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Chapter 469

Effective - 28 Aug 2004 bottom

  469.453.  Required disbursements from principal. — 1.  A trustee shall make the following disbursements from principal:

  (1)  The remaining one-half of the disbursements described in subdivisions (1) and (2) of section 469.451;

  (2)  All of the trustee's compensation calculated on principal as a fee for acceptance, distribution or termination, and disbursements made to prepare property for sale;

  (3)  Payments on the principal of a trust debt;

  (4)  Expenses of a proceeding or other matter that concerns primarily an interest in principal;

  (5)  Premiums paid on a policy of insurance not described in subdivision (4) of section 469.451 of which the trust is the owner and beneficiary;

  (6)  Estate, inheritance and other transfer taxes, including penalties, apportioned to the trust; and

  (7)  Extraordinary expenses incurred in connection with the management and preservation of trust property;

  (8)  Expenses for a capital improvement to a principal asset, whether in the form of changes to an existing asset or the construction of a new asset, including special assessments; and

  (9)  Disbursements related to environmental matters, including reclamation, assessing environmental conditions, remedying and removing environmental contamination, monitoring remedial activities and the release of substances, preventing future releases of substances, collecting amounts from persons liable or potentially liable for the costs of those activities, penalties imposed under environmental laws or regulations and other payments made to comply with those laws or regulations, statutory or common law claims by third parties, and defending claims based on environmental matters.

  2.  If a principal asset is encumbered with an obligation that requires income from that asset to be paid directly to the creditor, the trustee shall transfer from principal to income an amount equal to the income paid to the creditor in reduction of the principal balance of the obligation.


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

---- end of effective   28 Aug 2004 ----

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