2010 New York Code
EPT - Estates, Powers & Trusts
Article 11-A - UNIFORM PRINCIPAL AND INCOME ACT
Part 3 - (11-A-3.1 - 11-A-3.3) APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST
11-A-3.2 - Apportionment of receipts and disbursements when decedent dies or income interest begins

§ 11-A-3.2 Apportionment  of  receipts  and  disbursements when decedent
                 dies or income interest begins
    (a) A trustee shall allocate an income receipt or  disbursement  other
  than one to which paragraph 11-A-2.1 (1) applies to principal if its due
  date occurs before a decedent dies in the case of an estate or before an
  income  interest  begins  in  the  case  of a trust or successive income
  interest.
    (b) A trustee shall allocate an  income  receipt  or  disbursement  to
  income  if  its due date occurs on or after the date on which a decedent
  dies or an income interest begins and it is  a  periodic  due  date.  An
  income  receipt  or disbursement must be treated as accruing from day to
  day if its due date is not periodic or it has no due date.  The  portion
  of  the  receipt  or  disbursement  accruing  before the date on which a
  decedent dies  or  an  income  interest  begins  must  be  allocated  to
  principal and the balance must be allocated to income.
    (c) An item of income or an obligation is due on the date the payer is
  required to make a payment. If a payment date is not stated, there is no
  due date for the purposes of this article. Distributions to shareholders
  or  other  owners from an entity to which 11-A-4.1 applies are deemed to
  be due on the date fixed by the entity for determining who  is  entitled
  to  receive the distribution or, if no date is fixed, on the declaration
  date for the distribution. A  due  date  is  periodic  for  receipts  or
  disbursements that must be paid at regular intervals under a lease or an
  obligation   to   pay   interest  or  if  an  entity  customarily  makes
  distributions at regular intervals.

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