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

(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.

Utah § 75A-5-407 (Receipts not normally apportioned -- Insurance policy or contract.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.