2018 Maine Revised Statutes
TITLE 18-C: PROBATE CODE
Article 7: TRUST ADMINISTRATION
Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997
Subpart 5: ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST
18-C §7-461. Disbursements from income (WHOLE SECTION TEXT EFFECTIVE 7/1/19)
§7-461. Disbursements from income
(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE 7/1/19)
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 7-421, subsection 2, paragraph B or C applies: [2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF).]
1. Compensation. One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee;
[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]
2. Expenses; income and remainder interests. One-half of all expenses for accountings, judicial proceedings or other matters that involve both the income and remainder interests;
[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]
3. Other ordinary expenses. All of the ordinary expenses other than those specified in subsections 1 and 2 incurred in connection with the administration, management or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal and expenses of a proceeding or other matter that concerns primarily the income interest; and
[ 2017, c. 402, Pt. A, §2 (NEW); 2017, c. 402, Pt. F, §1 (AFF) .]
4. Recurring premiums. Recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.
[ 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).