Montana Code 72-34-429. Beneficiary’s portion of net income — maintenance of records — distribution date
72-34-429. Beneficiary’s portion of net income — maintenance of records — distribution date. (1) Each beneficiary described in 72-34-428(4) is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution dates and without reducing the values by any unpaid principal obligations.
Terms Used In Montana Code 72-34-429
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: means a personal representative or a trustee. See Montana Code 72-34-422
- Income: means money or property that a fiduciary receives as current return from a principal asset. See Montana Code 72-34-422
- Net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the accounting period, plus or minus transfers under this chapter to or from income during the accounting period. See Montana Code 72-34-422
(2)If a fiduciary does not distribute all of the collected but undistributed net income to each beneficiary as of a distribution date, the fiduciary shall maintain appropriate records showing the interest of each beneficiary in that net income.
(3)The distribution date for purposes of this section may be the date as of which the fiduciary calculates the value of the assets if that date is reasonably near the date on which assets are actually distributed.