2021 Louisiana Laws
Revised Statutes
Title 9 - Civil Code-Ancillaries
§2142. Allocation to beneficiaries of income and principal
RS 2142 - Allocation to beneficiaries of income and principal
A trust receipt shall be credited, or an expenditure charged, to income or principal or partly to each:
(1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart; or
(2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument; or
(3) If no rule is provided in the trust instrument or this Subpart, entirely to principal.
NOTE: §2142 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021.
RS 2142 - Allocation to beneficiaries of income and principal
A trust receipt or expense shall be allocated to income or principal or partly to each:
(1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart.
(2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument.
(3) If no rule is provided in the trust instrument or this Subpart, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.
Acts 1989, No. 114, §1; Acts 2001, No. 520, §2; Acts 2020, No. 17, §1, eff. Jan. 1, 2021.
