[§557A-302]  Apportionment of receipts and
disbursements when decedent dies or income interest begins.  (a)  An income
receipt or disbursement other than one to which section 557A-201(1) applies
shall be allocated to principal if its due date occurs before a decedent dies
in the case of an estate or before an income interest begins in the case of a
trust or successive income interest.



(b)  An income receipt or disbursement shall be
allocated to income if its due date occurs on or after the date on which a
decedent dies or an income interest begins and it is a periodic due date.  An
income receipt or disbursement shall be treated as accruing from day to day if
its due date is not periodic or it has no due date.  The portion of the receipt
or disbursement accruing before the date on which a decedent dies or an income
interest begins shall be allocated to principal and the balance shall be
allocated to income.



(c)  An item of income or an obligation is due
on the date on which the payor is required to make a payment.  If there is no
stated payment date, there is no due date for the purposes of this chapter. 
Distributions to shareholders or other owners from an entity to which section
557A-401 applies are deemed to be due on the date fixed by the entity for determining
who is entitled to receive the distribution or, if no date is fixed, on the
declaration date for the distribution.  A due date is periodic for receipts or
disbursements that shall be paid at regular intervals under a lease or an
obligation to pay interest or if an entity customarily makes distributions at
regular intervals. [L 2000, c 191, pt of §1]