Sec. 116.171. INSUBSTANTIAL ALLOCATIONS NOT REQUIRED. If a trustee determines that an allocation between principal and income required by Section 116.172, 116.173, 116.174, 116.175, or 116.178 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in Section 116.005(c) applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in Section 116.005(d) and may be released for the reasons and in the manner described in Section 116.005(e).
Added by Acts 2003, 78th Leg., ch. 659, Sec. 1, eff. Jan. 1, 2004.
Structure Texas Statutes
Subtitle B - Texas Trust Code: Creation, Operation, and Termination of Trusts
Chapter 116 - Uniform Principal and Income Act
Subchapter D. Allocation of Receipts During Administration of Trust
Part 3. Receipts Normally Apportioned
Section 116.171. Insubstantial Allocations Not Required
Section 116.172. Deferred Compensation, Annuities, and Similar Payments
Section 116.173. Liquidating Asset
Section 116.174. Minerals, Water, and Other Natural Resources
Section 116.176. Property Not Productive of Income