§ 11-A-3.2 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 paragraph 11-A-2.1 (1) 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 article. Distributions to shareholders
or other owners from an entity to which 11-A-4.1 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.