Principal receipts

  1. Law
  2. Mississippi Code
  3. Trusts and Estates
  4. Mississippi Principal and Income Act of 2013
  5. Allocation of Receipts During Administration of Trust
  6. Principal receipts

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A trustee shall allocate to principal:

  1. To the extent not allocated to income under this chapter, 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 this article;
  3. Amounts recovered from third parties to reimburse the trust because of disbursements described in Section 91-17-502(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 of this article.


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