A fiduciary shall allocate to principal: (1) to the extent not allocated to income under this chapter, an asset received from: (a) an individual during the individual's lifetime; (b) an estate; (c) a trust on termination of an income interest; or (d) a payor under a contract naming the fiduciary as beneficiary; (2) except as otherwise provided in this part, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset; (3) an amount recovered from a third party to reimburse the fiduciary because of a disbursement described in Subsection 75A-5-502(1) or for another reason to the extent not based on loss of income; (4) proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the accounting period; (5) net income received in an accounting period during which there is no beneficiary to which a fiduciary is permitted or required to distribute income; and (6) other receipts as provided in Part 3, Unitrust. Renumbered and Amended by Chapter 364, 2024 General Session
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