Code of Alabama |
Match Context and Document information |
URL: | http://alisondb.legislature.state.al.us/alison/CodeOfAlabama /1975/19-3A-404.htm |
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Depth: | 0 singles |
Size: | 1,585 bytes |
Modified: | 2003-09-04 14:28:34 |
Categories: | -None- |
Title: | 19-3A-404 |
Description: | -None- |
Keywords: | -None- |
Meta data: | -None- |
Body: | Section 19-3A-404 Principal receipts. A fiduciary shall allocate to principal: (1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its fiduciary as beneficiary; (2) Subject to any contrary rules in Section 19-3A-401 through Section 19-3A-415, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit; (3) Amounts recovered from third parties to reimburse the trust because of disbursements described in Section 19-3A-502(c) or for other reasons not based on the loss of income; (4) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income; (5) Net income received in an accounting period during which there is no beneficiary to whom a fiduciary may or must distribute income; and (6) Other receipts as provided in Section 19-3A-408 through Section 19-3A-415. (Act 2000-675, p. 1343, ยง1.) |