North Dakota § 59-04.2-15 (407) Insurance policies and similar contracts

North Dakota Statutes

§ 59-04.2-15 — (407) Insurance policies and similar contracts

North Dakota § 59-04.2-15

Title 59Trusts, Uses, and Powers

Ch. 59-04.2Uniform Principal and Income Act (1997)

This text of North Dakota § 59-04.2-15 ((407) Insurance policies and similar contracts) is published on Counsel Stack Legal Research, covering North Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.D. Cent. Code § 59-04.2-15 (2026).

Text

1.Except as otherwise provided in subsection 2, 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.

2.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 59-04.2-11, loss of profits from a business.

3.This section does not apply to a contrac

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1. Except as otherwise provided in subsection 2, 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.
2. 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 59-04.2-11, loss of profits from a business.
3. This section does not apply to a contract to which section 59-04.2-17 applies.