Florida Statutes
Fla. Stat. § 738.404 (2025)
Principal receipts.
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738.404 Principal receipts.—A fiduciary shall allocate to principal:
(1) To the extent not allocated to income under this chapter, an asset received from any of the following:
(a) An individual during the individual’s lifetime.
(b) An estate.
(c) A trust on termination of an income interest.
(d) A payor under a contract naming the fiduciary as beneficiary.
(2) Except as otherwise provided in ss. 738.401-738.416, money or other property received from the sale, exchange, liquidation, or change in the form of a principal asset.
(3) An amount recovered from a third party to reimburse the fiduciary because of a disbursement described in s. 738.502(1) or for another reason to the extent not based on the loss of income.
(4) 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.
(5) Net income received in an accounting period during which there is no beneficiary to which a fiduciary may or must distribute income.