555.701 Income interest; beginning and ending date; conditions. Sec. 301. (1) 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 […]
555.702 Allocation of income receipt or disbursement; occurrence of due date; accrual. Sec. 302. (1) Except as provided in section 201(a), a trustee shall allocate an income receipt or disbursement to principal if its due date occurs before the decedent dies in the case of an estate or before an income interest begins in the […]
555.703 Undistributed income. Sec. 303. (1) As used in this section, “undistributed income” means net income received before the date on which an income interest ends. Undistributed income does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added […]
