California § 16354 - Except as otherwise provided in subdivision (b), a fiduciary shall allocate to in
Full text of California Public Contract Code - PCC § 16354 — Except as otherwise provided in subdivision (b), a fiduciary shall allocate to in, with citation guidance and answers to common questions.
§ 16354. Except as otherwise provided in subdivision (b), a fiduciary shall allocate to in
(a) Except as otherwise provided in subdivision (b), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt. (b) If a fiduciary receives one or more payments in exchange for part or all of the fiduciaryâs interest in an asset-backed security, including a liquidation or redemption of the fiduciaryâs interest in the security, the fiduciary shall allocate to income 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction, and to principal the balance of the receipts and disbursements.
Source: official California text · Last verified 2026-08-27
Frequently Asked Questions About California § 16354
What does Public Contract Code - PCC § 16354 cover?
Section 16354 ("Except as otherwise provided in subdivision (b), a fiduciary shall allocate to in") is part of the Public Contract Code - PCC, the codified statutory law of California. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite California § 16354?
A common citation format is "Public Contract Code - PCC § 16354" (California). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of California law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the California official source linked on this page or consult a licensed California attorney.
How does California § 16354 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in California can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in California.