Except as otherwise provided in Subsection (2), a fiduciary shall allocate:
Need help with a review of a will? Have it reviewed by a lawyer, get answers to your questions and move forward with confidence. Connect with a lawyer now
Terms Used In Utah Code 22-3-415
Fiduciary: A trustee, executor, or administrator.
(a)
to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from interest or other current return; and
(b)
to principal, the balance of the receipt.
(2)
If a fiduciary receives one or more payments in exchange for part or all of the fiduciary’s interest in an asset-backed security, including a liquidation or redemption of the fiduciary’s interest in the security, the fiduciary shall allocate:
(a)
to income, 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction; and
(b)
to principal, the balance of the receipts and disbursements.
