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 6 – Adverse claims to transfer of security by a fiduciary — Notice.
22-5-6. Adverse claims to transfer of security by a fiduciary — Notice. (1) A person asserting a claim of beneficial interest adverse to the transfer of a security pursuant to an assignment by a fiduciary may give the corporation or transfer agent written notice of the claim. The corporation or transfer agent is not put […]
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 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 […]
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 […]