Utah Code 75A-5-702. Apportionment of receipts and disbursements when decedent dies or income interest begins
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(1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which Subsection 75A-5-601 (2) applies, to principal if the due date of the income receipt or disbursement occurs before the date on which:
Terms Used In Utah Code 75A-5-702
- Decedent: A deceased person.
- Distribution: means a payment or transfer by a fiduciary to a beneficiary in the beneficiary's capacity as a beneficiary, made under the terms of the trust, without consideration other than the beneficiary's right to receive the payment or transfer under the terms of the trust. See Utah Code 75A-5-102
- Estate: includes the property of the decedent as the estate is originally constituted and the property of the estate as it exists at any time during administration. See Utah Code 75A-5-102
- Fiduciary: A trustee, executor, or administrator.
- Fiduciary: includes :(8)(a) a trustee, trust director as defined in Section
75-12-102 , personal representative, life tenant, holder of a term interest, and person acting under a delegation from a fiduciary;(8)(b) a person that holds property for a successor beneficiary whose interest may be affected by an allocation of receipts and expenditures between income and principal; and(8)(c) if there are two or more co-fiduciaries, all co-fiduciaries acting under the terms of the trust and applicable law. See Utah Code 75A-5-102- Income: includes a part of receipts from a sale, exchange, or liquidation of a principal asset to the extent provided in Part 4, Allocation of Receipts. See Utah Code 75A-5-102
- Income interest: includes the right of a current beneficiary to use property held by a fiduciary. See Utah Code 75A-5-102
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Principal: means property held in trust for distribution to, production of income for, or use by a current or successor beneficiary. See Utah Code 75A-5-102
- Successive interest: means the interest of a successor beneficiary. See Utah Code 75A-5-102
- Trust: includes :
(23)(a)(i) an express trust, private or charitable, with additions to the trust, wherever and however created; and(23)(a)(ii) a trust created or determined by judgment or decree under which the trust is to be administered in the manner of an express trust. See Utah Code 75A-5-102(1)(a) for an estate, the decedent died; or(1)(b) for a trust or successive interest, an income interest begins.(2) If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income.(3) If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall:(3)(a) treat the receipt or disbursement under this section as accruing from day to day; and(3)(b) allocate:(3)(b)(i) to principal, the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins; and(3)(b)(ii) to income, the balance.(4) A receipt or disbursement is periodic under Subsections (2) and (3) if:(4)(a) the receipt or disbursement shall be paid at regular intervals under an obligation to make payments; or(4)(b) the payor customarily makes payments at regular intervals.(5)(5)(a) An item of income or obligation is due under this section on the date on which the payor is required to make a payment.(5)(b) If a payment date is not stated, there is no due date.(6) Distributions to shareholders or other owners from an entity to which Section75A-5-401 applies are due:(6)(a) on the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution;(6)(b) if no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or(6)(c) if no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.