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  469.457.  Principal disbursement, permitted transfers. — 1.  If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements.

  2.  Principal disbursements to which subsection 1 of this section applies include the following, but only to the extent that the trustee has not been and does not expect to be reimbursed by a third party:

  (1)  An amount chargeable to income but paid from principal because it is unusually large, including extraordinary repairs;

  (2)  Disbursements made to prepare property for rental, including tenant allowances, leasehold improvements, and broker's commissions;

  (3)  Periodic payments on an obligation secured by a principal asset to the extent that the amount transferred from income to principal for depreciation is less than the periodic payments; and

  (4)  Disbursements described in subdivision (7) of subsection 1 of section 469.453.

  3.  If the asset whose ownership gives rise to the disbursements becomes subject to a successive income interest after an income interest ends, a trustee may continue to transfer amounts from income to principal as provided in subsection 1 of this section.


(L. 2001 H.B. 241)

< end of effective 28 Aug 2001 >

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