§ 28-70-101. Short title

This chapter may be cited as the “Uniform Principal and Income Act.”

§ 28-70-102. Definitions

In this chapter: (1) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. The term includes a portion of a calendar year or other 12-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 […]

§ 28-70-103. 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 § 28-70-201 et seq. and § 28-70-301 et seq., a fiduciary: (1) shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is […]

§ 28-70-104. 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 income, and the trustee determines, […]