Section 55-13A-403 – Business and other activities conducted by trustee.
55-13A-403. Business and other activities conducted by trustee. (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part of the trust’s general accounting records, the trustee may […]
Section 55-13A-404 – Principal receipts.
55-13A-404. Principal receipts. A trustee shall allocate to principal: (1)To the extent not allocated to income under this chapter, assets received from a transferor during the transferor’s lifetime, a decedent’s estate, a trust with a terminating income interest, or a payer under a contract naming the trust or its trustee as beneficiary; (2)Money or other […]
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 […]
Section 55-13A-201 – Determination and distribution of net income.
55-13A-201. Determination and distribution of net income. After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply: (1)A fiduciary of an estate or of a terminating income interest shall determine the amount of net income and net principal receipts received from property […]
Section 55-13A-202 – Distribution to residuary and remainder beneficiaries.
55-13A-202.Distribution to residuary and remainder beneficiaries. (a) Notwithstanding any contrary provision of this chapter, if the trust instrument adopts the provisions of this section by reference, an increase in the value of the following investments owned by a charitable remainder unitrust, of the type authorized in §664(d)(3) of the Internal Revenue Code (26 U.S.C. §664), […]
Section 55-13A-301 – When right to income begins and ends.
55-13A-301. When right to income begins and ends. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of the trust or, if no date is specified, on the date an asset becomes subject to a […]
Section 55-13A-302 – Apportionment of receipts and disbursements when decedent dies or income interest begins.
55-13A-302. Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) A trustee shall allocate an income receipt or disbursement other than one to which §55-13A-201(1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the […]
Section 55-13A-303 – Apportionment when income interest ends.
55-13A-303. Apportionment when income interest ends. (a) In this section, the term, undistributed income, means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be […]
Section 55-13A-401 – Character of receipts.
55-13A-401. Character of receipts. (a) In this section, the term, entity, means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or estate to which §55-13A-402 applies, a business or activity to which […]
Section 55-13A-101 – Short title.
55-13A-101. Short title. This chapter may be cited as the Uniform Principal and Income Act. Source: SL 2007, ch 282, §1.