Section 55-13A-412 – Timber.
55-13A-412. Timber. (a) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts: (1)To income to the extent that the amount of timber removed from the land does not exceed the rate of growth of the timber […]
Section 55-13A-413 – Property not productive of income.
55-13A-413. Property not productive of income. (a) 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 trustee transfers from principal to income under […]
Section 55-13A-414 – Derivatives and options.
55-13A-414. Derivatives and options. (a) 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 participate in some or all changes in the price of a tangible or intangible asset or group of assets, or changes […]
Section 55-13A-405 – Rental property.
55-13A-405. Rental property. 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. An amount received as a refundable deposit, including a […]
Section 55-13A-406 – Obligation to pay money.
55-13A-406. Obligation to pay money. (a) 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 as consideration for prepaying principal, must be allocated to income without any provision for amortization of premium. (b) A trustee shall allocate […]
Section 55-13A-407 – Insurance policies and similar contracts.
55-13A-407. Insurance policies and similar contracts. (a) Except as otherwise provided in subsection (b), 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 beneficiary, including a contract that insures the trust or its trustee against loss for damage […]
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 […]
Section 55-13A-409 – Deferred compensation, annuities, and similar payments.
55-13A-409. Deferred compensation, annuities, and similar payments. (a) For the purposes of this section, the term, payment, means a payment that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payer in exchange for future payments. […]
Section 55-13A-410 – Liquidating asset.
55-13A-410. Liquidating asset. (a) In this section, the term, liquidating asset, means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a period of more than one […]
Section 55-13A-105 – Judicial control of discretionary power.
55-13A-105. Judicial control of discretionary power. (a) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this chapter unless it determines that the decision was an abuse of the fiduciary’s discretion. A fiduciary’s decision is not an abuse of discretion merely because […]