RS 2144 - Income and principal distinguished
Receipts paid or delivered in return for the use of money or property forming a part of principal are income, unless this Sub-part expressly provides to the contrary.
Receipts paid or delivered as the consideration for the sale or other transfer of property forming a part of principal or as the replacement of property forming a part of principal are principal unless this Sub-part expressly provides to the contrary.
NOTE: §2144 as amended by Acts 2020, No. 17, eff. Jan. 1, 2021.
RS 2144 - Income and principal distinguished
Receipts paid or delivered in return for the use of property forming a part of principal are income, unless this Subpart expressly provides to the contrary.
Receipts paid or delivered in consideration for the sale or other transfer of property forming a part of principal or as the replacement of property forming a part of principal are principal unless this Subpart expressly provides to the contrary.
Acts 2020, No. 17, §1, eff. Jan. 1, 2021.