{"data":{"id":"us-ky/krs-386.462","jurisdiction":"us-ky","citation":"KRS 386.462","heading":"Apportionment of receipts and disbursements when decedent dies or","body":"income interest begins.\n(1) A trustee shall allocate an income receipt or disbursement other than one to which\nKRS 386.456(1) applies to principal if its due date occurs before a decede nt dies in\nthe case of an estate or before an income interest begins in the case of a trust or\nsuccessive income interest.\n(2) A trustee shall allocate an income receipt or disbursement to income if its due date\noccurs on or after the date on which a deced ent dies or an income interest begins\nand it is a periodic due date. An income receipt or disbursement shall be treated as\naccruing from day to day if its due date is not periodic or it has no due date. The\nportion of the receipt or disbursement accruing b efore the date on which a decedent\ndies or an income interest begins shall be allocated to principal and the balance shall\nbe allocated to income.\n(3) An item of income or an obligation is due on the date the payer is required to make\na payment. If a payme nt date is not stated, there is no due date for the purposes of\nKRS 386.450 to 386.504. Distributions to shareholders or other owners from an\nentity to which KRS 386.466 applies are deemed to be due on the date fixed by the\nentity for determining who is en titled to receive the distribution or, if no date is\nfixed, on the declaration date for the distribution. A due date is periodic for receipts\nor disbursements that shall be paid at regular intervals under a lease or an obligation\nto pay interest or if an entity customarily makes distributions at regular intervals.","path":["KRS Chapter 386"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=35923","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:59:16Z","sha256":"332cb731c5ae35b65b9173ebb9405b8ecd0de3eab6e9ef4f8fa4e7071f44dedf","source_id":"us-ky","stale":false,"prev":"us-ky/krs-386.460","next":"us-ky/krs-386.464"},"notice":"GroundRules: Original legal text. Not legal advice."}