Effective – 28 Aug 2004 469.401. Definitions. — As used in sections 469.401 to 469.467, the following terms mean: (1) “Accounting period”, a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or […]
Effective – 28 Aug 2004 469.402. Applicability. — The provisions of sections 456.3-301 to 456.3-305 shall apply to sections 469.401 to 469.467 for all purposes. ——– (L. 2004 H.B. 1511)
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 […]
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 […]
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 […]
Effective – 28 Aug 2011, 2 histories 469.411. Determination of unitrust amount — definitions — exclusions to average net fair market value of assets — applicability of section to certain trusts — net income of trust to be unitrust amount, when. — 1. (1) If the provisions of this section apply to a trust, the […]
Effective – 28 Aug 2001 469.413. Death of decedent or end of income interest, applicable rules. — After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1) A fiduciary of an estate or of a terminating income interest shall determine the […]
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 […]
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, […]
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 […]
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 […]
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 […]
Effective – 28 Aug 2001 469.425. Allocations to income or principal. — A trustee shall allocate to income an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount received as a distribution […]
Effective – 28 Aug 2001 469.427. Separate accounting records maintained, when, procedure. — 1. If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general […]
Effective – 28 Aug 2001 469.429. Allocations to principal. — A trustee shall allocate to principal: (1) To the extent not allocated to income pursuant to sections 469.401 to 469.467, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract […]
Effective – 28 Aug 2001 469.431. Rental property, allocation to income. — To the extent that a trustee accounts for receipts from rental property pursuant to this section, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. […]
Effective – 28 Aug 2001 469.432. Interest allocated to income — amounts received from sale, redemption or disposition of an obligation to pay money to principal. — 1. An amount received as interest, whether determined at a fixed, variable or floating rate, on an obligation to pay money to the trustee, including an amount received […]
Effective – 28 Aug 2001 469.433. Life insurance proceeds allocated to principal — dividends allocated to income. — 1. Except as otherwise provided in subsection 2 of this section, a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as […]
Effective – 28 Aug 2004 469.435. Insubstantial amounts may be allocated to principal, exceptions — presumption of insubstantial amount, when. — If a trustee determines that an allocation between principal and income required by section 469.437, 469.439, 469.441, 469.443 or 469.449 is insubstantial, the trustee may allocate the entire amount to principal unless one of […]
Effective – 28 Aug 2011 469.437. Distributions allocated as income, when — definitions — balance allocated to principal, when — effect of separate accounts or funds — marital deduction, effect of. — 1. As used in this section, the following terms mean: (1) “Payment”, an amount that is: (a) Received or withdrawn from a plan; […]
