§7-722. Distribution to residuary and remainder beneficiaries

Link to law: http://legislature.maine.gov/legis/statutes/18-A/title18-Asec7-722.html
Published: 2015

§7-722. Distribution to residuary and remainder beneficiaries








(a). 
 
Each beneficiary described in section 7-721, subsection (d) is entitled to receive
a portion of the net income equal to the beneficiary's fractional interest in undistributed
principal assets, using values as of the distribution date. If a fiduciary makes
more than one distribution of assets to beneficiaries to whom this section applies,
each beneficiary, including one who does not receive part of the distribution, is
entitled, as of each distribution date, to the net income the fiduciary has received
after the date of death or terminating event or earlier distribution date but has
not distributed as of the current distribution date.


[
2001, c. 544, §2 (NEW)
.]








(b). 
 
In determining a beneficiary's share of net income, the following rules apply.





(1). The beneficiary is entitled to receive a portion of the net income equal to the
beneficiary's fractional interest in the undistributed principal assets immediately
before the distribution date, including assets that later may be sold to meet principal
obligations. [2001, c. 544, §2 (NEW).]










(2). The beneficiary's fractional interest in the undistributed principal assets must
be calculated without regard to property specifically given to a beneficiary and property
required to pay pecuniary amounts not in trust. [2001, c. 544, §2 (NEW).]










(3). The beneficiary's fractional interest in the undistributed principal assets must
be calculated on the basis of the aggregate value of those assets as of the distribution
date without reducing the value by any unpaid principal obligation. [2001, c. 544, §2 (NEW).]










(4). The distribution date for purposes of this section may be the date as of which the
fiduciary calculates the value of the assets if that date is reasonably near the date
on which assets are actually distributed. [2001, c. 544, §2 (NEW).]







[
2001, c. 544, §2 (NEW)
.]








(c). 
 
If a fiduciary does not distribute all of the collected but undistributed net income
to each person as of a distribution date, the fiduciary shall maintain appropriate
records showing the interest of each beneficiary in that net income.


[
2001, c. 544, §2 (NEW)
.]








(d). 
 
A fiduciary may apply the rules in this section, to the extent that the fiduciary
considers it appropriate, to net gain or loss realized after the date of death or
terminating event or earlier distribution date from the disposition of a principal
asset if this section applies to the income from the asset.


[
2001, c. 544, §2 (NEW)
.]





SECTION HISTORY

2001, c. 544, §2 (NEW).
Read Entire Law on legislature.maine.gov