N.Y. Estates, Powers & Trusts Law § 11-A-4.7
Insurance policies and similar contracts
New York · New York Estates, Powers & Trusts Law · Status: effective · Effective 2014-09-22
Cite this
- Citation
- N.Y. Estates, Powers & Trusts Law § 11-A-4.7, Insurance policies and similar contracts, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1105372
- Permanent ID
ys:prov:1105372@1- SHA-256
f179e586410350e3dbf00ab90d76e0fbeff6a15df2a0d33ba1ad7e44dae73c4a
The hash is SHA-256 of this version's text, with every run of whitespace collapsed to a single space and the ends trimmed. The ID always leads back here, and checking it says whether the text you cited is still the current version.
Full text
§ 11-A-4.7 Insurance policies and similar contracts
(a) Except as otherwise provided in paragraph (b), a trustee shall
allocate to principal the proceeds of a life insurance policy or other
contract in which the trust or its trustee is named as beneficiary,
including a contract that insures the trust or its trustee against loss
for damage to, destruction of, or loss of title to a trust asset. The
trustee shall allocate dividends on an insurance policy to income if the
premiums on the policy are paid from income, and to principal if the
premiums are paid from principal.
(b) A trustee shall allocate to income proceeds of a contract that
insures the trustee against loss of occupancy or other use by an income
beneficiary, loss of income, or, subject to 11-A-4.3, loss of profits
from a business.
(c) This section does not apply to a contract to which 11-A-4.9
applies.