CHAPTER 2.6. Legal Estates Principal and Income Law
Chapter 2.6 added by Stats. 1968, Ch. 193.
§§ 731–731.15 · 16 sections
- § 731 This chapter may be cited as the Legal Estates Principal and Income Law.
- § 731.01 Nothing in this chapter shall affect the provisions of the Personal Income Tax Law and the Bank and Corporation Tax Law.
- § 731.02 This chapter shall apply to all transactions by which a principal was established without the interposition of a trust on or after September 13, 1941, or is…
- § 731.03 (a) “Principal” as used in this chapter means any realty or personalty which has been so set aside or limited by the owner thereof or a person thereto legally…
- § 731.04 This chapter shall govern the ascertainment of income and principal and the apportionment of receipts and expenses between tenants and remaindermen in all…
- § 731.05 (a) All receipts of money or other property paid or delivered as rent of realty or hire of personalty, or interest on money loaned, or interest on or the…
- § 731.06 Whenever a tenant’s right to income shall cease by death, or in any other manner, all payments theretofore actually paid to the tenant shall belong to the…
- § 731.07 (a) All dividends on shares of a corporation forming a part of the principal which are payable (1) In shares of the declaring corporation of the same kind and…
- § 731.08 Where any part of the principal consists of bonds or other obligations for the payment of money, they shall be deemed principal at their inventory value as…
- § 731.09 (a) Whenever a tenant is authorized by the terms of the transaction by which the principal was established or by law, to use any part of the principal in the…
- § 731.10 Where any part of the principal consists of animals employed in business, the provisions of Section 731.09 shall apply; and in other cases where the animals…
- § 731.11 (a) Where any part of the principal consists of property in lands from which may be taken timber, minerals, oils, gas, or other natural resources, and the…
- § 731.12 Where any part of the principal consists of property subject to depletion, such as leaseholds, patents, copyrights, and royalty rights, and the tenant in…
- § 731.13 (a) Where any part of a principal in the possession of a tenant consists of realty or personalty which for more than a year and until disposed of as…
- § 731.14 (a) Where any part of the principal in possession of the tenant consists of an obligation for the payment of money secured by a mortgage or other hypothecation…
- § 731.15 (a) All ordinary expenses incurred in connection with the principal or with its administration and management, including regularly recurring taxes assessed…