§ 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 […]
§ 61-201. Determination and distribution of net income.
§ 61-201. Determination and distribution of net income. After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received […]
§ 61-202. Distribution to residuary and remainder beneficiaries.
§ 61-202. Distribution to residuary and remainder beneficiaries. (a) Each beneficiary described in § 61-201(4) of this title is entitled to receive a portion of the net income equal to the beneficiary’s fractional interest in undistributed principal assets, using values as of the distribution date. If a fiduciary makes more than 1 distribution of assets […]
§ 61-301. When right to income begins and ends.
§ 61-301. When right to income begins and ends. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to […]
§ 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 […]