California Probate Code

§ 16371

PROB § 16371 Effective Jan 1, 2024Div. 9 · Part 4 · Ch. 3 · Art. 6

Statute text

(a)Except to the extent that Article 3 (commencing with Section 16330) applies for a beneficiary that is a trust, each beneficiary described in subdivision (f) of Section 16370 is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than one distribution of assets to beneficiaries to which this section applies, each beneficiary, including a beneficiary that does not receive part of the distribution, is entitled, as of each distribution date, to a share of the net income the fiduciary received after the decedent’s death, an income interest’s other terminating event, or the preceding distribution by the fiduciary.

(b)In determining a beneficiary’s share of net income under subdivision (a), the following rules apply:

(1)The beneficiary is entitled to receive a share of the net income equal to the beneficiary’s fractional interest in the undistributed principal assets immediately before the distribution date.

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Legislative history

Repealed and added by Stats. 2023, Ch. 28, Sec. 2.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