Section 22-3-702 - [Renumbered Effective 9/1/2024] Apportionment of receipts and disbursements when decedent dies or income interest begins(1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which Subsection 22-3-601(2) applies, to principal if the due date of the income receipt or disbursement occurs before the date on which: (a) for an estate, the decedent died; or(b) for a trust or successive interest, an income interest begins.(2) If the due date of a periodic income receipt or disbursement occurs on or after the date on which a decedent died or an income interest begins, a fiduciary shall allocate the receipt or disbursement to income.(3) If an income receipt or disbursement is not periodic or has no due date, a fiduciary shall: (a) treat the receipt or disbursement under this section as accruing from day to day; and(b) allocate: (i) to principal, the portion of the receipt or disbursement accruing before the date on which a decedent died or an income interest begins; and(ii) to income, the balance.(4) A receipt or disbursement is periodic under Subsections (2) and (3) if: (a) the receipt or disbursement shall be paid at regular intervals under an obligation to make payments; or(b) the payor customarily makes payments at regular intervals.(5)(a) An item of income or obligation is due under this section on the date on which the payor is required to make a payment.(b) If a payment date is not stated, there is no due date.(6) Distributions to shareholders or other owners from an entity to which Section 22-3-401 applies are due: (a) on the date fixed by or on behalf of the entity for determining the persons entitled to receive the distribution;(b) if no date is fixed, on the date of the decision by or on behalf of the entity to make the distribution; or(c) if no date is fixed and the fiduciary does not know the date of the decision by or on behalf of the entity to make the distribution, on the date the fiduciary learns of the decision.Renumbered as § 75A-5-702 by Chapter (number not assigned at time of publication), 2024 General Session ,§ 172, eff. 9/1/2024.Amended by Chapter 348, 2020 General Session ,§ 31, eff. 7/1/2020.Added by Chapter 495, 2019 General Session ,§ 43, eff. 7/1/2020.