PART III. THE INTEREST OF THE BENEFICIARY
SUBPART A. THE INTEREST OF THE INCOME BENEFICIARY
§1961. Nature of the interest
A. An interest in income may be given absolutely or conditionally. It may be given for the life of a beneficiary or for a term, certain or uncertain, not exceeding the life of a beneficiary.
B. A settlor may allocate to a beneficiary of income a portion of income. Any income not allocated to an income beneficiary shall be allocated to principal.
C. Except as otherwise provided with respect to the legitime in trust, a settlor may give a trustee who is not a beneficiary of the trust discretion to allocate income in different amounts among the income beneficiaries or to allocate some or all of the income to principal. The settlor may allow income that is not allocated by the end of the year in which it is received to remain unallocated by the trustee until a future year. Any income unallocated when the trust terminates shall be allocated to principal.
Acts 1997, No. 767, §1; Acts 2001, No. 594, §2.
Notes of Decisions
Cited in
5
cases, 1980–2008 · leading case:
Thomas v. Kneipp, 986 So. 2d 175 (La. Ct. App. 2008).
Thomas v. Kneipp, 986 So. 2d 175 (La. Ct. App. 2008).
· cites it 3× “R.S. 9:1961 mandated that the non-disbursed income be allocated to the five principal accounts of the principal beneficiaries.”
Bridges v. Autozone Props., Inc., 900 So. 2d 784 (La. 2005).
“R.S. 9:1961, et seq. A principal beneficiary is a beneficiary presently, conditionally, or ultimately entitled to principal.”
Succession of Lichtentag, 391 So. 2d 1382 (La. Ct. App. 1980).
“However R.S. 9:1961 provides that an interest in income may be given absolutely or conditionally.”
Succession of Fellman, 698 So. 2d 477 (La. Ct. App. 1997).
· cites it 2× “R.S. 9:1961 allows a settlor to "limit the interest of a beneficiary of income to a portion of income determinable under an objective standard established in the trust instrument.”
Succession of Logan, 384 So. 2d 830 (La. Ct. App. 1980).
“” The Code speaks of income interest in trust, R.S. 9:1961, et seq., as well as interest in the principal of the trust without an interest in income, R.”
La. Rev. Stat. § 9:1961(c): 1 case
Thomas v. Kneipp, 986 So. 2d 175 (La. Ct. App. 2008).
“R.S. 9:1961 mandated that the non-disbursed income be allocated to the five principal accounts of the principal beneficiaries.”
Annotations are extracted automatically from the opinions in the
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treatment. Dots show Syfertize treatment of the citing case itself.