§ 37A-1-101 – Short title.
37A-1-101. Short title. This Chapter may be cited as the Uniform Principal and Income Act. (2003-232, s. 2.)
§ 37A-1-102 – Definitions.
37A-1-102. Definitions. The following definitions apply in this Chapter: (1) "Accounting period" means a calendar year unless another 12-month period is selected by a fiduciary. The term 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. (2) "Beneficiary" includes, […]
§ 37A-1-103 – Fiduciary duties; general principles.
37A-1-103. Fiduciary duties; general principles. (a) In allocating receipts and disbursements to or between principal and income, and with respect to any matter within the scope of Articles 2 and 3 of this Chapter, a fiduciary: (1) Shall administer a trust or estate in accordance with the terms of the trust or the will, even […]
§ 37A-1-104 – Trustee's power to adjust.
37A-1-104. Trustee’s power to adjust. (a) 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 the trust describe the amount that may or shall be distributed to a beneficiary by referring to the trust’s […]
§ 37A-1-104.1 – Definitions.
37A-1-104.1. Definitions. The following definitions apply to this Part: (1) Code. – The Internal Revenue Code of 1986, as amended from time to time, and any statutory enactment successor to the Code; reference to a specific section of the Code in this Part shall be considered a reference also to any successor provision dealing with […]
§ 37A-1-104.2 – Conversion in trustee's discretion without court approval.
37A-1-104.2. Conversion in trustee’s discretion without court approval. (a) Any trustee, other than an interested trustee, or, where two or more persons are acting as trustees, a majority of the trustees who are not interested trustees (in either case hereafter "trustee"), may, in the trustee’s sole discretion and without court approval, (i) convert an income […]
§ 37A-1-104.3 – Conversion with court approval.
37A-1-104.3. Conversion with court approval. (a) If any trustee desires to (i) convert an income trust to a total return unitrust, (ii) reconvert a total return unitrust to an income trust, or (iii) change the percentage used to calculate the unitrust amount or the method used to determine the fair market value of the trust […]
§ 37A-1-104.4 – Determination of unitrust amount.
37A-1-104.4. Determination of unitrust amount. (a) The fair market value of the trust shall be determined at least annually, using a valuation date selected by the trustee in its discretion. The trustee, in its discretion, may use an average of the fair market value on the same valuation date for the current fiscal year and […]
§ 37A-1-104.5 – Matters in trustee's discretion.
37A-1-104.5. Matters in trustee’s discretion. In administering a total return unitrust, the trustee may, in its sole discretion but subject to the provisions of the governing instrument, determine: (1) The effective date of the conversion; (2) The timing of distributions, including provisions for prorating a distribution for a short year in which a beneficiary’s right […]