N.Y. Estates, Powers & Trusts Law Section 11-A-4.4
Principal receipts

§ 11-A-4.4 Principal receipts A trustee shall allocate to principal:

(1)

to the extent not allocated to income under this article, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;

(2)

money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this part;

(3)

amounts recovered from third parties to reimburse the trust because of disbursements described in subparagraph 11-A-5.2 (a)(7) or for other reasons to the extent not based on the loss of income;

(4)

proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;

(5)

net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and

(6)

other receipts as provided in subpart 3.

Source: Section 11-A-4.4 — Principal receipts, https://www.­nysenate.­gov/legislation/laws/EPT/11-A-4.­4 (updated Sep. 22, 2014; accessed May 18, 2024).

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Accessed:
May 18, 2024

Last modified:
Sep. 22, 2014

§ 11-A-4.4’s source at nysenate​.gov

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