2011 California Code
DIVISION 2. PROPERTY [654 - 1422]
CHAPTER 2.6. Legal Estates Principal and Income Law
(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 person thereto legally empowered that it and any substitutions for it are eventually to be conveyed, delivered, or paid to a person, while the return therefrom or use thereof or any part of such return or use is in the meantime to be taken or received by or held for accumulation for the same or another person;
(b) Income as used in this chapter means the return derived from principal;
(c) Tenant as used in this chapter means the person to whom income is presently or currently payable, or for whom it is accumulated or who is entitled to the beneficial use of the principal presently and for a time prior to its distribution;
(d) Remainderman as used in this chapter means the person ultimately entitled to the principal, whether named or designated by the terms of the transaction by which the principal was established or determined by operation of law.
(Added by Stats. 1968, Ch. 193.)
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