this is an outdated text: switch to the updated & improved dc code website
home, about

The DC Code: § 28-4804.06 Obligation to pay money.

Index28 Commercial Instruments and Transactions. (Refs & Annos)
a
An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income without any provision for amortization of premium.
b
A trustee shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the trustee more than one year after it is purchased or acquired by the trustee, including an obligation whose purchase price or value when it is acquired is less than its value at maturity. If the obligation matures within one year after it is purchased or acquired by the trustee, an amount received in excess of its purchase price or its value when acquired by the trust shall be allocated to income.
c
This section does not apply to an obligation to which § 28-4804.09, § 28-4804.10, § 28-4804.11, § 28-4804.12, § 28-4804.14, or § 28- 4804.15 applies.

Historical and Statutory

Legislative History of Laws For Law 13-292, see notes following § 28-4801.01. Uniform Law This section is based upon § 406 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw. DC CODE § 28-4804.06 Current through December 11, 2012

Credits

(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)