Section 68-10-414 – DERIVATIVES AND OPTIONS.
68-10-414. DERIVATIVES AND OPTIONS. (a) In this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments which give a trust the right or obligation to participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes in a […]
Section 68-10-415 – ASSET-BACKED SECURITIES.
68-10-415. 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 financial […]
Section 68-10-501 – DISBURSEMENTS FROM INCOME.
68-10-501. DISBURSEMENTS FROM INCOME. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which section 68-10-201(2)(B) or (2)(C), Idaho Code, applies: (1) One-half (1/2) of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2) One-half […]
Section 68-10-502 – DISBURSEMENTS FROM PRINCIPAL.
68-10-502. DISBURSEMENTS FROM PRINCIPAL. (a) A trustee shall make the following disbursements from principal: (1) The remaining one-half (1/2) of the disbursements described in section 68-10-501(1) and (2), Idaho Code; (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 sale; […]
Section 68-10-402 – DISTRIBUTION FROM TRUST OR ESTATE.
68-10-402. 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 trust […]
Section 68-10-101 – SHORT TITLE.
68-10-101. SHORT TITLE. This chapter may be cited as the "Uniform Principal and Income Act." History: [68-10-101, added 2001, ch. 261, sec. 2, p. 944.]
Section 68-10-102 – DEFINITIONS.
68-10-102. DEFINITIONS. In this chapter: (1) "Accounting period" means a calendar year unless another twelve (12) month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve (12) month period that begins when an income interest begins or ends when an income interest ends. (2) "Beneficiary" includes, […]
Section 68-10-103 – FIDUCIARY DUTIES — GENERAL PRINCIPLES.
68-10-103. 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 parts 2 and 3 of this chapter, a fiduciary: (1) Shall administer a trust or estate in accordance with the terms of the trust or the will, […]
Section 68-10-104 – TRUSTEE’S POWER TO ADJUST.
68-10-104. 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 in accordance with the Idaho uniform prudent investor act, the terms of the trust describe the amount that may or must be […]
Section 68-10-105 – NOTICE OF PROPOSED ACTION.
68-10-105. NOTICE OF PROPOSED ACTION. (a) A trustee may give a notice of proposed action regarding a matter governed by this chapter as provided in this section. For the purpose of this section, a proposed action includes a course of action and a decision not to take action. (b) The trustee shall mail notice of […]