§ 2-3-809 — Apportionment of receipts and disbursements when decedent dies or income interest begins

Wyoming § 2-3-809

• Jurisdiction: Wyoming
• Title 02: Wills, Decedents' Estates and Probate Code
• Ch. 3: FIDUCIARIES
• Art. 8: PRINCIPAL AND INCOME

Text

(a) A trustee shall allocate an income receipt or
disbursement other than one to which W.S. 2-3-806(a)(i) applies
to principal if its due date occurs before a decedent dies in
the case of an estate or before an income interest begins in the
case of a trust or successive income interest.
(b) A trustee shall allocate an income receipt or
disbursement to income if its due date occurs on or after the
date on which a decedent dies or an income interest begins and
it is a periodic due date. An income receipt or disbursement
must be treated as accruing from day to day if its due date is
not periodic or it has no due date. The portion of the receipt
or disbursement accruing before the date on which a decedent
dies or an income interest begins must be allocated to principal
and the balance must be allocated to income.
(c) An item of income or an obligation is due on the date
the payer is required to make a payment. If a payment date is
not stated, there is no due date for the purposes of this act.
Distributions to shareholders or other owners from an entity to
which W.S. 2-3-810 applies are deemed to be due on the date
fixed by the entity for determining who is entitled to receive
the distribution or, if no date is fixed, on the declaration
date for the distribution. A due date is periodic for receipts
or disbursements that must be paid at regular intervals under a
lease or an obligation to pay interest or if an entity
customarily makes distributions at regular intervals.