18-C §8-214. Forfeiture for failure to account when ordered
§8-214. Forfeiture for failure to account when ordered When it appears in an action on a bond against a principal that the principal is unable to account for personal property of the estate that the principal has received, execution must be awarded against the principal for the full value of the unaccounted-for property, without any […]
18-C §7-465. Income taxes
§7-465. Income taxes 1. Tax based on receipts allocated to income. A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] 2. Tax based on receipts allocated to […]
18-C §7-466. Adjustments between principal and income because of taxes
§7-466. Adjustments between principal and income because of taxes 1. Adjustments to offset shifting of interests or benefits. A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from: A. Elections and decisions, other than those described […]
18-C §7-471. Uniformity of application and construction
§7-471. Uniformity of application and construction In applying and construing this Part, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. [PL 2017, c. 402, Pt. A, §2 (NEW); PL 2019, c. 417, Pt. B, §14 (AFF).] SECTION HISTORY […]
18-C §7-472. Application of Part to all trusts and estates
§7-472. Application of Part to all trusts and estates This Part applies to every trust or decedent’s estate, including those in existence on September 1, 2019, beginning with the first fiscal year of the trust or decedent’s estate that begins on or after September 1, 2019, except as otherwise expressly provided in the will or […]
18-C §8-101. Estates of absentees; petition
§8-101. Estates of absentees; petition If a person entitled to or having an interest in property within the jurisdiction of the State has disappeared or absconded from the place within or outside the State where the person was last known to be, has no agent in the State and it is not known where the […]
18-C §8-102. Warrant
§8-102. Warrant Upon receipt of a petition under section 8-101, the court may issue a warrant, which may run throughout the State, directed to the public administrator in the county where the property or some of it is situated, commanding the public administrator to take possession of the property listed in the schedule and expeditiously […]
18-C §8-103. Notice
§8-103. Notice Upon the return of a warrant issued under section 8-102, the court shall issue a notice reciting the substance of the petition, warrant and return, which must be addressed to the absentee, to all persons who claim an interest in the absentee’s property and to all whom it may concern, ordering them to […]
18-C §8-104. Publication
§8-104. Publication The return day may not be less than 30 days nor more than 60 days after the date of the notice. The court shall order the notice to be published once in each of 3 successive weeks in one or more newspapers within the county in which the petition was filed under section […]
18-C §8-105. Hearing; appointment of receiver of property; bond
§8-105. Hearing; appointment of receiver of property; bond The absentee or a person who claims an interest in any of the property may appear and show cause why the petition should not be granted. The court may, after hearing, dismiss the petition and order that the property in possession of the public administrator be returned […]