California Civil Code CHAPTER 2.6 - Legal Estates Principal and Income Law

• Section 731.
  This chapter may be cited as the Legal Estates Principal and Income Law.(Added by Stats. 1968, Ch. 193.)
• Section 731.01.
  Nothing in this chapter shall affect the provisions of the Personal Income Tax Law and the Bank and Corporation Tax Law.(Added by Stats. 1968, Ch.
• Section 731.02.
  This chapter shall apply to all transactions by which a principal was established without the interposition of a trust on or after September 13, 1941,...
• Section 731.03.
  (a) “Principal” as used in this chapter means any realty or personalty which has been so set aside or limited by the owner thereof or a...
• Section 731.04.
  This chapter shall govern the ascertainment of income and principal and the apportionment of receipts and expenses between tenants and remaindermen in all cases where...
• Section 731.05.
  (a) All receipts of money or other property paid or delivered as rent of realty or hire of personalty, or interest on money loaned, or interest...
• Section 731.06.
  Whenever a tenant’s right to income shall cease by death, or in any other manner, all payments theretofore actually paid to the tenant shall belong...
• Section 731.07.
  (a) All dividends on shares of a corporation forming a part of the principal which are payable(1) In shares of the declaring corporation of the same kind...
• Section 731.08.
  Where any part of the principal consists of bonds or other obligations for the payment of money, they shall be deemed principal at their inventory...
• Section 731.09.
  (a) Whenever a tenant is authorized by the terms of the transaction by which the principal was established or by law, to use any part of...
• Section 731.10.
  Where any part of the principal consists of animals employed in business, the provisions of Section 731.09 shall apply; and in other cases where the...
• Section 731.11.
  (a) Where any part of the principal consists of property in lands from which may be taken timber, minerals, oils, gas, or other natural resources, and...
• Section 731.12.
  Where any part of the principal consists of property subject to depletion, such as leaseholds, patents, copyrights, and royalty rights, and the tenant in possession...
• Section 731.13.
  (a) Where any part of a principal in the possession of a tenant consists of realty or personalty which for more than a year and until...
• Section 731.14.
  (a) Where any part of the principal in possession of the tenant consists of an obligation for the payment of money secured by a mortgage or...
• Section 731.15.
  (a) All ordinary expenses incurred in connection with the principal or with its administration and management, including regularly recurring taxes assessed against any portion of the...

Last modified: October 22, 2018