469.419. Trustee to allocate income receipt or disbursement, when. - Missouri Statutes

Trustee to allocate income receipt or disbursement, when.

469.419. 1. A trustee shall allocate an income receipt ordisbursement other than one to which subdivision* (1) of section 469.413applies to principal if its due date occurs before a decedent dies in thecase of an estate or before an income interest begins in the case of atrust or successive income interest.

2. A trustee shall allocate an income receipt or disbursement toincome if its due date occurs on or after the date on which a decedent diesor an income interest begins and it is a periodic due date. An incomereceipt or disbursement shall be treated as accruing from day to day if itsdue date is not periodic or it has no due date. The portion of the receiptor disbursement accruing before the date on which a decedent dies or anincome interest begins shall be allocated to principal and the balanceshall be allocated to income.

3. An item of income or an obligation is due on the date a payment isrequired. If a payment date is not stated, there is no due date for thepurposes of sections 469.401 to 469.467. Distributions to shareholders orother owners from an entity to which section 469.423 applies are deemed tobe due on the date fixed by the entity for determining who is entitled toreceive the distribution or, if no date is fixed, on the declaration datefor the distribution. A due date is periodic for receipts or disbursementsthat shall be paid at regular intervals under a lease or an obligation topay interest or if an entity customarily makes distributions at regularintervals.

(L. 2001 H.B. 241, A.L. 2004 H.B. 1511)

*Word "subsection" appears in original rolls.