Mississippi § 91-17-407 - Insurance policies and similar contracts.
Full text of Mississippi Mississippi Code of 1972 Annotated § 91-17-407 — Insurance policies and similar contracts., with citation guidance and answers to common questions.
§ 91-17-407. Insurance policies and similar contracts.
Except as otherwise provided in subsection (b), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss for damage to, destruction of, or loss of title to a trust asset. The trustee shall allocate dividends on an insurance policy to income if the premiums on the policy are paid from income, and to principal if the premiums are paid from principal. A trustee shall allocate to income proceeds of a contract that insures the trustee against loss of occupancy or other use by an income beneficiary, loss of income, or, subject to Section 91-17-403, loss of profits from a business. This section does not apply to a contract to which Section 91-17-409 applies.
Source: official Mississippi text · Last verified 2026-08-27
Frequently Asked Questions About Mississippi § 91-17-407
What does Mississippi Code of 1972 Annotated § 91-17-407 cover?
Section 91-17-407 ("Insurance policies and similar contracts.") is part of the Mississippi Code of 1972 Annotated, the codified statutory law of Mississippi. 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 Mississippi § 91-17-407?
A common citation format is "Mississippi Code of 1972 Annotated § 91-17-407" (Mississippi). 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 Mississippi law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Mississippi official source linked on this page or consult a licensed Mississippi attorney.
How does Mississippi § 91-17-407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Mississippi 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 Mississippi.