22-3-301 - When right to income begins and ends.

22-3-301. When right to income begins and ends.
(1) An income beneficiary is entitled to net income from the date on which the incomeinterest begins. An income interest begins on the date specified in the terms of the trust or, if nodate is specified, on the date an asset becomes subject to a trust or successive income interest.
(2) An asset becomes subject to a trust:
(a) on the date it is transferred to the trust in the case of an asset that is transferred to atrust during the transferor's life;
(b) on the date of a testator's death in the case of an asset that becomes subject to a trustby reason of a will, even if there is an intervening period of administration of the testator's estate;or
(c) on the date of an individual's death in the case of an asset that is transferred to afiduciary by a third party because of the individual's death.
(3) An asset becomes subject to a successive income interest on the day after thepreceding income interest ends, as determined under Subsection (4), even if there is anintervening period of administration to wind up the preceding income interest.
(4) An income interest ends on the day before an income beneficiary dies or anotherterminating event occurs, or on the last day of a period during which there is no beneficiary towhom a trustee may distribute income.

Enacted by Chapter 285, 2004 General Session