Laws of North Carolina (Last Updated: May 12, 2015) |
Chapter37A. Uniform Principal and Income Act. |
Article4. Allocation of Receipts During Administration of Trust |
Part1. Receipts From Entities |
§37A-4-402. Distribution from trust or estate
Latest version.
-
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.)