18-C §7-449. Deferred compensation, annuities and similar payments
§7-449. Deferred compensation, annuities and similar payments 1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings. A. “Payment” means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services […]
18-C §7-405. Power to convert to unitrust
§7-405. Power to convert to unitrust 1. Convert to unitrust; requirements. Unless expressly prohibited by the terms of the trust, a trustee may release the power to adjust under section 7‑404 and convert a trust into a unitrust as described in this section if all of the following apply: A. The trustee determines that […]
18-C §7-450. Liquidating asset
§7-450. Liquidating asset 1. Liquidating asset. As used in this section, “liquidating asset” means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. “Liquidating asset” includes a leasehold, patent, copyright, royalty right and right to receive payments during a period of more […]
18-C §7-406. Judicial review of discretionary powers
§7-406. Judicial review of discretionary powers 1. Court determination of abuse of fiduciary’s discretion. A court may not change a fiduciary’s decision to exercise or not to exercise a discretionary power conferred by this Part unless it determines that the decision was an abuse of the fiduciary’s discretion. A court may not determine that a […]
18-C §7-451. Minerals, water and other natural resources
§7-451. Minerals, water and other natural resources 1. Allocation of receipts. To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: A. If received as nominal delay rental or nominal annual rent on a lease, […]
18-C §7-421. Determination and distribution of net income
§7-421. 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 provisions of this section apply. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Determination of net income and […]
18-C §7-452. Timber
§7-452. Timber 1. Allocation of net receipts. To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: A. To income to the extent the net receipts do not exceed the product of mean annual growth multiplied […]
18-C §7-422. Distribution to residuary and remainder beneficiaries
§7-422. Distribution to residuary and remainder beneficiaries 1. Distribution based on fractional interest. Each beneficiary described in section 7-421, subsection 4 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 one […]
18-C §7-453. Property not productive of income
§7-453. Property not productive of income 1. Income to obtain marital deduction. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers […]
18-C §7-431. When right to income begins and ends
§7-431. When right to income begins and ends 1. Beginning of income interest. 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 […]