[§557A-402] Distribution from trust or estate. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income. An amount received as a distribution of principal from such a trust or estate shall be allocated to principal. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 557A-401 or 557A-415 shall apply to a receipt from the trust. [L 2000, c 191, pt of §1]
Section: Previous 557a-106 557a-201 557a-202 557a-301 557a-302 557a-303 557a-401 557a-402 557a-403 557a-404 557a-405 557a-406 557a-407 557a-408 557a-409 NextLast modified: October 27, 2016