55-277.25 - Disbursements from income. - Virginia Statutes

§ 55-277.25. Disbursements from income.

A trustee shall make the following disbursements from income to the extentthat they are not disbursements to which subdivision 2 b or 2 c of § 55-277.5applies:

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 thedistribution of income, including interest, ordinary repairs, regularlyrecurring taxes assessed against principal, and expenses of a proceeding orother matter that concerns primarily the income interest; and

4. Recurring premiums on insurance covering the loss of a principal asset orthe loss of income from or use of the asset.

(1999, c. 975.)