.

(c) This section does not apply to an obligation to which § 28-4804.09 , § 28-4804.10 , § 28-4804.11 , § 28-4804.12 , § 28-4804.14 , or § 28-4804.15 applies.