New Hampshire § 564-C:4-404 Principal Receipts

New Hampshire Statutes

§ 564-C:4-404 — Principal Receipts

New Hampshire·Title LVI PROBATE COURTS AND DECEDENTS' ESTATES·Ch. 564-C UNIFORM PRINCIPAL AND INCOME ACT·Subdivision Part 2Receipts Not Normally Apportioned

A trustee shall allocate to principal:

(1)To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;

(2)Subject to any contrary rules set forth in articles 4 or 5 of this chapter, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;

(3)Amounts recovered from third parties to reimburse the trust because of disbursements described in RSA 564-C:5-502(a)(7) or for other reasons to the extent not based on the loss of income;

(4)Proceeds of property taken by eminent domain, but a

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A trustee shall allocate to principal:
(1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;
(2) Subject to any contrary rules set forth in articles 4 or 5 of this chapter, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;
(3) Amounts recovered from third parties to reimburse the trust because of disbursements described in RSA 564-C:5-502(a)(7) or for other reasons to the extent not based on the loss of income;
(4) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;
(5) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
(6) Other receipts as provided in part 3.

New Hampshire § 564-C:4-404 (Principal Receipts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.