§ 44B-5-501 — Disbursements from income

West Virginia § 44B-5-501

• Jurisdiction: West Virginia
• Ch. 44B: UNIFORM PRINCIPAL AND INCOME ACT
• Art. 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST

Text

A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (B) or (C), subdivision (2), section two hundred one, article two of this chapter applies:

(1) Except as otherwise ordered by the court one half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;

(2) Except as otherwise ordered by the court one half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests;

(3) All of the other ordinary expenses incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest; and

(4) Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.

Legislative History

2000 Reg. Sess., HB4494