§2142. Allocation to beneficiaries of income and principal
A trust receipt shall be credited, or an expenditure charged, to income or principal or partly to each:
(1) In accordance with the terms of the trust instrument, including any provision giving the trustee discretion, notwithstanding contrary provisions of this Subpart; or
(2) In accordance with the provisions of this Subpart, in the absence of contrary provisions of the trust instrument; or
(3) If no rule is provided in the trust instrument or this Subpart, entirely to principal.
Acts 1989, No. 114, §1; Acts 2001, No. 520, §2.
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