Section 19-3A-501 – Disbursements From Income.
Section 19-3A-501 Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which Section 19-3A-201(c)(2) or Section 19-3A-201(c)(3) applies: (a) All of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee, to the extent […]
Section 19-3A-502 – Disbursements From Principal.
Section 19-3A-502 Disbursements from principal. (a) A trustee shall make the following disbursements from principal: (1) An amount, not to exceed fifty percent (50%), of the disbursements described in Section 19-3A-501(a) and Section 19-3A-501(b); (2) All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to […]
Section 19-3A-503 – Transfers From Income to Principal for Depreciation.
Section 19-3A-503 Transfers from income to principal for depreciation. (a) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than one year. (b) A fiduciary may transfer from income to principal a reasonable amount of the […]
Section 19-3A-504 – Transfers From Income to Reimburse Principal.
Section 19-3A-504 Transfers from income to reimburse principal. (a) If a fiduciary makes or expects to make a principal disbursement described in this section, then the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal disbursements. (b) […]
Section 19-3A-505 – Income Taxes.
Section 19-3A-505 Income taxes. (a) A tax required to be paid by a fiduciary based on receipts allocated to income shall be paid from income. (b) A tax required to be paid by a fiduciary based on receipts allocated to principal shall be paid from principal, even if the tax is called an income tax […]
Section 19-3A-506 – Adjustments Between Principal and Income Because of Taxes.
Section 19-3A-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 any of the following: (1) Elections and decisions, other than those described in subsection (b), that […]
Section 19-3A-601 – Uniformity of Application and Construction.
Section 19-3A-601 Uniformity of application and construction. In applying and construing this uniform act, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. (Act 2000-675, p. 1343, §1.)
Section 19-3A-602 – Severability Clause.
Section 19-3A-602 Severability clause. If any provision of this chapter or its application to any person or circumstance is held invalid, then the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter are […]
Section 19-3A-603 – Effective Date.
Section 19-3A-603 Effective date. This chapter shall become effective on January 1, 2001, and shall apply to every trust and decedent’s estate created on or after such date. (Act 2000-675, p. 1343, §1.)
Section 19-3A-604 – Application to Existing Trusts and Estates.
Section 19-3A-604 Application to existing trusts and estates. This chapter shall become applicable on January 1, 2001, to every trust and decedent’s estate already in existence on January 1, 2001, and to every testamentary trust to be created on or after January 1, 2001, from a decedent’s estate that is already in existence on January […]