Florida § 738.404 - Principal receipts.
Full text of Florida Florida Statutes § 738.404 — Principal receipts., with citation guidance and answers to common questions.
§ 738.404. Principal receipts.
A fiduciary shall allocate to principal: (1) To the extent not allocated to income under this chapter, an asset received from any of the following: (a) An individual during the individual’s lifetime. (b) An estate. (c) A trust on termination of an income interest. (d) A payor under a contract naming the fiduciary as beneficiary. (2) Except as otherwise provided in ss. 738.401-738.416, money or other property received from the sale, exchange, liquidation, or change in the form of a principal asset. (3) An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in s. 738.502(1) or for another reason to the extent not based on the loss of income. (4) Proceeds of property taken by eminent domain except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period. (5) Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income. (6) Other receipts as provided in ss. 738.408-738.416.
Frequently Asked Questions About Florida § 738.404
What does Florida Statutes § 738.404 cover?
Section 738.404 ("Principal receipts.") is part of the Florida Statutes, the codified statutory law of Florida. 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 Florida § 738.404?
A common citation format is "Florida Statutes § 738.404" (Florida). 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 Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 738.404 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida 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 Florida.