Mandatory income interest definition

Mandatory income interest means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.
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Mandatory income interest means the right of an income
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Mandatory income interest means the right of a current income
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Examples of Mandatory income interest in a sentence

  • Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.[PL 2017, c.

  • Mandatory income interest in QTIP Trust – creditors may be able to reach income once distributed --more exposed to creditors than a totally discretionary by-pass trust3.

  • The share capital of the Transferor Company 1 as per the unaudited balance sheet as on 30 June 2021 is as under: ParticularsAmount (INR)Authorized Capital 70,00,000 Equity Shares of INR 10/- each7,00,00,000Total7,00,00,000Issued and Paid-up Capital 26,72,545 Equity Shares of INR 10/- each, fully paid up2,67,25,450Total2,67,25,450 Subsequent to 30 June 2021, there has been no change in the share capital of Transferor Company 1.

  • Mandatory income interest" means the right of an income beneficiary to receive net income that the terms of the trust require the fiduciary to distribute.[ 2017, c.

  • As used in this chapter, "income interest" means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it tobe distributed or authorize it to be distributed in the trustee's discretion.As added by P.L.84-2002, SEC.2. IC 30-2-14-7 "Mandatory income interest" definedSec.


More Definitions of Mandatory income interest

Mandatory income interest means the right of a
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Mandatory income interest means the right of an income beneficiary to receive net income that the
Sample 1Sample 2Sample 3
Mandatory income interest means the right of an income beneficiary to receive
Sample 1Sample 2Sample 3
Mandatory income interest means the right of a current income beneficiary to
Sample 1Sample 2Sample 3
Mandatory income interest means the right of a current income beneficiary to receive net income
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Mandatory income interest means the right of an income beneficiary to receive net 2247 income that the trust provisions require the fiduciary to distribute. 2248 (8) 'Net income' means the total receipts allocated to income during an accounting period 2249 minus the disbursements made from income during the period, plus or minus transfers 2250 under this article to or from income during the period. 2251 (9) 'Person' means an individual, corporation, business trust, estate, trust, partnership, 2252 limited liability company, association, joint venture, or government; a governmental 2253 subdivision, agency, or instrumentality; a public corporation; or any other legal or 2254 commercial entity. 2255 (10) 'Principal' means property held in trust for distribution to a remainder beneficiary 2256 when the trust terminates. 2257 (11) 'Terms of the trust' means the manifestation of the intent of a settlor or decedent 2258 with respect to the trust, expressed in a manner that admits of its proof in a judicial 2259 proceeding. 2260 (12) 'Trustee' includes an original, additional, or successor trustee, whether or not 2261 appointed or confirmed by a court.
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Related to Mandatory income interest

  • Income interest means the right of an income beneficiary to receive all or part of net income, whether the terms of the trust require it to be distributed or authorize it to be distributed in the trustee's discretion.

  • Interest Account means the Account within the Debt Service Fund so designated and established by Article V hereof.

  • Capitalized Interest Account The separate Eligible Account designated as such and created and maintained by the Trustee pursuant to Section 3.05(h) hereof. The Capitalized Interest Account shall be treated as an "outside reserve fund" under applicable Treasury regulations and shall not be part of any REMIC. Except as provided in Section 3.05(h) hereof, any investment earnings on the amounts on deposit in the Capitalized Interest Account shall be treated as owned by the Depositor and will be taxable to the Depositor.

  • Interest Accrual Period means the period beginning on (and including) the Interest Commencement Date and ending on (but excluding) the first Interest Period Date and each successive period beginning on (and including) an Interest Period Date and ending on (but excluding) the next succeeding Interest Period Date.

  • Note Interest Distributable Amount means, with respect to any Payment Date and a Class of Notes, the sum of the Note Monthly Interest Distributable Amount for such Payment Date and the Note Interest Carryover Shortfall for such Class of Notes. For all purposes of this Agreement and the other Basic Documents, interest with respect to the Class A-2, Class A-3 and Class A-4 Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months; and interest with respect to the Class A-1 Notes shall be computed on the basis of the actual number of days in each applicable Interest Accrual Period, divided by 360.

  • Interest Amount means, in relation to a Note and an Interest Period, the amount of interest payable in respect of that Note for that Interest Period;