2018 Maine Revised Statutes
TITLE 18-C: PROBATE CODE
Article 7: TRUST ADMINISTRATION
Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997
Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
18-C §7-442. Distribution from trust or estate (WHOLE SECTION TEXT EFFECTIVE 7/1/19)
§7-442. Distribution from trust or estate
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE 7/1/19)
A trustee shall allocate to income 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, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. 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 7-441 or 7-455 applies to a receipt from the trust. [2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF).]
SECTION HISTORY
2017, c. 402, Pt. A, §2 (NEW). 2017, c. 402, Pt. F, §1 (AFF).