37A-4-402. 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 the 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 a trust to a trustee, G.S. 37A-4-401 or G.S. 37A-4-415 applies to a receipt from the trust. (2003-232, s. 2.)
Structure North Carolina General Statutes
North Carolina General Statutes
Chapter 37A - Uniform Principal and Income Act
Article 4 - Allocation of Receipts During Administration of Trust.
§ 37A-4-401 - Character of receipts.
§ 37A-4-402 - Distribution from trust or estate.
§ 37A-4-403 - Business and other activities conducted by trustee.
§ 37A-4-404 - Principal receipts.
§ 37A-4-405 - Rental property.
§ 37A-4-406 - Obligation to pay money.
§ 37A-4-407 - Insurance policies and similar contracts.
§ 37A-4-408 - Insubstantial allocations not required.
§ 37A-4-409 - Deferred compensation, annuities, and similar payments.
§ 37A-4-410 - Liquidating asset.
§ 37A-4-411 - Minerals, water, and other natural resources.
§ 37A-4-413 - Property not productive of income.