Utah Code 22-3-501. Disbursement from income
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Subject to Section 22-3-504, and except as otherwise provided in Subsection 22-3-601(3)(b) or (c), a fiduciary shall disburse from income:
(1) one-half of:
Terms Used In Utah Code 22-3-501
- Fiduciary: A trustee, executor, or administrator.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Property: includes both real and personal property. See Utah Code 68-3-12.5
(1)(a) the regular compensation of the fiduciary and any person providing investment advisory, custodial, or other services to the fiduciary, to the extent income is sufficient; and(1)(b) an expense for an accounting, judicial or nonjudicial proceeding, or other matter that involves both income and successive interests, to the extent income is sufficient;
(2) the balance of the disbursements described in Subsection (1), to the extent a fiduciary that is an independent person determines that making those disbursements from income would be in the interests of the beneficiaries;
(3) another ordinary expense incurred in connection with administration, management, or preservation of property and distribution of income, including interest, an ordinary repair, regularly recurring tax assessed against principal, and an expense of an accounting, judicial or nonjudicial proceeding, or other matter that involves primarily an income interest, to the extent income is sufficient; and
(4) a premium on insurance covering loss of a principal asset or income from or use of the asset.