Section 801 – Uniformity of application and construction.
Effective 7/1/2020 22-3-801. 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 the uniform act’s subject matter among states that enact it. Amended by Chapter 348, 2020 General Session
Section 802 – Relation to Electronic Signatures in Global and National Commerce Act.
Effective 7/1/2020 22-3-802. Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of that act, 15 U.S.C. Sec. 7001(c), or authorize electronic delivery of […]
Section 803 – Application to trust or estate.
Effective 7/1/2020 22-3-803. Application to trust or estate. This chapter applies to a trust or estate existing or created on or after July 1, 2020, except as otherwise expressly provided in the terms of the trust or this chapter. Amended by Chapter 348, 2020 General Session
Section 804 – Severability.
Effective 7/1/2020 22-3-804. Severability. If any provision of this chapter or the application of this chapter to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of this […]
Section 702 – Apportionment of receipts and disbursements when decedent dies or income interest begins.
Effective 7/1/2020 22-3-702. Apportionment of receipts and disbursements when decedent dies or income interest begins. (1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which Subsection 22-3-601(2) applies, to principal if the due date of the income receipt or disbursement occurs before the date on which: (a) for an […]
Section 703 – Apportionment when income interest ends.
Effective 7/1/2020 22-3-703. Apportionment when income interest ends. (1) In this section: (a) “Undistributed income” means net income received on or before the date on which an income interest ends. (b) “Undistributed income” does not include an item of income or expense that is due or accrued or net income that has been added or […]
Section 503 – Transfer from income to principal for depreciation.
Effective 7/1/2020 22-3-503. Transfer from income to principal for depreciation. (1) In this section, “depreciation” means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a tangible asset having a useful life of more than one year. (2) A fiduciary may transfer to principal a reasonable amount of the net […]
Section 504 – Reimbursement of income from principal.
Effective 7/1/2020 22-3-504. Reimbursement of income from principal. (1) If a fiduciary makes or expects to make an income disbursement described in Subsection (2), the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income. (2) To the extent the fiduciary has not been and does […]
Section 505 – Reimbursement of principal from income.
Effective 7/1/2020 22-3-505. Reimbursement of principal from income. (1) If a fiduciary makes or expects to make a principal disbursement described in Subsection (2), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal or provide a reserve for future principal disbursements. (2) To the […]
Section 506 – Income taxes.
Effective 7/1/2020 22-3-506. Income taxes. (1) A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income. (2) A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the tax […]