§ 61-407. Insurance policies and similar contracts.
§ 61-407. Insurance policies and similar contracts. (a) Except as otherwise provided in subsection (b) of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee […]
§ 61-408. Insubstantial allocations not required.
§ 61-408. Insubstantial allocations not required. If a trustee determines that an allocation between principal and income required by § 61-409, § 61-410, § 61-411, § 61-412 or § 61-415 of this title is insubstantial, the trustee may allocate the entire amount to principal unless 1 of the circumstances described in § 61-104(c) of this […]
§ 61-409. Deferred compensation, annuities, and similar payments.
§ 61-409. Deferred compensation, annuities, and similar payments. (a) In this section: (1) “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of 1 or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes […]
§ 61-410. Liquidating asset.
§ 61-410. Liquidating asset. (a) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than 1 year […]
§ 61-411. Minerals, water and other natural resources.
§ 61-411. Minerals, water and other natural resources. (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must […]