Utah § 75A-5-404 Receipts not normally apportioned -- Principal receipts.

Utah Statutes

§ 75A-5-404 — Receipts not normally apportioned -- Principal receipts.

Utah·Title 75A Fiduciaries·Ch. 75A-5 Uniform Fiduciary Income and Principal Act·Part 75A-5-4 Allocation of Receipts

A fiduciary shall allocate to principal:

(1)to the extent not allocated to income under this chapter, an asset received from:

(1)(a) an individual during the individual's lifetime;

(1)(b) an estate;

(1)(c) a trust on termination of an income interest; or

(1)(d) a payor under a contract naming the fiduciary as beneficiary;

(2)except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;

(3)an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 75A-5-502(1) or for another reason to the extent not based on loss of income;

(4)proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting peri

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A fiduciary shall allocate to principal:
(1) to the extent not allocated to income under this chapter, an asset received from:
(1)(a) an individual during the individual's lifetime;
(1)(b) an estate;
(1)(c) a trust on termination of an income interest; or
(1)(d) a payor under a contract naming the fiduciary as beneficiary;
(2) except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;
(3) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 75A-5-502(1) or for another reason to the extent not based on loss of income;
(4) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the accounting period;
(5) net income received in an accounting period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income; and
(6) other receipts as provided in Part 3, Unitrust.

Utah § 75A-5-404 (Receipts not normally apportioned -- Principal receipts.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.