Section 22-3-404 - [Renumbered Effective 9/1/2024] Receipts not normally apportioned - Principal receiptsA fiduciary shall allocate to principal:
(1) to the extent not allocated to income under this chapter, an asset received from: (a) an individual during the individual's lifetime;(c) a trust on termination of an income interest; or(d) a payor under a contract naming the fiduciary as beneficiary;(2) except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset;(3) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 22-3-502(1) or for another reason to the extent not based on loss of income;(4) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the accounting period;(5) net income received in an accounting period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income; and(6) other receipts as provided in Part 3, Unitrust.Renumbered as § 75A-5-404 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 149, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 17, eff. 7/1/2020.Repealed and reenacted by Chapter 495, 2019 General Session ,§ 20, eff. 7/1/2020.Enacted by Chapter 285, 2004 General Session.