Section 469.415 – Rights of beneficiaries to net income.
Effective – 28 Aug 2001 469.415. Rights of beneficiaries to net income. — 1. Each beneficiary described in subdivision (4) of section 469.413 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. If a fiduciary makes more […]
Section 469.417 – Beneficiary entitled to net income, when — asset subject to trust, when — income interest.
Effective – 28 Aug 2001 469.417. Beneficiary entitled to net income, when — asset subject to trust, when — income interest. — 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, […]
Section 469.419 – Trustee to allocate income receipt or disbursement, when.
Effective – 28 Aug 2004 469.419. Trustee to allocate income receipt or disbursement, when. — 1. A trustee shall allocate an income receipt or disbursement other than one to which subdivision* (1) of section 469.413 applies to principal if its due date occurs before a decedent dies in the case of an estate or before […]
Section 469.421 – Mandatory income interest, undistributed income, paid when.
Effective – 28 Aug 2001 469.421. Mandatory income interest, undistributed income, paid when. — 1. For purposes of this section, the phrase “undistributed income” means net income received before the date on which an income interest ends. The phrase does not include an item of income or expense that is due or accrued, or net […]
Section 469.423 – Allocations by trustee — entity defined.
Effective – 28 Aug 2004 469.423. Allocations by trustee — entity defined. — 1. For purposes of this section, the term “entity” means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest, other than a trust or […]
Section 469.403 – Disbursements to or between principal and income, fiduciary’s responsibilities.
Effective – 28 Aug 2001 469.403. Disbursements to or between principal and income, fiduciary’s responsibilities. — 1. In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of sections 469.413 to 469.421, a fiduciary: (1) Shall administer a trust or estate under the terms of […]
Section 469.405 – Adjustments between principal and income permitted by trustee, factors to be considered — no adjustment permitted, when.
Effective – 28 Aug 2001 469.405. Adjustments between principal and income permitted by trustee, factors to be considered — no adjustment permitted, when. — 1. A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of […]
Section 469.409 – Bar on claim of breach of fiduciary duty, when — applicable rules.
Effective – 28 Aug 2004 469.409. Bar on claim of breach of fiduciary duty, when — applicable rules. — 1. Any claim for breach of a trustee’s duty to impartially administer a trust related, directly or indirectly, to an adjustment made by a fiduciary to the allocation between principal and income pursuant to subsection 1 […]
Section 469.280 – Check drawn by and payable to fiduciary.
Effective – 28 Aug 2004, 2 histories 469.280. Check drawn by and payable to fiduciary. — If a check or other bill of exchange is drawn by a fiduciary as such or in the name of his principal by a fiduciary empowered to draw such instrument in the name of his principal, payable to the […]
Section 469.290 – Deposit in name of fiduciary as such.
Effective – 28 Aug 2004, 2 histories 469.290. Deposit in name of fiduciary as such. — If a deposit is made in a bank to the credit of a fiduciary as such, the bank is authorized to pay the amount of the deposit or any part thereof upon the check of the fiduciary, signed with […]