North Dakota § 59-04.2-26 (503) Transfers from income to principal for depreciation

North Dakota Statutes

§ 59-04.2-26 — (503) Transfers from income to principal for depreciation

North Dakota § 59-04.2-26

Title 59Trusts, Uses, and Powers

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

This text of North Dakota § 59-04.2-26 ((503) Transfers from income to principal for depreciation) 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 § 59-04.2-26 (2026).

Text

1.In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.

2.A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:

a.Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;

b.During the administration of a decedent's estate; or

c.Under this section if the trustee is accounting under section 59-04.2-11 for the business or activity in which the asset is used.

3.An amount transferred to princip

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1. In this section, "depreciation" means a reduction in value due to wear, tear, decay,
corrosion, or gradual obsolescence of a fixed asset having a useful life of more than
one year.
2. A trustee may transfer to principal a reasonable amount of the net cash receipts from a
principal asset that is subject to depreciation, but may not transfer any amount for
depreciation:
a. Of that portion of real property used or available for use by a beneficiary as a
residence or of tangible personal property held or made available for the personal
use or enjoyment of a beneficiary;
b. During the administration of a decedent's estate; or
c. Under this section if the trustee is accounting under section 59-04.2-11 for the
business or activity in which the asset is used.
3. An amount transferred to principal need not be held as a separate fund.