§ 2-3-817 — Insurance policies and similar contracts

Wyoming § 2-3-817

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

Text

(a) Except as otherwise provided in subsection (b) of this
section, a trustee shall allocate to principal the proceeds of a
life insurance policy or other contract in which the trust or
its trustee is named as beneficiary, including a contract that
insures the trust or its trustee against loss for damage to,
destruction of or loss of title to a trust asset. The trustee
shall allocate dividends on an insurance policy to income if the
premiums on the policy are paid from income, and to principal if
the premiums are paid from principal.
(b) A trustee shall allocate to income proceeds of a
contract that insures the trustee against loss of occupancy or
other use by an income beneficiary, loss of income, or, subject
to W.S. 2-3-813, loss of profits from a business.
(c) This section does not apply to a contract to which
W.S. 2-3-819 applies.