58-9-301. When right to income begins and ends. - Kansas Statutes

58-9-301

Chapter 58.--PERSONAL AND REAL PROPERTY Part 3.--APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)

      58-9-301.   When right to income begins andends.(a) An income beneficiary is entitled to net income from thedate on whichthe income interest begins. An income interest begins on the date specified intheterms of the trust or, if no date is specified, on the date an asset becomessubject toa trust or successive income interest.

      (b)   An asset becomes subject to a trust:

      (1)   On the date it is transferred to the trust in the case of an asset thatistransferred to a trust during the transferor's life;

      (2)   on the date of a testator's death in the case of an asset thatbecomessubject to a trust by reason of a will, even if there is an intervening periodofadministration of the testator's estate; or

      (3)   on the date of an individual's death in the case of an asset that istransferred to a fiduciary by a third party because of the individual's death.

      (c)   An asset becomes subject to a successive income interest on the dayafter the preceding income interest ends, as determined under subsection (d),evenif there is an intervening period of administration to wind up the precedingincomeinterest.

      (d)   An income interest ends on the day before an income beneficiary dies oranother terminating event occurs, or on the last day of a period during whichthereis no beneficiary to whom a trustee may distribute income.

      History:   L. 2000, ch. 61, § 7; July 1.