The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
004
:
ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST
(Cite as: 14 V.S.A. § 3354)
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§ 3354. Principal receipts
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 chapter;
(3) amounts recovered from third parties to reimburse the trust because of disbursements
described in subdivision 3372(a)(7) of this title 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 sections 3358-3365 of this title. (Added 2011, No. 114 (Adj. Sess.), § 1.)