Receipts normally apportioned -- Asset-backed security.
Utah Code § 75A-5-415
in effect75A-5-415. Receipts normally apportioned -- Asset-backed security.
(1) Except as otherwise provided in Subsection (2), a fiduciary shall allocate:
(a) to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from interest or other current return; and
(b) to principal, the balance of the receipt.
(2) If a fiduciary receives one or more payments in exchange for part or all of the fiduciary's interest in an asset-backed security, including a liquidation or redemption of the fiduciary's interest in the security, the fiduciary shall allocate:
(a) to income, 10% of receipts from the transaction and 10% of disbursements made in connection with the transaction; and
(b) to principal, the balance of the receipts and disbursements.
Renumbered and Amended by Chapter 364, 2024 General Session
Source: Utah Office of Legislative Research and General Counsel (le.utah.gov)URL: https://le.utah.gov/xcode/Title75A/Chapter5/75A-5-S415.html?v=C75A-5-S415_2024090120240501Fetched: 10/26/2026