Indiana Code 30-2-14-7. “Mandatory income interest” defined
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Terms Used In Indiana Code 30-2-14-7
- income: means money or property that a fiduciary receives as current return from a principal asset. See Indiana Code 30-2-14-4
- net income: means the total receipts allocated to income during an accounting period minus the disbursements made from income during the period, plus or minus transfers under this chapter to or from income during the period. See Indiana Code 30-2-14-8
Sec. 7. As used in this chapter, “mandatory income interest” means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
As added by P.L.84-2002, SEC.2.