California Probate Code

§ 16364

PROB § 16364 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 5

Statute text

(a)If a fiduciary makes or expects to make a principal disbursement described in subdivision (b), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future principal disbursements.

(b)To the extent a fiduciary has not been, and does not expect to be, reimbursed by a third party, principal disbursements to which subdivision (a) applies include all of the following:

(1)An amount chargeable to income but paid from principal because income is not sufficient.

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Legislative history

Repealed and added by Stats. 2023, Ch. 28, Sec. 2. (SB 522) Effective January 1, 2024.