§ 61-104. Trustee’s power to adjust.
§ 61-104. Trustee’s power to adjust. (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the […]
§ 61-105. Judicial control of discretionary power.
§ 61-105. Judicial control of discretionary power. (a) In any proceeding that involves a fiduciary’s decision to exercise or refrain from the exercise of a discretionary power conferred upon the fiduciary by this chapter, the fiduciary’s decision shall be changed by the court only if the court determines that the decision was an abuse of […]
§ 61-106. Total return unitrusts.
§ 61-106. Total return unitrusts. (a) In this section: (1) “Disinterested person” means a person who is not a “related or subordinate party” (as defined in § 672(c) of the Internal Revenue Code [26 U.S.C. § 672(c)] or any successor provision thereof (hereinafter referred to in this section as the “I.R.C.”)) with respect to the […]
§ 61-107. Express total return unitrusts.
§ 61-107. Express total return unitrusts. (a) The following provisions shall apply to a trust that, by its governing instrument, requires or permits the distribution, at least annually, of a unitrust amount equal to a fixed percentage of not less than 3 nor more than 5 percent per year of the fair market value of […]
§ 61-101. Short title.
§ 61-101. Short title. Subchapters I through VI of this chapter may be cited as the “Delaware Uniform Principal and Income Act.” 77 Del. Laws, c. 99, § 1;
§ 61-102. Definitions.
§ 61-102. Definitions. In this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (2) “Beneficiary” includes, in the case […]
§ 61-103. Fiduciary duties; general principles.
§ 61-103. Fiduciary duties; general principles. (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of subchapters II and III of this chapter, a fiduciary: (1) Shall administer a trust or estate in accordance with the terms of the trust or the will, […]