Louisiana Revised Statutes 9:2142 – A trust receipt or expense shall be allocated to income or principal or partly to each:
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Terms Used In Louisiana Revised Statutes 9:2142
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Trustee: A person or institution holding and administering property in trust.
A trust receipt or expense shall be allocated to income or principal or partly to each:
(1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart.
(2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument.
(3) If no rule is provided in the trust instrument or this Subpart, in accordance with what is reasonable and equitable in view of the interests of those entitled to income as well as of those entitled to principal.
Acts 1989, No. 114, §1; Acts 2001, No. 520, §2; Acts 2020, No. 17, §1, eff. Jan. 1, 2021.