2014 New York Laws
EPT - Estates, Powers & Trusts
Article 11-A - UNIFORM PRINCIPAL AND INCOME ACT
Part 4 - ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
Sub Part 2 - (11-A-4.4 - 11-A-4.7) RECEIPTS NOT NORMALLY APPORTIONED
11-A-4.4 - Principal receipts

11-A-4.4 Principal receipts
A trustee shall allocate to principal:
(1)  to  the extent not allocated to income under this article, assets
  received  from  a  transferor  during  the  transferor's   lifetime,   a
  decedent's  estate,  a  trust  with  a terminating income interest, or a
  payer under a contract naming the trust or its trustee as beneficiary;
(2)  money  or  other  property  received  from  the  sale,  exchange,
  liquidation,  or change in form of a principal asset, including realized
  profit, subject to this part;
(3) amounts recovered  from  third  parties  to  reimburse  the  trust
  because  of  disbursements  described in subparagraph 11-A-5.2 (a)(7) or
  for other reasons to the extent not based on the loss of income;
(4) 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;
(5) net income received in an accounting period during which there  is
  no beneficiary to whom a trustee may or must distribute income; and
(6) other receipts as provided in subpart 3.