Indiana Code 30-2-14-6. “Income interest” defined
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Terms Used In Indiana Code 30-2-14-6
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Indiana Code 30-2-14-8
Sec. 6. As used in this chapter, “income interest” means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee‘s discretion.
As added by P.L.84-2002, SEC.2.