State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-2-202

§ 37A‑2‑202. Distribution to residuary and remainder beneficiaries.

(a)        Each beneficiarydescribed in G.S. 37A‑2‑201(4) is entitled to receive a portion ofthe net income equal to the beneficiary's fractional interest in undistributedprincipal assets, using values as of the distribution date. If a fiduciarymakes more than one distribution of assets to beneficiaries to whom thissection applies, each beneficiary, including one who does not receive part ofthe distribution, is entitled, as of each distribution date, to the net incomethe fiduciary has received after the date of death or terminating event orearlier distribution date but has not distributed as of the currentdistribution date.

(b)        In determining abeneficiary's share of net income, the following rules apply:

(1)        The beneficiary isentitled to receive a portion of the net income equal to the beneficiary'sfractional interest in the undistributed principal assets immediately beforethe distribution date, including assets that later may be sold to meetprincipal obligations.

(2)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedwithout regard to property specifically given to a beneficiary and propertyrequired to pay pecuniary amounts not in trust to which G.S. 37A‑2‑201(3)applies.

(3)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedon the basis of the aggregate value of those assets as of the distribution datewithout reducing the value by any unpaid principal obligation.

(4)        The distributiondate for purposes of this section may be the date as of which the fiduciarycalculates the value of the assets if that date is reasonably near the date onwhich assets are actually distributed.

(c)        If a fiduciary doesnot distribute all of the collected but undistributed net income to each personas of a distribution date, the fiduciary shall maintain appropriate recordsshowing the interest of each beneficiary in that net income.

(d)        A fiduciary mayapply the rules in this section, to the extent that the fiduciary considers itappropriate, to net gain or loss realized after the date of death orterminating event or earlier distribution date from the disposition of aprincipal asset if this section applies to the income from the asset. (2003‑232, s. 2; 2006‑259,s. 13(p).)

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-2-202

§ 37A‑2‑202. Distribution to residuary and remainder beneficiaries.

(a)        Each beneficiarydescribed in G.S. 37A‑2‑201(4) is entitled to receive a portion ofthe net income equal to the beneficiary's fractional interest in undistributedprincipal assets, using values as of the distribution date. If a fiduciarymakes more than one distribution of assets to beneficiaries to whom thissection applies, each beneficiary, including one who does not receive part ofthe distribution, is entitled, as of each distribution date, to the net incomethe fiduciary has received after the date of death or terminating event orearlier distribution date but has not distributed as of the currentdistribution date.

(b)        In determining abeneficiary's share of net income, the following rules apply:

(1)        The beneficiary isentitled to receive a portion of the net income equal to the beneficiary'sfractional interest in the undistributed principal assets immediately beforethe distribution date, including assets that later may be sold to meetprincipal obligations.

(2)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedwithout regard to property specifically given to a beneficiary and propertyrequired to pay pecuniary amounts not in trust to which G.S. 37A‑2‑201(3)applies.

(3)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedon the basis of the aggregate value of those assets as of the distribution datewithout reducing the value by any unpaid principal obligation.

(4)        The distributiondate for purposes of this section may be the date as of which the fiduciarycalculates the value of the assets if that date is reasonably near the date onwhich assets are actually distributed.

(c)        If a fiduciary doesnot distribute all of the collected but undistributed net income to each personas of a distribution date, the fiduciary shall maintain appropriate recordsshowing the interest of each beneficiary in that net income.

(d)        A fiduciary mayapply the rules in this section, to the extent that the fiduciary considers itappropriate, to net gain or loss realized after the date of death orterminating event or earlier distribution date from the disposition of aprincipal asset if this section applies to the income from the asset. (2003‑232, s. 2; 2006‑259,s. 13(p).)


State Codes and Statutes

State Codes and Statutes

Statutes > North-carolina > Chapter_37A > GS_37A-2-202

§ 37A‑2‑202. Distribution to residuary and remainder beneficiaries.

(a)        Each beneficiarydescribed in G.S. 37A‑2‑201(4) is entitled to receive a portion ofthe net income equal to the beneficiary's fractional interest in undistributedprincipal assets, using values as of the distribution date. If a fiduciarymakes more than one distribution of assets to beneficiaries to whom thissection applies, each beneficiary, including one who does not receive part ofthe distribution, is entitled, as of each distribution date, to the net incomethe fiduciary has received after the date of death or terminating event orearlier distribution date but has not distributed as of the currentdistribution date.

(b)        In determining abeneficiary's share of net income, the following rules apply:

(1)        The beneficiary isentitled to receive a portion of the net income equal to the beneficiary'sfractional interest in the undistributed principal assets immediately beforethe distribution date, including assets that later may be sold to meetprincipal obligations.

(2)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedwithout regard to property specifically given to a beneficiary and propertyrequired to pay pecuniary amounts not in trust to which G.S. 37A‑2‑201(3)applies.

(3)        The beneficiary'sfractional interest in the undistributed principal assets shall be calculatedon the basis of the aggregate value of those assets as of the distribution datewithout reducing the value by any unpaid principal obligation.

(4)        The distributiondate for purposes of this section may be the date as of which the fiduciarycalculates the value of the assets if that date is reasonably near the date onwhich assets are actually distributed.

(c)        If a fiduciary doesnot distribute all of the collected but undistributed net income to each personas of a distribution date, the fiduciary shall maintain appropriate recordsshowing the interest of each beneficiary in that net income.

(d)        A fiduciary mayapply the rules in this section, to the extent that the fiduciary considers itappropriate, to net gain or loss realized after the date of death orterminating event or earlier distribution date from the disposition of aprincipal asset if this section applies to the income from the asset. (2003‑232, s. 2; 2006‑259,s. 13(p).)

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