N.Y. Estates, Powers & Trusts Law § 11-a-3.2: Apportionment of receipts and disbursements when decedent

§ 11-A-3.2 Apportionment of receipts and disbursements when decedent

dies or income interest begins

(a) A trustee shall allocate an income receipt or disbursement other

than one to which paragraph 11-A-2.1 (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.

(b) 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.

(c) An item of income or an obligation is due on the date the payer is

required to make a payment. If a payment date is not stated, there is no

due date for the purposes of this article. Distributions to shareholders

or other owners from an entity to which 11-A-4.1 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.