EPTL 11-A-4.7 — Legislation

Legislation Search OpenLegislation Statutes Search Term Search icon Search previous SECTION 11-A-4.6 Obligation to pay money up SUBPART 2 Receipts Not Normally Apportioned Viewing most recent revision (from 2014-09-22) View historical revision as of: -- Choose a Date -- 2014-09-22 Share Facebook Email SECTION 11-A-4.7 Insurance policies and similar contracts Estates, Powers & Trusts (EPT) CHAPTER 17-B, ARTICLE 11-A, PART 4, SUBPART 2 § 11-A-4.7 Insurance policies and similar contracts (a) Except as otherwise provided in paragraph (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. (b) 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 11-A-4.3, loss of profits from a business. (c) This section does not apply to a contract to which 11-A-4.9 applies.