N.Y. Estates, Powers and Trusts Law 11-A-5.1 – Disbursements from income
§ 11-A-5.1 Disbursements from income
Terms Used In N.Y. Estates, Powers and Trusts Law 11-A-5.1
- 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 trustee shall make the following disbursements from income to the extent that they are not disbursements to which subparagraph 11-A-2.1 (2)(B) or (C) applies:
(1) one-third of the regular compensation of any person providing investment advisory or custodial services to the trustee;
(2) if the court shall find that any judicial proceeding primarily concerns income and that it is equitable to charge the expense of such proceeding, or a part thereof, to income, the court may direct that all or a specified part of the expense of such proceeding, including attorney's fees, shall be charged to income;
(3) all of the other ordinary expenses incurred in connection with the administration, management, or preservation of trust property and the distribution of income, including interest, ordinary repairs, regularly recurring taxes assessed against principal; and
(4) recurring premiums on insurance covering the loss of a principal asset or the loss of income from or use of the asset.