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 […]
Section 55-13A-104 – Trustee’s power to adjust.
55-13A-104. Trustee’s power to adjust. (a) A trustee may adjust between principal and income to the extent the trustee considers necessary if the trustee invests and manages trust assets as a prudent investor, the terms of the trust describe the amount that may or must be distributed to a beneficiary by referring to the trust’s […]