§ 53-12-400. When the Right to Income Begins and Ends
An income beneficiary shall be entitled to net income from the date on which the income interest begins. An income interest shall begin on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. An asset […]
§ 53-12-401. Apportionment of Receipts and Disbursements When Decedent Dies or Income Interest Begins
A trustee shall allocate an income receipt or disbursement to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest. A trustee shall allocate an income receipt or disbursement to income if its […]
§ 53-12-402. Apportionment When Income Interest Ends
As used in this Code section, the term “undistributed income” means net income received before the date on which an income interest ends. Such term shall 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 to principal under […]
§ 53-12-410. Character of Receipts
As used in this Code section, the term “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which Code Section 53-12-411 applies, a business or activity to which […]
§ 53-12-411. 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 trust or estate. If a trustee purchases an […]
§ 53-12-412. Business and Other Activities Conducted by Trustee
If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may maintain separate accounting records for its transactions, whether or […]
§ 53-12-345. Delegation
A trustee may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustee shall exercise reasonable care, skill, and caution in: Selecting an agent; Establishing the scope and terms of the delegation consistent with the purposes and provisions of the trust; and Reviewing periodically the […]
§ 53-12-420. Principal Receipts
A trustee shall allocate to principal: To the extent not allocated to income under this article, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payor under a contract naming the trust or its trustee as beneficiary; Money or other property received from […]
§ 53-12-360. Duty of Trustee as to Receipts and Disbursements Within Scope of Article 17
In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of Article 17 of this chapter: A trustee shall administer a trust in accordance with the governing trust instrument, even if there is a different provision in Article 17 of this chapter; A trustee may […]
§ 53-12-421. Rental Property
To the extent that a trustee accounts for receipts from rental property pursuant to this Code section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundable deposit, including a security deposit […]