§ 28-70-506. Adjustments between principal and income because of taxes
(a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1) elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to time regarding tax matters; (2) an income tax […]
§ 28-70-601. Uniformity of application and construction
In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among States that enact it.
§ 28-70-602. Severability clause
If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are severable.
§ 28-70-604. Effective date
This chapter takes effect on January 1, 2000.
§ 28-70-605. Application of chapter to existing trusts and estates
This chapter applies to every trust or decedent’s estate existing on January 1, 2000, except as otherwise expressly provided in the will or terms of the trust or in this chapter.
§ 28-70-606. Transitional matters
Section 28-70-409, as amended by this act, applies to a trust described in § 28-70-409(d) on and after the following dates: (1) If the trust is not funded as of July 27, 2011, the date of the decedent’s death. (2) If the trust is initially funded in the calendar year beginning January 1, 2011, the […]
§ 28-70-501. Disbursements from income
A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 28-70-201(2)(B) or (C) applies: (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2) one-half of all expenses for accountings, judicial proceedings, […]
§ 28-70-401. Character of receipts
(a) In this section, “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which § 28-70-402 applies, a business or activity to which § 28-70-403 applies, or an […]
§ 28-70-502. Disbursements from principal
(a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in § 28-70-501(1) and (2); (2) all of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale; (3) payments on the principal of a […]
§ 28-70-402. Distribution from trust or estate
A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest and shall allocate to principal an amount received as a distribution of principal from such a trust or estate. If a trustee purchases […]