RCW 11.104B.340
Receipts normally apportioned—Asset-backed securities.
(1) If a fiduciary receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the fiduciary shall allocate to income the portion of the payment which the payer identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
(2) If a fiduciary receives one or more payments in exchange for the fiduciary's entire interest in an asset-backed security in one accounting period, the fiduciary shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the fiduciary shall allocate 10 percent of the payment to income and the balance to principal.
[ 2021 c 140 § 2415.]
Structure Revised Code of Washington
Title 11 - Probate and Trust Law
Chapter 11.104B - Uniform Fiduciary Income and Principal Act.
11.104B.050 - Fiduciary duties—General principles.
11.104B.070 - Fiduciary duties—Power to adjust.
11.104B.100 - Unitrusts—Definitions.
11.104B.110 - Unitrusts—Application—Duties and remedies.
11.104B.120 - Unitrusts—Authority of fiduciary.
11.104B.130 - Unitrusts—Notice.
11.104B.140 - Unitrusts—Unitrust policies.
11.104B.150 - Unitrusts—Unitrust rates.
11.104B.160 - Unitrusts—Applicable value.
11.104B.170 - Unitrusts—Period.
11.104B.180 - Unitrust—Special tax benefits—Other rules.
11.104B.200 - Receipts from entities—Character.
11.104B.210 - Receipts from entities—Distributions from trusts and estates.
11.104B.220 - Receipts from entities—Businesses and other activities conducted by fiduciary.
11.104B.230 - Receipts not normally apportioned—Principal receipts.
11.104B.240 - Receipts not normally apportioned—Rental property.
11.104B.250 - Receipts not normally apportioned—Receipt on obligation to be paid in money.
11.104B.260 - Receipts not normally apportioned—Insurance policies and contracts.
11.104B.270 - Receipts normally apportioned—Insubstantial allocation not required.
11.104B.280 - Receipts normally apportioned—Deferred compensation, annuities, and similar payments.
11.104B.290 - Receipts normally apportioned—Liquidating assets.
11.104B.300 - Receipts normally apportioned—Minerals, water, and other natural resources.
11.104B.310 - Receipts normally apportioned—Timber.
11.104B.320 - Receipts normally apportioned—Marital deduction property not productive of income.
11.104B.330 - Receipts normally apportioned—Derivatives and options.
11.104B.340 - Receipts normally apportioned—Asset-backed securities.
11.104B.350 - Receipts normally apportioned—Other financial instruments and arrangements.
11.104B.400 - Disbursements—Disbursement from income.
11.104B.410 - Disbursements—Disbursement from principal.
11.104B.420 - Disbursements—Transfer from income to principal for depreciation.
11.104B.430 - Disbursements—Reimbursement of income from principal.
11.104B.440 - Disbursements—Reimbursement of principal from income.
11.104B.450 - Disbursements—Income taxes.
11.104B.460 - Disbursements—Adjustment between income and principal because of taxes.
11.104B.500 - Death or termination of interest—Determination and distribution of net income.
11.104B.510 - Death or termination of interest—Distribution to successor beneficiary.
11.104B.550 - Death or termination of interest—When right to income begins and ends.
11.104B.570 - Death or termination of interest—Apportionment when income interest ends.
11.104B.900 - Uniformity of application and construction.
11.104B.901 - Relation to electronic signatures in global and national commerce act.
11.104B.903 - Application of chapter 11.96A RCW.
11.104B.904 - Construction—Chapter applicable to state registered domestic partnerships—2009 c 521.