§ 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 […]
§ 28-70-506. 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.
§ 28-70-409. Deferred compensation, annuities, and similar payments
(a) In this section: (1) “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. The term includes a payment made in money or property from […]
§ 28-70-410. Liquidating asset
(a) In this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one year under an arrangement that […]
§ 28-70-411. Minerals, water, and other natural resources
(a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated to income. (2) If received from […]
§ 28-70-412. Timber
(a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (1) to income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber during […]