Utah § 75A-5-415 Receipts normally apportioned -- Asset-backed security.

Utah Statutes

§ 75A-5-415 — Receipts normally apportioned -- Asset-backed security.

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

(1)Except as otherwise provided in Subsection (2), a fiduciary shall allocate:

(1)(a) to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from interest or other current return; and

(1)(b) to principal, the balance of the receipt.

(2)If a fiduciary receives one or more payments in exchange for part or all of the fiduciary's interest in an asset-backed security, including a liquidation or redemption of the fiduciary's interest in the security, the fiduciary shall allocate:

(2)(a) to income, 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction; and

(2)(b) to principal, the balance of the receipts and disbursements.

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(1) Except as otherwise provided in Subsection (2), a fiduciary shall allocate:
(1)(a) to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from interest or other current return; and
(1)(b) to principal, the balance of the receipt.
(2) If a fiduciary receives one or more payments in exchange for part or all of the fiduciary's interest in an asset-backed security, including a liquidation or redemption of the fiduciary's interest in the security, the fiduciary shall allocate:
(2)(a) to income, 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction; and
(2)(b) to principal, the balance of the receipts and disbursements.

Utah § 75A-5-415 (Receipts normally apportioned -- Asset-backed security.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.