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 §7-444. Principal receipts (WHOLE SECTION TEXT EFFECTIVE 7/1/19)

§7-444. Principal receipts

(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)

(WHOLE SECTION TEXT EFFECTIVE 7/1/19)

A trustee shall allocate to principal: [2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF).]

1. Assets received. To the extent not allocated to income under this Part, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest or a payor under a contract naming the trust or its trustee as beneficiary;

[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]

2. Received from sale, exchange, liquidation or change in form of asset. Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to this subpart;

[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]

3. Reimbursements because of disbursements. Amounts recovered from 3rd parties to reimburse the trust because of disbursements described in section 7-462, subsection 1, paragraph G or for other reasons to the extent not based on the loss of income;

[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]

4. Proceeds of property taken by eminent domain. Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;

[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]

5. Net income without beneficiary. Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and

[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]

6. Other receipts. Other receipts as provided in sections 7-448 to 7-455.

[ 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).