N.Y. Estates, Powers & Trusts Law § 11-a-3.1: When right to income begins and ends

§ 11-A-3.1 When right to income begins and ends

(a) 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.

(b) An asset becomes subject to a trust:

(1) 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;

(2) 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

(3) on the date of an individual's death in the case of an asset that

is transferred to a fiduciary by a third party because of the

individual's death.

(c) An asset becomes subject to a successive income interest on the

day after the preceding income interest ends, as determined under

paragraph (d), even if there is an intervening period of administration

to wind up the preceding income interest.

(d) 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.