§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. […]
§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 […]
§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 […]
§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 […]
§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 […]
§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 […]
