New Mexico § 46-3A-404 - Principal receipts

§ 46-3A-404. Principal receipts

A trustee shall allocate to principal: (1) to the extent not allocated to income under the Uniform Principal and Income Act,

assets received from a transferor during the transferor's lifetime, a decedent's estate,

a trust with a terminating income interest or a payer under a contract naming the

trust or its trustee as beneficiary; (2) money or other property received from the sale, exchange, liquidation or change

in form of a principal asset, including realized profit, subject to Article 4; (3) amounts recovered from third parties to reimburse the trust because of disbursements

described in Section 502(a)(7) or for other reasons to the extent not based on the

loss of income; (4) proceeds of property taken by eminent domain, but a separate award made for the

loss of income with respect to an accounting period during which a current income

beneficiary had a mandatory income interest is income; (5) net income received in an accounting period during which there is no beneficiary

to whom a trustee may or must distribute income; and (6) other receipts as provided in Part 3.