New Hampshire Statutes
§ 564-C:4-407 — Insurance Policies and Similar Contracts
New Hampshire·Title LVI PROBATE COURTS AND DECEDENTS' ESTATES·Ch. 564-C UNIFORM PRINCIPAL AND INCOME ACT·Subdivision Part 2Receipts Not Normally Apportioned
(a)Except as otherwise provided in subsection (b), 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 RSA 564-C:4-403, loss of profits from a business.
(c)This section does not apply to a contr
Free access — add to your briefcase to read the full text and ask questions with AI
New Hampshire § 564-C:4-407 (Insurance Policies and Similar Contracts) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
2006, 320:68, eff. Aug. 19, 2006.
Nearby Sections
15
§ 564-C:1-101
Short Title§ 564-C:1-102
Definitions§ 564-C:1-103
Fiduciary Duties; General Principles§ 564-C:1-104
Trustee's Power to Adjust§ 564-C:1-105
Judicial Control of Discretionary Power§ 564-C:1-106
Trustee's Power to Convert to Unitrust§ 564-C:1-107
Creation of Total Return Unitrust§ 564-C:2-201
Determination and Distribution of Net Income§ 564-C:3-301
When Right to Income Begins and Ends§ 564-C:3-302
Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins§ 564-C:3-303
Apportionment When Income Interest Ends§ 564-C:4-401
Character of Receipts§ 564-C:4-402
Distribution from Trust or Estate§ 564-C:4-403
Business and Other Activities Conducted by Trustee