Prob. Code, § 16354 · Article 4. Allocation of Receipts
Prob. Code, § 16354
Text — As published in the Legislative Counsel's database, tables dated October 18, 2026 (pubinfo_2025.zip)
(a) Except as otherwise provided in subdivision (b), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current return, and to principal the balance of the receipt.
(b) If a fiduciary receives one or more payments in exchange for part or all of the fiduciary’s interest in an asset-backed security, including a liquidation or redemption of the fiduciary’s interest in the security, the fiduciary shall allocate to income 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction, and to principal the balance of the receipts and disbursements.
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=16354.
- Text hash
- sha256 f6ec86a389aef3924167473101d7e9646dcdf91d043f77b947bf30f33ca065c6
- 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
Cited by 6 provisions
Provisions in this library whose text cites Prob. Code, § 16354. Each shows the citation as that text prints it.
Probate Code
- Prob. Code, § 16341Printed as Section 16340, 16354, or 16355
- Prob. Code, § 16342Printed as Section 16353, 16354, or 16355
- Prob. Code, § 16345Printed as Section 16348, 16349, 16350, 16351, 16353, 16354, or 16355
- Prob. Code, § 16347Printed as Section 16348, 16349, 16350, 16351, or 16354
- Prob. Code, § 16349Printed as Section 16340, 16348, 16350, 16351, 16353, 16354, 16355, or 16362
- Prob. Code, § 16355Printed as Sections 16353 and 16354
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.