Utah § 75A-5-407 Receipts not normally apportioned -- Insurance policy or contract.

Utah Statutes

§ 75A-5-407 — Receipts not normally apportioned -- Insurance policy or contract.

Utah § 75A-5-407

Title 75AFiduciaries

Ch. 75A-5Uniform Fiduciary Income and Principal Act

Part 75A-5-4Allocation of Receipts

This text of Utah § 75A-5-407 (Receipts not normally apportioned -- Insurance policy or contract.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 75A-5-407 (2026).

Text

(1)This section does not apply to a contract to which Section 75A-5-409 applies.

(2)(2)(a) Except as otherwise provided in Subsection (3), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset.

(2)(b) The fiduciary shall allocate dividends on an insurance policy:

(2)(b)(i) to income, to the extent premiums on the policy are paid from income; and

(2)(b)(ii) to principal, to the extent premiums on the policy are paid from principal.

(3)A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:

(3)(a) occupancy or other use by a current income beneficiary;

(3)(b) i

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(1) This section does not apply to a contract to which Section 75A-5-409 applies.
(2) (2)(a) Except as otherwise provided in Subsection (3), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset.
(2)(b) The fiduciary shall allocate dividends on an insurance policy:
(2)(b)(i) to income, to the extent premiums on the policy are paid from income; and
(2)(b)(ii) to principal, to the extent premiums on the policy are paid from principal.
(3) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:
(3)(a) occupancy or other use by a current income beneficiary;
(3)(b) income; or
(3)(c) subject to Section 75A-5-403, profits from a business.