- 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 against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal.
- A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to § 28-4804.03, loss of profits from a business.
- This section does not apply to a contract to which § 28-4804.09 applies.
Historical and Statutory
Legislative History of Laws
For Law 13-292, see notes following § 28-4801.01.
This section is based upon § 407 of the Uniform Principal and Income Act (1997 Act). See 7B Uniform Laws Annotated, Master Edition, or ULA Database on Westlaw.
DC CODE § 28-4804.07
Current through December 11, 2012
(Apr. 27, 2001, D.C. Law 13-292, § 502(c), 48 DCR 2087.)