Vermont § 3342 - Apportionment of receipts and disbursements when decedent dies or income interest begins

§ 3342. Apportionment of receipts and disbursements when decedent dies or income interest begins

• (a) A trustee shall allocate an income receipt or disbursement other than one to which
  subdivision 3331(1) of this title applies to principal if its due date occurs before a decedent dies in the case of
  an estate or before an income interest begins in the case of a trust or successive
  income interest. (b) A trustee shall allocate an income receipt or disbursement to income if its due date
  occurs on or after the date on which a decedent dies or an income interest begins
  and it is a periodic due date. An income receipt or disbursement must be treated as
  accruing from day to day if its due date is not periodic or it has no due date. The
  portion of the receipt or disbursement accruing before the date on which a decedent
  dies or an income interest begins must be allocated to principal and the balance must
  be allocated to income. (c) An item of income or an obligation is due on the date the payer is required to make
  a payment. If a payment date is not stated, there is no due date for the purposes
  of this chapter. Distributions to shareholders or other owners from an entity to which
  section 3351 of this title applies are deemed to be due on the date fixed by the entity for determining who
  is entitled to receive the distribution or, if no date is fixed, on the declaration
  date for the distribution. A due date is periodic for receipts or disbursements that
  must be paid at regular intervals under a lease or an obligation to pay interest or
  if an entity customarily makes distributions at regular intervals. (Added 2011, No. 114 (Adj. Sess.), § 1.)