Prob. Code, § 16343 · Article 4. Allocation of Receipts
Prob. Code, § 16343
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
A fiduciary shall allocate to principal any of the following:
(a) To the extent not allocated to income under this chapter, an asset received from any of the following:
(1) An individual, during the individual’s lifetime.
(2) An estate.
(3) A trust, on termination of an income interest.
(4) A payor under a contract naming the fiduciary as beneficiary.
(b) Except as otherwise provided in this article, money or other property received from the sale, exchange, liquidation, or change in form of a principal asset.
(c) An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in subdivision (a) of Section 16361, or for another reason to the extent not based on loss of income.
(d) Proceeds of property taken by eminent domain, except that proceeds awarded for loss of income in an accounting period are income if a current income beneficiary had a mandatory income interest during the period.
(e) Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or shall distribute income.
(f) Other receipts as provided in Article 3 (commencing with Section 16330).
Notes and commentary — not statutory text
History
Added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.
Source of truth
- Edition
- As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
- Official file
- https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB§ionNum=16343.
- Text hash
- sha256 249e6a49536f9acaa0e4f1266b06e58bcfd8278dc637f9add331ad2eef3e5006
- Composed by
- compose_ca.py 2026-10-22: the Legislative Counsel's CAML content files read by a tokenizer (caml_readers.reader_a); an independent xml.etree reading (caml_readers.reader_b) agrees on every section
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.