58-9-501. Disbursements from income. - Kansas Statutes

58-9-501

Chapter 58.--PERSONAL AND REAL PROPERTY Part 5.--ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST Article 9.--UNIFORM PRINCIPAL AND INCOME ACT (1997)

      58-9-501.   Disbursements from income.A trustee shallmake the following disbursements from income to the extent that they are notdisbursements to which subsection (2)(B) or (C) of K.S.A. 58-9-201andamendmentsthereto applies:

      (1)   One-half of the regular compensation of the trustee and of any personproviding investment advisory or custodial services to the trustee;

      (2)   one-half of all expenses for accountings, judicial proceedings, or othermatters that involve both the income and remainder interests;

      (3)   all of the other ordinary expenses incurred in connection with theadministration, management, or preservation of trust property and thedistributionof income, including interest, ordinary repairs, regularly recurring taxesassessedagainst principal, and expenses of a proceeding or other matter that concernsprimarily the income interest; and

      (4)   recurring premiums on insurance covering the loss of a principal assetor the loss of income from or use of the asset.

      History:   L. 2000, ch. 61, § 25; July 1.