(1) Except as otherwise provided in subsection (2), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, as defined in s. 738.102, to the extent that the payor identifies the payment as being from interest or other current return and allocate 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 must allocate to income 10 percent of receipts from the transaction and 10 percent of disbursements made in connection with the transaction, and allocate to principal the balance of the receipts and disbursements.
