Section 55-13A-415 – Asset-backed securities.
55-13A-415. Asset-backed securities. (a) In this section, the term, 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 term includes an asset that gives the owner the right to receive from […]
Section 55-13A-501 – Disbursements from income.
55-13A-501. Disbursements from income. A trustee shall make the following disbursements from income to the extent that they are not disbursements to which §55-13A-201(2)(B) or (C) applies: (1)One-half of the regular compensation of the trustee and of any person providing investment advisory or custodial services to the trustee; (2)One-half of all expenses for accountings, judicial […]
Section 55-13A-502 – Disbursements from principal.
55-13A-502. Disbursements from principal. (a) A trustee shall make the following disbursements from principal: (1)The remaining one-half of the disbursements described in §55-13A-501(1) and (2); (2)All of the trustee’s compensation calculated on principal as a fee for acceptance, distribution, or termination, and disbursements made to prepare property for sale; (3)Payments on the principal of a […]
Section 55-13A-503 – Transfers from income to principal for depreciation.
55-13A-503. Transfers from income to principal for depreciation. (a) 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. (b) A trustee may transfer to principal a reasonable amount of the net […]
Section 55-13A-504 – Transfers from income to reimburse principal.
55-13A-504. Transfers from income to reimburse principal. (a) 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 disbursements. (b) Principal disbursements […]
Section 55-13A-505 – Income taxes.
55-13A-505. Income taxes. (a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by […]
Section 55-13A-506 – Adjustments between principal and income because of taxes.
55-13A-506. Adjustments between principal and income because of taxes. (a) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries which arise from: (1)Elections and decisions, other than those described in subsection (b), that the fiduciary makes from time to […]
Section 55-13A-601 – Uniformity of application and construction.
55-13A-601. Uniformity of application and construction. In applying and construing this Uniform Act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: SL 2007, ch 282, §32.
Section 55-13A-602 – Application of chapter to existing trusts and estates.
55-13A-602. Application of chapter to existing trusts and estates. This chapter applies to every trust or will created after July 1, 2007, except as otherwise expressly provided in the will or the terms of the trust or in this chapter. No trust or decedent’s estate based upon a will executed after July 1, 2007, may […]
Section 55-13A-408 – Insubstantial allocations not required.
55-13A-408. Insubstantial allocations not required. If a trustee determines that an allocation between principal and income required by §55-13A-409, 55-13A-410, 55-13A-411, 55-13A-412, or 55-13A-415 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in §55-13A-104(c) applies to the allocation. This power may be exercised by a cotrustee […]