State Codes and Statutes
Statutes > Kansas > Chapter58 > Article9 > Statutes_2223058-9-302
58-9-302. Apportionment of receipts anddisbursements when decedent dies or income interest begins.(a) A trustee shall allocate an income receipt or disbursementother thanone to which subsection (1) of K.S.A. 58-9-201, and amendmentsthereto, appliestoprincipal if its due date occurs beforeadecedent dies in the case of an estate or before an income interest begins inthe caseof a trust or successive income interest.
(b) A trustee shall allocate an income receipt or disbursement to incomeifits due date occurs on or after the date on which a decedent dies or an incomeinterest begins and it is a periodic due date. An income receipt ordisbursementmust be treated as accruing from day to day if its due date is not periodic orit hasno due date. The portion of the receipt or disbursement accruing before thedate on which a decedent dies or an income interest begins must be allocated toprincipaland the balance must be allocated to income.
(c) An item of income or an obligation is due on the date the payer isrequired to make a payment. If a payment date is not stated, there is no duedate forthe purposes of this act. Distributions to shareholders or other owners from anentity to which K.S.A. 58-9-401, and amendments thereto, applies aredeemed tobedue on the date fixed by theentity for determining who is entitled to receive the distribution or, if nodate isfixed, on the declaration date for the distribution. A due date is periodicforreceipts or disbursements that must be paid at regular intervals under a leaseor anobligation to pay interest or if an entity customarily makes distributions atregularintervals.
History: L. 2000, ch. 61, § 8; July 1.
