§ 28-4804.07 — Insurance policies and similar contracts.

District of Columbia § 28-4804.07

• Jurisdiction: District of Columbia
• Title 28: Commercial Instruments and Transactions. [Enacted title]
• Ch. 48: Principal and Income; Uniform Law.
• Subch. IV: Allocation of Receipts During Administration of Trust.
• Subpart 2: Receipts Not Normally Apportioned.

Text

(a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.

(b) A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to § 28-4804.03 , loss of profits from a business.

(c) This section does not apply to a contract to which § 28-4804.09 applies.

Legislative History

Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087