Section 469.463 – Uniformity considered in application and construction.
Effective – 28 Aug 2001 469.463. Uniformity considered in application and construction. — In applying and construing sections 469.401 to 469.467, consideration shall be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. ——– (L. 2001 H.B. 241)
Section 469.465 – Severability clause.
Effective – 28 Aug 2001 469.465. Severability clause. — If any provision of sections 469.401 to 469.467 or the application of these sections to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of sections 469.401 to 469.467 which can be given effect without the invalid provision or […]
Section 469.467 – Applicability of sections.
Effective – 28 Aug 2016, 2 histories 469.467. Applicability of sections. — Sections 469.401 to 469.467 apply to every trust or decedent’s estate existing on or after August 28, 2001, except as otherwise expressly provided in the will or terms of the trust or in sections 469.401 to 469.467. ——– (L. 2001 H.B. 241, A.L. […]
Section 469.445 – Marital deduction, insufficient income, allowable actions.
Effective – 28 Aug 2001 469.445. Marital deduction, insufficient income, allowable actions. — 1. If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets, and if the amounts that the […]
Section 469.447 – Transactions in derivatives allocated to principal — options to sell or buy property allocated to principal.
Effective – 28 Aug 2001 469.447. Transactions in derivatives allocated to principal — options to sell or buy property allocated to principal. — 1. As used in this section, the term “derivative” means a contract or financial instrument or a combination of contracts and financial instruments which gives a trust the right or obligation to […]
Section 469.449 – Allocation of collateral financial assets and asset-backed securities.
Effective – 28 Aug 2004 469.449. Allocation of collateral financial assets and asset-backed securities. — 1. As used in this section, the phrase “asset-backed security” means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The […]
Section 469.451 – Required disbursements from income.
Effective – 28 Aug 2001 469.451. Required disbursements from income. — A trustee shall make the following disbursements from income to the extent that they are not disbursements to which paragraph (b) or (c) of subdivision (2) of section 469.413 applies: (1) One-half of the regular compensation of the trustee and of any person providing […]
Section 469.453 – Required disbursements from principal.
Effective – 28 Aug 2004 469.453. Required disbursements from principal. — 1. A trustee shall make the following disbursements from principal: (1) The remaining one-half of the disbursements described in subdivisions (1) and (2) of section 469.451; (2) All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution or termination, and […]
Section 469.455 – Depreciation not to be transferred.
Effective – 28 Aug 2001 469.455. Depreciation not to be transferred. — 1. As used in this section, the term “depreciation” means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a fixed asset having a useful life of more than one year. 2. A trustee may transfer to principal […]
Section 469.457 – Principal disbursement, permitted transfers.
Effective – 28 Aug 2001 469.457. Principal disbursement, permitted transfers. — 1. If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or to provide a reserve for future principal […]