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District of Columbia Official Code 2001 Edition. |
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Division V. Local Business Affairs. |
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Title 28. Commercial Instruments and Transactions. |
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Subtitle II. Other Commercial Transactions. |
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Chapter 48. Principal and Income; Uniform Law. |
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Subchapter IV. Allocation of Receipts During Administration of Trust. |
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Part B. Receipts Not Normally Apportioned.
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Current through October 23, 2012
(a) Except as otherwise provided in subsection (b) of this section, 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.
(b) 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 § 28-4804.03, loss of profits from a business.
(c) This section does not apply to a contract to which § 28-4804.09 applies.
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)
HISTORICAL AND STATUTORY NOTES
Legislative History of Laws
For Law 13-292, see notes following § 28-4801.01.
Uniform Law
This section is based upon § 407 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
