GroundRules
N.C. Gen. Stat. § 37A-4-402: Distribution from trust or estate.
Where this section sits in the code
- Chapter 37A. Uniform Principal and Income Act.
- Article 4. Allocation of Receipts During Administration of Trust.
- Part 1. Receipts From Entities.
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 the 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 a trust to a trustee, G.S. 37A-4-401 or G.S. 37A-4-415 applies to a receipt from the trust. (2003-232, s. 2.)
Collected 2026-08-27T18:01:42Z. Source file · JSON