A trustee shall allocate to principal:(1) To the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary;(2) Money or other property received from the sale, exchange, liquidation, or change in form of a principal asset, including realized profit, subject to this article;(3) Amounts recovered from third parties to reimburse the trust because of disbursements described in Section 91-17-502(a) (7) or for other reasons to the extent not based on the loss of income;(4) Proceeds of property taken by eminent domain, but a separate award made for the loss of income with respect to an accounting period during which a current income beneficiary had a mandatory income interest is income;(5) Net income received in an accounting period during which there is no beneficiary to whom a trustee may or must distribute income; and(6) Other receipts as provided in Part 3 of this article. Laws, 2012, ch. 351, § 1, eff. 1/1/2013.
Mississippi Legal Code