55-13A-411. Minerals, water, and other natural resources. (a) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (1)If received as nominal delay rental or nominal annual rent on a lease, a receipt must be allocated […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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.
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 […]
