Repealed – Act 108 of 1968 – Distribution in Kind of Pecuniary Bequests and Trust Interests (555.481 – 555.485)
DISTRIBUTION IN KIND OF PECUNIARY BEQUESTS AND TRUST INTERESTSAct 108 of 1968555.481-555.485 Repealed. 1978, Act 642, Eff. July 1, 1979.
Section 555.501 – Short Title.
555.501 Short title. Sec. 101. This act shall be known and may be cited as the “uniform principal and income act”. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.502 – Definitions.
555.502 Definitions. Sec. 102. As used in this act: (a) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. Accounting period includes a portion of a calendar year or other 12-month period that begins when an income interest begins or ends when an income interest ends. (b) “Beneficiary” means, […]
Section 555.503 – Duties of Fiduciary; Allocation of Receipts and Disbursements to or Between Principal and Income; Discretionary Power; Impartiality.
555.503 Duties of fiduciary; allocation of receipts and disbursements to or between principal and income; discretionary power; impartiality. Sec. 103. (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter found within the scope of articles 2 and 3, a fiduciary shall do all of the following: […]
Section 555.504 – Adjustment Between Principal and Income; Factors; Policy; Circumstances Prohibiting Adjustment; Exercise of Power by Cofiduciary; Release of or Limitation on Power to Adjust.
555.504 Adjustment between principal and income; factors; policy; circumstances prohibiting adjustment; exercise of power by cofiduciary; release of or limitation on power to adjust. Sec. 104. (1) A fiduciary may adjust between principal and income to the extent the fiduciary considers necessary if the fiduciary invests and manages trust or estate assets as a prudent […]
Section 555.505 – Exercise of Discretionary Power by Fiduciary; Limitation on Court to Order; Decision; Petition; Burden of Proof.
555.505 Exercise of discretionary power by fiduciary; limitation on court to order; decision; petition; burden of proof. Sec. 105. (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this act unless it determines that the decision was an abuse of the […]
Section 555.601 – Death or Termination of Trust; Duties of Fiduciary.
555.601 Death or termination of trust; duties of fiduciary. Sec. 201. After the decedent dies, in the case of an estate, or after an income interest in a trust ends, all of the following apply: (a) A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and […]
Section 555.602 – Beneficiary’s Share of Net Income; Determination; Maintenance of Records by Fiduciary.
555.602 Beneficiary’s share of net income; determination; maintenance of records by fiduciary. Sec. 202. (1) Each beneficiary described in section 201(d) 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. For purposes of this section, the fiduciary […]
Section 555.701 – Income Interest; Beginning and Ending Date; Conditions.
555.701 Income interest; beginning and ending date; conditions. Sec. 301. (1) 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 becomes subject […]
Section 555.302 – Trusts of Property for Employees; Accumulation of Trust Income.
555.302 Trusts of property for employees; accumulation of trust income. Sec. 2. The income arising from any trust within the classifications mentioned in the preceding section may be permitted to accumulate in accordance with the terms of such trust for as long a time as may be necessary to accomplish the purposes for which the […]