{"data":{"id":"us-nd/n.d.-cent.-code-59-04.2-26","jurisdiction":"us-nd","citation":"N.D. Cent. Code § 59-04.2-26","heading":"(503) Transfers from income to principal for depreciation","body":"1.In this section, \"depreciation\" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year.\n2.A trustee may transfer to principal a reasonable amount of the net cash receipts from a principal asset that is subject to depreciation, but may not transfer any amount for depreciation:\na.Of that portion of real property used or available for use by a beneficiary as a residence or of tangible personal property held or made available for the personal use or enjoyment of a beneficiary;\nb.During the administration of a decedent's estate; or\nc.Under this section if the trustee is accounting under section 59-04.2-11 for the business or activity in which the asset is used.\n3.An amount transferred to principal need not be held as a separate fund.","path":["Title 59 Trusts","Chapter 59-04.2 Uniform Principal And Income Act (1997)"],"source_url":"https://ndlegis.gov/cencode/t59c04-2.pdf","current_through":"2026-07-31T11:12:02","vintage":"","retrieved_at":"2026-09-02T21:04:14Z","sha256":"c4e2846b47912d70b8e2d01ece50f777a723c115cd3ca011f15d01ccc96bb84b","source_id":"us-nd","stale":true,"prev":"us-nd/n.d.-cent.-code-59-04.2-25","next":"us-nd/n.d.-cent.-code-59-04.2-27"},"notice":"GroundRules: Original legal text. Not legal advice."}