Trusts 

Iowa Code > Title XV > Subtitle 4 > Chapter 637 > § 637.302. Apportionment of receipts and disbursements when decedent dies or income interest begins

1.  An income receipt or disbursement other than one to which section 637.201, subsection 1 , applies must be allocated 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.

2.  An income receipt or disbursement must be allocated 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.

3.  An item of income or an obligation is due on the date on which the payor is required to make a payment.  If there is no stated payment date, there is no due date for the purposes of this chapter .  Distributions to shareholders or other owners from an entity to which section 637.401 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.

Previous section	Chapter 637 Table of Contents	Next section

________________________________________________________________________

Questions & Answers: Trusts

I need a form for La. inter vivos trusts...

What do you do when you can't get a short form from the register of wills because you have a felony?...

need a attorney asap have alot of statues broken...

Harry, What exactly are you trying to do? File an existing will for probate? Steve Daily LawServer.com...

I am the named Trustee of my Sister's Revocable Living Trust. She passed away. The Trust is simple as nothing is in it except the house and a small life insurance policy. Am I o...

Lisa, I am sorry for your loss. Nothing legally requires someone to retain an attorney in order to fulfill the duties of a trustee. Especially if the trust is large or complex, ho...

Iowa Laws: Trusts

Iowa Code Chapter 634A - Supplemental needs trusts for persons with disabilities

Iowa Code Chapter 636 - Sureties -- fiduciaries -- trusts -- investments

Iowa Code Chapter 637 - Uniform principal and income Act

Related Articles: Trusts

Trusts

Comments (0)