§7-442. Distribution from trust or estate
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 7‑441 or 7‑455 applies to a receipt from the trust. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
Structure Maine Revised Statutes
Article 7: TRUST ADMINISTRATION
Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997
Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
18-C §7-441. Character of receipts
18-C §7-442. Distribution from trust or estate
18-C §7-443. Business and other activities conducted by trustee
18-C §7-444. Principal receipts
18-C §7-446. Obligation to pay money
18-C §7-447. Insurance policies and similar contracts
18-C §7-448. Insubstantial allocations not required
18-C §7-449. Deferred compensation, annuities and similar payments
18-C §7-450. Liquidating asset
18-C §7-451. Minerals, water and other natural resources
18-C §7-453. Property not productive of income