§ 61-302. Apportionment of receipts and disbursements when decedent dies or income interest begins.
§ 61-302. Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) A trustee shall allocate an income receipt or disbursement other than 1 to which § 61-201(1) of this title applies to principal if its due date occurs before a decedent dies in the case of an estate or before an […]
§ 61-415. Asset-backed securities.
§ 61-415. Asset-backed securities. (a) In this section, “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includes an asset that gives the owner the right to receive from the collateral […]
§ 61-303. Apportionment when income interest ends.
§ 61-303. Apportionment when income interest ends. (a) In this section, “undistributed income” means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be added […]
§ 61-501. Disbursements from income.
§ 61-501. Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which § 61-201(2)(B) or (C) of this title 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) […]
§ 61-401. Character of receipts.
§ 61-401. 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, statutory trust or any other organization in which a trustee has an interest other than a trust or estate to which § 61-402 of this title applies, a […]
§ 61-502. Disbursements from principal.
§ 61-502. Disbursements from principal. (a) A trustee shall make the following disbursements from principal: (1) The remaining 1/2 of the disbursements described in § 61-501(1) and (2) of this title; (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 […]
§ 61-402. Distribution from trust or estate.
§ 61-402. 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 […]
§ 61-503. Transfers from income to principal for depreciation.
§ 61-503. 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 1 year. (b) A trustee may transfer to principal a reasonable amount of the net cash […]
§ 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 […]