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ARTICLE 75B

ARTICLE 75B.

PRINCIPAL AND INCOME.

	1. Definitions.	6. Premium, discount bonds and ground
	2. Powers of settlor.	rents.
	3. Disposition of income and principal.	7. Expenses — trust estates.
	4. Apportionment of income.	8. Expenses — non-trust estates.
	5. Corporate dividends and share rights.	9. Uniformity of interpretation.
		10. Application of Article.

1939, ch. 580, sec. 1.

1. (Definitions of Terms.) "Principal" as used in this article means
any realty or personalty which has been so set aside or limited by the owner
thereof or a person thereto legally empowered that it and any substitutions
for it are eventually to be conveyed, delivered or paid to a person, while the
return therefrom or use thereof or any part of such return or use is in the
meantime to be taken or received by or held for accumulation for the same
or another person.

"Income" as used in this article means the return derived from principal.

"Tenant" as used in this article means the person or persons to whom
income is presently or currently payable, or for whom it is accumulated or
who is or are entitled to the beneficial use of the principal presently and for
a time prior to its distribution.

"Remainderman" as used in this article means the person or persons
ultimately entitled to the principal, whether named or designated by the
terms of the transaction by which the principal was established or de-
termined by operation of law.

"Trustee", as used in this article includes the original trustee or trustees
of any trust to which the principal may be subject and also any succeeding
or added trustee or trustees.

1939, ch. 580, sec. 2.

2. (Application of Article subject to Powers of Settlor.) Subject to
the provisions of Section 10, this Article shall govern the ascertainment of
income and principal, and the apportionment of receipts and expenses be-
tween tenants and remaindermen, in all cases where a principal has been
established with, or unless otherwise stated hereinafter, without the inter-
position of a trust; except that in the establishment of the principal pro-
vision may be made touching all matters covered by this Article, and the
person establishing the principal may so himself direct the manner of
ascertainment of income and principal and the apportionment of receipts
and expenses or grant discretion to the trustee or other person to do so, and
such provision and direction, where not otherwise contrary to law, shall
control notwithstanding this Article.

1939, ch. 580, sec. 3.

3. (Income and Principal—Disposition.)

(1) All receipts of money or other property paid or delivered as rent
of realty or hire of personalty or dividends on corporate shares payable