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.
Section 55-13A-102 – Definitions.
55-13A-102. Definitions. In this chapter: (1)”Accounting period” means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends; (2)”Beneficiary” includes, in the case of a decedent’s […]
Section 55-13A-103 – Fiduciary duties–General principles.
55-13A-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, a fiduciary: (1)Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different […]