RS 9:2142 Allocation to beneficiaries of income and principal - Louisiana Statutes

§2142.  Allocation to beneficiaries of income and principal

A trust receipt shall be credited, or an expenditure charged, to income or principal or partly to each:

(1)  In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart; or

(2)  In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument; or

(3)  If no rule is provided in the trust instrument or this Subpart, entirely to principal.

Acts 1989, No. 114, §1; Acts 2001, No. 520, §2.