reglab/statecodes huggingface dataset:
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-413. Effect of transfer on death deed at transferor's death

§6-413. Effect of transfer on death deed at transferor's death
1.  Upon death of transferor.
Except as otherwise provided in the transfer on death deed, in this section or in section 2‑507, 2‑603, 2‑802 or 2‑805 or in Article 2, Part 2, on the death of the transferor, the following rules apply to property that is the subject of a transfer on death deed and owned by the transferor at death.
A. Subject to paragraph B, the interest in the property is transferred to the designated beneficiary in accordance with the deed.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. The interest of a designated beneficiary is contingent on the designated beneficiary surviving the transferor. The interest of a designated beneficiary that fails to survive the transferor lapses.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. Subject to paragraph D, concurrent interests are transferred to the beneficiaries in equal and undivided shares with no right of survivorship.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
D. If the transferor has identified 2 or more designated beneficiaries to receive concurrent interests in the property, the share of one that lapses or fails for any reason is transferred to the other or to the others in proportion to the interest of each in the remaining part of the property held concurrently.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Subject to all interests.
Subject to Title 33, section 201, a beneficiary takes the property subject to all conveyances, encumbrances, assignments, contracts, mortgages, liens and other interests to which the property is subject at the transferor's death. For purposes of this subsection and Title 33, section 201, the recording of the transfer on death deed is deemed to have occurred at the transferor's death.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Joint owner.
If a transferor is a joint owner and is:
A. Survived by one or more other joint owners, the property that is the subject of a transfer on death deed belongs to the surviving joint owner or owners with right of survivorship; or   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. The last surviving joint owner, the transfer on death deed is effective.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4.  No covenant or warranty of title.
A transfer on death deed transfers property without covenant or warranty of title even if the deed contains a contrary provision.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-414. Notice of death affidavit

§6-414. Notice of death affidavit
A beneficiary who takes under a transfer on death deed may file for recording in the registry of deeds in the county where the real property is located a notice of death affidavit to confirm title following the death of the transferor. The notice of death affidavit must contain the name and address, if known, of each beneficiary taking under the transfer on death deed, the street address of the property, the date of the transfer on death deed, the book and page number at which the transfer on death deed was recorded prior to the transferor's death, the name of the deceased transferor, the date and place of death and the name and address to which all future tax bills should be mailed. The affidavit must be notarized.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
After recording the notice of death affidavit, the register of deeds shall return the original affidavit to the person who filed it and mail a copy of the affidavit to the tax assessor of the municipality where the property is located.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
The filing of the notice of death affidavit is not a condition to the transfer of title.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-415. Disclaimer

§6-415. Disclaimer
A beneficiary may disclaim all or part of the beneficiary's interest as provided by Article 2, Part 9.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-416. Liability for creditor claims and statutory allowances

§6-416. Liability for creditor claims and statutory allowances
A beneficiary of a transfer on death deed is liable for an allowed claim against the transferor's probate estate and statutory allowances to a surviving spouse and children to the extent provided in section 6-102.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-419. Uniformity of application and construction

§6-419. Uniformity of application and construction
In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among the states that enact it.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-420. Relation to Electronic Signatures in Global and National Commerce Act

§6-420. Relation to Electronic Signatures in Global and National Commerce Act
This Part modifies, limits and supersedes the federal Electronic Signatures in Global and National Commerce Act, 15 United States Code, Section 7001, et seq., but does not modify, limit or supersede Section 101(c) of that Act, 15 United States Code, Section 7001(c), or authorize electronic delivery of any of the notices described in Section 103(b) of that Act, 15 United States Code, Section 7003(b).   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 6: NONPROBATE TRANSFERS ON DEATH › Part 4: UNIFORM REAL PROPERTY TRANSFER ON DEATH ACT › 18-C §6-421. Effective date (REPEALED)

§6-421. Effective date
(REPEALED)
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §10 (RP). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 1: POWERS OF TRUSTEES › 18-C §7-103. Qualification of foreign trustee

§7-103. Qualification of foreign trustee
A foreign corporate trustee is required to qualify as a foreign corporation doing business in this State if it maintains the principal place of administration of any trust within the State. A foreign cotrustee is not required to qualify in this State solely because its cotrustee maintains the principal place of administration in this State. Unless otherwise doing business in this State, local qualification by a foreign trustee, corporate or individual, is not required in order for the trustee to receive distribution from a local estate or to hold, invest in, manage or acquire property located in this State or maintain litigation. Nothing in this section affects a determination of what other acts require qualification as doing business in this State.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 2: COMMON TRUST FUNDS › 18-C §7-201. Definitions; establishment of common trust funds

§7-201. Definitions; establishment of common trust funds
1.  Definitions.
As used in this Part, unless the context otherwise indicates, the following terms have the following meanings.
A. "Common trust fund" means a trust or fund maintained by a bank or trust company exclusively for the collective investment or reinvestment of money contributed to the trust or fund by the bank or trust company, or an affiliated bank or trust company, as a fiduciary, including a trustee of a trust or fund for the primary purpose of paying employee benefits of any kind.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. "Fiduciary" includes a trustee, executor, administrator, guardian and custodian under a uniform transfers to minors act.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Common trust funds.
A bank or trust company qualified to act as fiduciary in this State may establish and operate common trust funds for the purpose of furnishing investments to itself as fiduciary or to itself and others as cofiduciaries, and for the purposes of furnishing investments to affiliated banks, within the meaning of Section 1504 of the Internal Revenue Code of 1986, acting for themselves and others as cofiduciaries, and the bank or trust company may, as the fiduciary or cofiduciary or acting for affiliated banks alone or with their cofiduciaries, invest funds lawfully held for investment in interests in common trust funds, if the investment is not prohibited by the instrument, judgment, decree or order creating the fiduciary relationship and if, in the case of cofiduciaries, the bank or trust company or affiliate procures the consent of its cofiduciaries to the investment. A person acting as a cofiduciary with the bank or trust company or affiliate is authorized to consent to the investment in the interests.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 2: COMMON TRUST FUNDS › 18-C §7-202. Court accountings

§7-202. Court accountings
Unless ordered by decree of the Superior Court, the bank or trust company operating common trust funds, referred to in this section as "the accountant," is not required to render a court accounting with regard to the funds, but the accountant may by petition to the Superior Court or the probate court in the county where the accountant has its principal place of business secure approval of the accounting on such conditions as the court may establish. Whenever a petition for the allowance of such an account is presented, the court having jurisdiction shall assign a time and place for hearing and shall cause public notice to be given by publication 3 weeks successively in a newspaper published in the county whose court has jurisdiction. In addition, the court shall, except to the extent as the several instruments creating the trusts participating in the common trust fund provide otherwise, order personal notice upon all known beneficiaries of the participating trust estates who have a place of residence known to the accountant. Personal notice to known beneficiaries having a place of residence known to the accountant must be made by a written notice deposited in the mails addressed to each known beneficiary at the known place of residence at least 14 days before the time of hearing, or by a written notice either in hand or left at the known place of residence 14 days at least before the time of hearing. The method of service and the form of the notice must be as the court orders. "Place of residence known to the accountant" as used in this section includes only places of residence actually known to the accountant and does not include residences that could be discovered upon investigation but do not in the due course of business come to the actual knowledge of the accountant. The allowance of an account is conclusive as to all matters shown in the account upon all persons then or thereafter interested in the funds invested in the common trust funds.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 2: COMMON TRUST FUNDS › 18-C §7-203. Application of Part

§7-203. Application of Part
This Part applies to fiduciary relationships in existence on September 1, 2019 or established after that date.   [PL 2019, c. 417, Pt. B, §11 (AMD).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §11 (AMD). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 3: BANK AND TRUST COMPANY NOMINEES › 18-C §7-301. Registration in name of nominees

§7-301. Registration in name of nominees
A state or national bank or trust company, when acting in this State as a fiduciary or cofiduciary with others, may with the consent of its cofiduciary or cofiduciaries, if any, who are authorized to give consent, cause an investment held in that capacity to be registered and held in the name of a nominee or nominees of the bank or trust company. The bank or trust company is liable for the acts of a nominee with respect to a registered investment. "Fiduciary" as used in this Part includes, but is not limited to, personal representatives, guardians, conservators, trustees, agents and custodians.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 3: BANK AND TRUST COMPANY NOMINEES › 18-C §7-302. Separate records

§7-302. Separate records
The records of a bank or trust company must at all times show the ownership of investments held in the name of nominees; such investments must be in the possession and control of the bank or trust company and must be kept separate and apart from the assets of the bank or trust company.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 3: BANK AND TRUST COMPANY NOMINEES › 18-C §7-303. Applicability of provisions

§7-303. Applicability of provisions
This Part governs fiduciaries and cofiduciaries acting under wills, agreements, court orders and other instruments existing on January 1, 1981 or made after that date. Nothing contained in this Part may be construed as authorizing a departure from or variation of the express words or limitations set forth in a will, agreement, court order or other instrument creating or defining the fiduciary's duties and powers.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 1: DEFINITIONS AND FIDUCIARY DUTIES › 18-C §7-401. Short title

§7-401. Short title
This Part may be cited as the "Uniform Principal and Income Act of 1997."   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 1: DEFINITIONS AND FIDUCIARY DUTIES › 18-C §7-403. Fiduciary duties; general principles

§7-403. Fiduciary duties; general principles
1.  Allocating receipts and disbursements.
In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of subparts 2 and 3, a fiduciary:
A. Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different provision in this Part;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. May administer a trust or estate by the exercise of a discretionary power of administration given to the fiduciary by the terms of the trust or the will, even if the exercise of the power produces a result different from a result required or permitted by this Part;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. Shall administer a trust or estate in accordance with this Part if the terms of the trust or the will do not contain a different provision or do not give the fiduciary a discretionary power of administration; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
D. Shall add a receipt or charge a disbursement to principal to the extent that the terms of the trust and this Part do not provide a method for allocating the receipt or disbursement to or between principal and income.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Fair and reasonable administration.
In exercising the power to adjust under section 7‑404, subsection 1 or a discretionary power of administration regarding a matter within the scope of this Part, whether granted by the terms of a trust, a will or this Part, a fiduciary shall administer a trust or estate impartially, based on what is fair and reasonable to all of the beneficiaries, except to the extent that the terms of the trust or the will clearly manifest an intention that the fiduciary favor or that the fiduciary may favor one or more of the beneficiaries. A determination in accordance with this Part is presumed to be fair and reasonable to all of the beneficiaries.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 3: APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST › 18-C §7-431. When right to income begins and ends

§7-431. When right to income begins and ends
1.  Beginning of income interest.
An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Asset subject to trust.
An asset becomes subject to a trust:
A. On the date it is transferred to the trust in the case of an asset that is transferred to a trust during the transferor's life;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. On the date of a testator's death in the case of an asset that becomes subject to a trust by reason of a will, even if there is an intervening period of administration of the testator's estate; or   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. On the date of an individual's death in the case of an asset that is transferred to a fiduciary by a 3rd party because of the individual's death.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Successive income interest.
An asset becomes subject to a successive income interest on the day after the preceding income interest ends, as determined under subsection 4, even if there is an intervening period of administration to wind up the preceding income interest.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4.  Ending of income interest.
An income interest ends on the day before an income beneficiary dies or another terminating event occurs or on the last day of a period during which there is no beneficiary to whom a trustee may distribute income.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 3: APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST › 18-C §7-432. Apportionment of receipts and disbursements when decedent dies or income interest begins

§7-432. Apportionment of receipts and disbursements when decedent dies or income interest begins
1.  Application to principal.
A trustee shall allocate an income receipt or disbursement other than one to which section 7‑421, subsection 1 applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Application to income.
A trustee shall allocate an income receipt or disbursement to income if its due date occurs on or after the date on which a decedent dies or an income interest begins and it is a periodic due date. An income receipt or disbursement must be treated as accruing from day to day if its due date is not periodic or it has no due date. The portion of the receipt or disbursement accruing before the date on which a decedent dies or an income interest begins must be allocated to principal and the balance must be allocated to income.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Due date.
An item of income or an obligation is due on the date the payor is required to make a payment. If a payment date is not stated, there is no due date for the purposes of this Part. Distributions to shareholders or other owners from an entity to which section 7‑441 applies are deemed to be due on the date fixed by the entity for determining who is entitled to receive the distribution or, if no date is fixed, on the declaration date for the distribution. A due date is periodic for receipts or disbursements that must be paid at regular intervals under a lease or an obligation to pay interest or if an entity customarily makes distributions at regular intervals.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 3: APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST › 18-C §7-433. Apportionment when income interest ends

§7-433. Apportionment when income interest ends
1.  Undistributed income.
As used in this section, "undistributed income" means net income received before the date on which an income interest ends. "Undistributed income" does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added to principal under the terms of the trust.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  End of mandatory income interest.
When a mandatory income interest ends, the trustee shall pay to a mandatory income beneficiary who survives that date, or the estate of a deceased mandatory income beneficiary whose death causes the interest to end, the beneficiary's share of the undistributed income that is not disposed of under the terms of the trust unless the beneficiary has an unqualified power to revoke more than 5% of the trust immediately before the income interest ends. In the latter case, the undistributed income from the portion of the trust that may be revoked must be added to principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Prorate final payment.
When a trustee's obligation to pay a fixed annuity or a fixed fraction of the value of the trust's assets ends, the trustee shall prorate the final payment to the extent required by applicable law to accomplish a purpose of the trust or its settlor relating to income, gift, estate or other tax requirements.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-442. Distribution from trust or estate

§7-442. Distribution from trust or estate
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases an interest in a trust that is an investment entity, or a decedent or donor transfers an interest in such a trust to a trustee, section 7‑441 or 7‑455 applies to a receipt from the trust.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-443. Business and other activities conducted by trustee

§7-443. Business and other activities conducted by trustee
1.  Separate accounting for business or other activity.
If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust's general accounting records, the trustee may maintain separate accounting records for its transactions, whether or not its assets are segregated from other trust assets.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Net receipts used for business or other activity.
A trustee who accounts separately for a business or other activity may determine the extent to which its net cash receipts must be retained for working capital, the acquisition or replacement of fixed assets and other reasonably foreseeable needs of the business or activity, and the extent to which the remaining net cash receipts are accounted for as principal or income in the trust's general accounting records. If a trustee sells assets of the business or other activity, other than in the ordinary course of the business or activity, the trustee shall account for the net amount received as principal in the trust's general accounting records to the extent the trustee determines that the amount received is no longer required in the conduct of the business.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Separate accounting records activities.
Activities for which a trustee may maintain separate accounting records include:
A. Retail, manufacturing, service and other traditional business activities;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. Farming;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. Raising and selling livestock and other animals;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
D. Management of rental properties;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
E. Extraction of minerals and other natural resources;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
F. Timber operations; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
G. Activities to which section 7-454 applies.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-444. Principal receipts

§7-444. Principal receipts
A trustee shall allocate to principal:   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1.  Assets received.
To the extent not allocated to income under this Part, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest or a payor under a contract naming the trust or its trustee as beneficiary;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Received from sale, exchange, liquidation or change in form of asset.
Money or other property received from the sale, exchange, liquidation or change in form of a principal asset, including realized profit, subject to this subpart;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Reimbursements because of disbursements.
Amounts recovered from 3rd parties to reimburse the trust because of disbursements described in section 7‑462, subsection 1, paragraph G or for other reasons to the extent not based on the loss of income;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4.  Proceeds of property taken by eminent domain.
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;
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
5.  Net income without beneficiary.
Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
6.  Other receipts.
Other receipts as provided in sections 7‑448 to 7‑455.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-445. Rental property

§7-445. Rental property
To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit or a deposit that is to be applied as rent for future periods, must be added to principal and held subject to the terms of the lease and is not available for distribution to a beneficiary until the trustee's contractual obligations have been satisfied with respect to that amount.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-446. Obligation to pay money

§7-446. Obligation to pay money
1.  Interest on obligation to pay money; allocate to income.
An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Amount received from sale, redemption or other disposition of obligation to pay money; allocate to principal.
A trustee shall allocate to principal an amount received from the sale, redemption or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust must be allocated to income.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Not applicable.
This section does not apply to an obligation to which section 7‑449, 7‑450, 7‑451, 7‑452, 7‑454 or 7‑455 applies.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-447. Insurance policies and similar contracts

§7-447. Insurance policies and similar contracts
1.  Trust, trustee as beneficiary; allocate to principal.
Except as otherwise provided in subsection 2, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Loss of occupancy, use, income, business profits; allocate to income.
A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income or, subject to section 7-443, loss of profits from a business.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Not applicable.
This section does not apply to a contract to which section 7-449 applies.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-448. Insubstantial allocations not required

§7-448. Insubstantial allocations not required
If a trustee determines that an allocation between principal and income required by section 7‑449, 7‑450, 7‑451, 7‑452 or 7‑455 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in section 7‑404, subsection 3 applies to the allocation. This power may be exercised by a cotrustee in the circumstances described in section 7‑404, subsection 4 and may be released for the reasons and in the manner described in section 7‑404, subsection 5. An allocation is presumed to be insubstantial if:   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
1.  Increase or decrease of less than 10%.
The amount of the allocation would increase or decrease net income in an accounting period, as determined before the allocation, by less than 10%; or
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Value of asset less than 10%.
The value of the asset producing the receipt for which the allocation would be made is less than 10% of the total value of the trust's assets at the beginning of the accounting period.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-450. Liquidating asset

§7-450. Liquidating asset
1.  Liquidating asset.
As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. "Liquidating asset" includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more than one year under an arrangement that does not provide for the payment of interest on the unpaid balance. "Liquidating asset" does not include a payment subject to section 7‑449, resources subject to section 7‑451, timber subject to section 7‑452, an activity subject to section 7‑454, an asset subject to section 7‑455 or any asset for which the trustee establishes a reserve for depreciation under section 7‑463.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Allocation.
A trustee shall allocate to income 10% of the receipts from a liquidating asset and the balance to principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-451. Minerals, water and other natural resources

§7-451. Minerals, water and other natural resources
1.  Allocation of receipts.
To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows:
A. If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
B. If received from a production payment, a receipt must be allocated to income if and to the extent that the agreement creating the production payment provides a factor for interest or its equivalent. The balance must be allocated to principal;   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
C. If an amount received as a royalty, shut-in-well payment, take-or-pay payment, bonus or delay rental is more than nominal, 90% must be allocated to principal and the balance to income; and   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
D. If an amount is received from a working interest or any other interest not provided for in paragraph A, B or C, 90% of the net amount received must be allocated to principal and the balance to income.   [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Allocation from interest in water.
An amount received on account of an interest in water that is renewable must be allocated to income. If the water is not renewable, 90% of the amount must be allocated to principal and the balance to income.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Timing of extractions.
This Part applies whether or not a decedent or donor was extracting minerals, water or other natural resources before the interest became subject to the trust.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
4.  Pre-2002 ownership.
If a trust owns an interest in minerals, water or other natural resources on January 1, 2002, the trustee may allocate receipts from the interest as provided in this Part or in the manner used by the trustee before January 1, 2002. If the trust acquires an interest in minerals, water or other natural resources after January 1, 2002, the trustee shall allocate receipts from the interest as provided in this Part.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-453. Property not productive of income

§7-453. Property not productive of income
1.  Income to obtain marital deduction.
If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under section 7‑404 and distributes to the spouse from principal pursuant to the terms of the trust are insufficient to provide the spouse with the beneficial enjoyment required to obtain the marital deduction, the spouse may require the trustee to make property productive of income, convert property within a reasonable time or exercise the power conferred by section 7‑404, subsection 1. The trustee may decide which action or combination of actions to take.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Proceeds otherwise are principal.
In cases not governed by subsection 1, proceeds from the sale or other disposition of an asset are principal without regard to the amount of income the asset produces during any accounting period.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-454. Derivatives and options

§7-454. Derivatives and options
1.  Derivative.
As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a rate, an index of prices or rates or other market indicator for an asset or a group of assets.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Allocation to principal.
To the extent that a trustee does not account under section 7-443 for transactions in derivatives, the trustee shall allocate to principal receipts from and disbursements made in connection with those transactions.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Options to buy or sell property; paid from or allocated to principal.
If a trustee grants an option to buy property from the trust, whether or not the trust owns the property when the option is granted, grants an option that permits another person to sell property to the trust or acquires an option to buy property for the trust or an option to sell an asset owned by the trust, and the trustee or other owner of the asset is required to deliver the asset if the option is exercised, an amount received for granting the option must be allocated to principal. An amount paid to acquire the option must be paid from principal. A gain or loss realized upon the exercise of an option, including an option granted to a settlor of the trust for services rendered, must be allocated to principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).
2023 Maine Revised Statutes › TITLE 18-C: PROBATE CODE › Article 7: TRUST ADMINISTRATION › Part 4: UNIFORM PRINCIPAL AND INCOME ACT OF 1997 › Subpart 4: ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST › 18-C §7-455. Asset-backed securities

§7-455. Asset-backed securities
1.  Asset-backed security.
As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. "Asset-backed security" includes an asset that gives the owner the right to receive from the collateral financial assets only the interest or other current return or only the proceeds other than interest or current return. The term does not include an asset to which section 7‑441 or 7‑449 applies.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
2.  Payment from interest or current return; allocate to income.
If a trust receives a payment from interest or other current return and from other proceeds of the collateral financial assets, the trustee shall allocate to income the portion of the payment that the payor identifies as being from interest or other current return and shall allocate the balance of the payment to principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
3.  Payments for trust's interest; allocate to income and principal.
If a trust receives one or more payments in exchange for the trust's entire interest in an asset-backed security in one accounting period, the trustee shall allocate the payments to principal. If a payment is one of a series of payments that will result in the liquidation of the trust's interest in the security over more than one accounting period, the trustee shall allocate 10% of the payment to income and the balance to principal.
[PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).]
SECTION HISTORY
PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. 417, Pt. B, §14 (AFF).