Idaho Statutes
§ 68-10-407 — INSURANCE POLICIES AND SIMILAR CONTRACTS
Idaho·Title 68 TRUSTS AND FIDUCIARIES·Part 4. ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST·Ch. 10 UNIFORM PRINCIPAL AND INCOME ACT
(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 section 68-10-403, Idaho Code, loss of profits from a business.
(c)This sect
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Legislative History
[68-10-407, added 2001, ch. 261, sec. 2, p. 954.]
Nearby Sections
15
§ 68-10-101
SHORT TITLE§ 68-10-102
DEFINITIONS§ 68-10-103
FIDUCIARY DUTIES — GENERAL PRINCIPLES§ 68-10-104
TRUSTEE’S POWER TO ADJUST§ 68-10-105
NOTICE OF PROPOSED ACTION§ 68-10-201
DETERMINATION AND DISTRIBUTION OF NET INCOME§ 68-10-301
WHEN RIGHT TO INCOME BEGINS AND ENDS§ 68-10-303
APPORTIONMENT WHEN INCOME INTEREST ENDS§ 68-10-401
CHARACTER OF RECEIPTS§ 68-10-402
DISTRIBUTION FROM TRUST OR ESTATE§ 68-10-404
PRINCIPAL RECEIPTS§ 68-10-405
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