Skip to main content
Find a Lawyer

Utah Code Title 75A. Fiduciaries § 75A-5-407. Receipts not normally apportioned--Insurance policy or contract

Current as of January 01, 2025 | Updated by Findlaw Staff

(1) This section does not apply to a contract to which Section 75A-5-409 applies.

(2)(a) Except as otherwise provided in Subsection (3), a fiduciary shall allocate to principal the proceeds of a life insurance policy or other contract received by the fiduciary as beneficiary, including a contract that insures against damage to, destruction of, or loss of title to an asset.

(b) The fiduciary shall allocate dividends on an insurance policy:

(i) to income, to the extent premiums on the policy are paid from income; and

(ii) to principal, to the extent premiums on the policy are paid from principal.

(3) A fiduciary shall allocate to income proceeds of a contract that insures the fiduciary against loss of:

(a) occupancy or other use by a current income beneficiary;

(b) income; or

(c) subject to Section 75A-5-403, profits from a business.

Previous Part of Code Next Part of Code
Back to Chapter List

Cite this article: FindLaw.com - Utah Code Title 75A. Fiduciaries § 75A-5-407. Receipts not normally apportioned--Insurance policy or contract - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-75a-fiduciaries/ut-code-sect-75a-5-407/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

Was this helpful?

Welcome to FindLaw's Cases & Codes

A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw’s Learn About the Law.

Go to Learn About the Law

Latest Blog Posts

For Legal Professionals

Learn About The Law

Get help with your legal needs

FindLaw’s Learn About the Law features thousands of informational articles to help you understand your options. And if you’re ready to hire an attorney, find one in your area who can help.

Go to Learn About the Law

Need to Find an Attorney?

Search our directory by legal issue

Enter information in one or both fields (Required)

Copied to clipboard