Section 501C.1114 — Nontrust Estates.
501C.1114 NONTRUST ESTATES. Subdivision 1. Limitations. Sections 501C.1101 to 501C.1118 apply to nontrust estates, subject to: (1) agreement of the parties; (2) specific direction in the instrument creating the nontrust estates; (3) subdivision 2; and (4) other applicable statutes. References in sections 501C.1101 to 501C.1118 to trusts and trustees must be read as applying to […]
Section 501C.1115 — Application.
501C.1115 APPLICATION. Except as specifically provided in the governing instrument, Minnesota Statutes 1988, sections 501.48 to 501.63, apply to a receipt or expense received or incurred after January 1, 1970, and before January 1, 1990, by any trust or decedent’s estate whether established before or after January 1, 1970, and whether the asset involved was […]
Section 501C.1116 — Ascertainment Of Income Or Principal.
501C.1116 ASCERTAINMENT OF INCOME OR PRINCIPAL. Sections 501C.1101 to 501C.1118 do not govern the ascertainment of what constitutes the receipt of income or principal by the estate or trust for income tax purposes. History: 2015 c 5 art 11 s 16
Section 501C.1117 — Uniformity Of Interpretation.
501C.1117 UNIFORMITY OF INTERPRETATION. Sections 501C.1101 to 501C.1118 must be so construed as to effectuate their general purpose to make uniform the law of those states that enact them. History: 2015 c 5 art 11 s 17
Section 501C.1118 — Short Title.
501C.1118 SHORT TITLE. Sections 501C.1101 to 501C.1117 may be cited as the Uniform Principal and Income Act. History: 2015 c 5 art 11 s 18
Section 501C.1111 — Annuities, Qualified And Nonqualified Employee Compensation, Retirement Plans And Other Property Subject To Depletion.
501C.1111 ANNUITIES, QUALIFIED AND NONQUALIFIED EMPLOYEE COMPENSATION, RETIREMENT PLANS AND OTHER PROPERTY SUBJECT TO DEPLETION. Except as provided in sections 501C.1109 and 501C.1110, if part of the principal consists of property subject to depletion, including leaseholds, patents, copyrights, royalty rights, rights to receive payments on a contract for deferred compensation, qualified and nonqualified employer retirement […]
Section 501C.1112 — Trustee’s Power To Adjust.
501C.1112 TRUSTEE’S POWER TO ADJUST. Subdivision 1. Power to adjust. A trustee may adjust between principal and income to the extent the trustee considers necessary to comply with section 501C.1102, subdivision 3, after applying section 501C.1102, subdivisions 1 and 2, if the trustee invests and manages the trust assets as a prudent investor and the […]
Section 501C.1113 — Charges Against Income And Principal.
501C.1113 CHARGES AGAINST INCOME AND PRINCIPAL. Subdivision 1. Income. The following charges must be made against income: (1) ordinary expenses incurred in connection with the administration, management, or preservation of the trust property, including regularly recurring taxes assessed against a portion of the principal, water rates, premiums on insurance taken upon the interests of the […]
Section 501C.1101 — Definitions.
501C.1101 DEFINITIONS. Subdivision 1. Scope. The definitions in this section apply to sections 501C.1101 to 501C.1118. Subd. 2. Accounting period. “Accounting period” means a calendar year unless another 12-month period is selected by the trustee. Accounting period includes a portion of a calendar year or other 12-month period that begins when an income interest begins […]
Section 501C.1102 — Duty Of Trustee As To Receipts And Expenditure.
501C.1102 DUTY OF TRUSTEE AS TO RECEIPTS AND EXPENDITURE. Subdivision 1. General rules of administration. A trust must be administered with due regard to the respective interests of income beneficiaries and remainderpersons. A trust is so administered with respect to the allocation of receipts and expenditures if a receipt is credited or an expenditure is […]