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 3 – Registration of security in the name of a fiduciary.
22-5-3. Registration of security in the name of a fiduciary. A corporation or transfer agent registering a security in the name of a person who is a fiduciary or who is described as a fiduciary is not bound to inquire into the existence, extent, or correct description of the fiduciary relationship, and thereafter the corporation […]
Section 4 – Assignment of security by a fiduciary.
22-5-4. Assignment of security by a fiduciary. Except as otherwise provided in this chapter, a corporation or transfer agent making a transfer of a security pursuant to an assignment by a fiduciary: (1) may assume without inquiry that the assignment, even though to the fiduciary himself or to his nominee, is within his authority and […]
Section 5 – Assignment of security by a fiduciary — Evidence of appointment or incumbency.
22-5-5. Assignment of security by a fiduciary — Evidence of appointment or incumbency. A corporation or transfer agent making a transfer pursuant to an assignment by a fiduciary who is not the registered owner shall obtain the following evidence of appointment or incumbency: (1) in the case of a fiduciary appointed or qualified by a […]
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 […]
Section 507 – Adjustment between income and principal because of taxes.
Effective 7/1/2020 22-3-507. Adjustment between income and principal because of taxes. (1) A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries that arises from: (a) an election or decision the fiduciary makes regarding a tax matter, other […]
Section 601 – Determination and distribution of net income.
Effective 7/1/2020 22-3-601. Determination and distribution of net income. (1) This section applies when: (a) the death of an individual results in the creation of an estate or trust; or (b) an income interest in a trust terminates, regardless of whether the trust continues or is distributed. (2) A fiduciary of an estate or trust […]