Prob. Code, § 16345 · Article 4. Allocation of Receipts
Prob. Code, § 16345
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) This section does not apply to an obligation to which Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355 applies.
(b) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.
(c) A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.
Notes and commentary — not statutory text
History
Repealed and added by Stats. 2023, Ch. 28, Sec. 2.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=16345.
- Text hash
- sha256 2436a522f3e70e6a4d0f5967f620094c2fbd0a7cf7f8515e0c93484b18cf2abf
- 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.
Probate Code
- Prob. Code, § 16348Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16349Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16350Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16351Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16353Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16354Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16355Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
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.