22-3-302 - Apportionment of receipts and disbursements when decedent dies or income interest begins. - Utah Statutes

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22-3-302. Apportionment of receipts and disbursements when decedent dies orincome interest begins.
(1) A trustee shall allocate an income receipt or disbursement other than one to whichSubsection 22-3-201(1) applies to principal if its due date occurs before a decedent dies in thecase of an estate or before an income interest begins in the case of a trust or successive incomeinterest.
(2) A trustee shall allocate an income receipt or disbursement to income if its due dateoccurs on or after the date on which a decedent dies or an income interest begins and it is aperiodic due date. An income receipt or disbursement must be treated as accruing from day today if its due date is not periodic or it has no due date. The portion of the receipt or disbursementaccruing before the date on which a decedent dies or an income interest begins must be allocatedto principal and the balance must be allocated to income.
(3) An item of income or an obligation is due on the date the payer is required to make apayment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which Section 22-3-401 appliesare considered to be due on the date fixed by the entity for determining who is entitled to receivethe distribution or, if no date is fixed, on the declaration date for the distribution. A due date isperiodic for receipts or disbursements that must be paid at regular intervals under a lease or anobligation to pay interest or if an entity customarily makes distributions at regular intervals.

Enacted by Chapter 285, 2004 General Session

State Codes and Statutes

Statutes > Utah > Title-22 > Chapter-03 > 22-3-302

22-3-302. Apportionment of receipts and disbursements when decedent dies orincome interest begins.
(1) A trustee shall allocate an income receipt or disbursement other than one to whichSubsection 22-3-201(1) applies to principal if its due date occurs before a decedent dies in thecase of an estate or before an income interest begins in the case of a trust or successive incomeinterest.
(2) A trustee shall allocate an income receipt or disbursement to income if its due dateoccurs on or after the date on which a decedent dies or an income interest begins and it is aperiodic due date. An income receipt or disbursement must be treated as accruing from day today if its due date is not periodic or it has no due date. The portion of the receipt or disbursementaccruing before the date on which a decedent dies or an income interest begins must be allocatedto principal and the balance must be allocated to income.
(3) An item of income or an obligation is due on the date the payer is required to make apayment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which Section 22-3-401 appliesare considered to be due on the date fixed by the entity for determining who is entitled to receivethe distribution or, if no date is fixed, on the declaration date for the distribution. A due date isperiodic for receipts or disbursements that must be paid at regular intervals under a lease or anobligation to pay interest or if an entity customarily makes distributions at regular intervals.

Enacted by Chapter 285, 2004 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-22 > Chapter-03 > 22-3-302

22-3-302. Apportionment of receipts and disbursements when decedent dies orincome interest begins.
(1) A trustee shall allocate an income receipt or disbursement other than one to whichSubsection 22-3-201(1) applies to principal if its due date occurs before a decedent dies in thecase of an estate or before an income interest begins in the case of a trust or successive incomeinterest.
(2) A trustee shall allocate an income receipt or disbursement to income if its due dateoccurs on or after the date on which a decedent dies or an income interest begins and it is aperiodic due date. An income receipt or disbursement must be treated as accruing from day today if its due date is not periodic or it has no due date. The portion of the receipt or disbursementaccruing before the date on which a decedent dies or an income interest begins must be allocatedto principal and the balance must be allocated to income.
(3) An item of income or an obligation is due on the date the payer is required to make apayment. If a payment date is not stated, there is no due date for the purposes of this chapter. Distributions to shareholders or other owners from an entity to which Section 22-3-401 appliesare considered to be due on the date fixed by the entity for determining who is entitled to receivethe distribution or, if no date is fixed, on the declaration date for the distribution. A due date isperiodic for receipts or disbursements that must be paid at regular intervals under a lease or anobligation to pay interest or if an entity customarily makes distributions at regular intervals.

Enacted by Chapter 285, 2004 General Session