18-C §7-401. Short title
§7-401. Short title This Part may be cited as the “Uniform Principal and Income Act of 1997.” [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY PL 2017, c. 402, Pt. A, §2 (NEW). PL 2017, c. 402, Pt. F, §1 (AFF). PL 2019, c. […]
18-C §7-402. Definitions
§7-402. Definitions As used in this Part, unless the context otherwise indicates, the following terms have the following meanings. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 1. Accounting period. “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. “Accounting […]
18-C §7-403. Fiduciary duties; general principles
§7-403. Fiduciary duties; general principles 1. Allocating receipts and disbursements. In allocating receipts and disbursements to or between principal and income and with respect to any matter within the scope of subparts 2 and 3, a fiduciary: A. Shall administer a trust or estate in accordance with the terms of the trust or the […]
18-C §7-404. Trustee’s power to adjust
§7-404. Trustee’s power to adjust 1. Power to adjust between principal and income. A trustee may adjust between principal and income by allocating an amount of income to principal or an amount of principal to income to the extent the trustee considers appropriate if the terms of the trust describe the amount that may or […]