§2142.  Allocation to beneficiaries of income and principal


A trust receipt shall be credited, or an expenditure charged, to income or principal or partly to each:


(1)  In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart; or


(2)  In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument; or


(3)  If no rule is provided in the trust instrument or this Subpart, entirely to principal.


Acts 1989, No. 114, §1; Acts 2001, No. 520, §2.