Principal is the property which has been set aside by the owner or the person legally empowered so that it is held in trust eventually to be delivered to a remainderman while the return or use of the principal is in the meantime taken or received by or held for accumulation for an income beneficiary. Principal includes:

1. (1) consideration received by the trustee on the sale or other transfer of principal or on repayment of a loan or as a refund or replacement or change in the form of principal;
2. (2) proceeds of property taken on eminent domain proceedings;
3. (3) proceeds of insurance upon property forming part of the principal except proceeds of insurance upon a separate interest of an income beneficiary;
4. (4) stock dividends, receipts on liquidation of a corporation, and other corporate distributions as provided in Section 62-7-409;
5. (5) receipts from the disposition of corporate securities as provided in Section 62-7-410;
6. (6) royalties and other receipts from disposition of natural resources as provided in Sections 62-7-412 and 62-7-413;
7. (7) receipts from other principal subject to depletion as provided in Section 62-7-414;
8. (8) any profit resulting from any change in the form of principal except as provided in Section 62-7-415 on underproductive property;
9. (9) receipts from disposition of underproductive property as provided in Section 62-7-415; or
10. (10) any allowances for depreciation established under Sections 62-7-411 and 62-7-417(2).