Section 555.501 – Short Title.
555.501 Short title. Sec. 101. This act shall be known and may be cited as the “uniform principal and income act”. History: 2004, Act 159, Eff. Sept. 1, 2004
Section 555.502 – Definitions.
555.502 Definitions. Sec. 102. As used in this act: (a) “Accounting period” means a calendar year unless another 12-month period is selected by a fiduciary. Accounting period 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. (b) “Beneficiary” means, […]
Section 555.503 – Duties of Fiduciary; Allocation of Receipts and Disbursements to or Between Principal and Income; Discretionary Power; Impartiality.
555.503 Duties of fiduciary; allocation of receipts and disbursements to or between principal and income; discretionary power; impartiality. Sec. 103. (1) In allocating receipts and disbursements to or between principal and income, and with respect to any matter found within the scope of articles 2 and 3, a fiduciary shall do all of the following: […]
Section 555.504 – Adjustment Between Principal and Income; Factors; Policy; Circumstances Prohibiting Adjustment; Exercise of Power by Cofiduciary; Release of or Limitation on Power to Adjust.
555.504 Adjustment between principal and income; factors; policy; circumstances prohibiting adjustment; exercise of power by cofiduciary; release of or limitation on power to adjust. Sec. 104. (1) A fiduciary may adjust between principal and income to the extent the fiduciary considers necessary if the fiduciary invests and manages trust or estate assets as a prudent […]
Section 555.505 – Exercise of Discretionary Power by Fiduciary; Limitation on Court to Order; Decision; Petition; Burden of Proof.
555.505 Exercise of discretionary power by fiduciary; limitation on court to order; decision; petition; burden of proof. Sec. 105. (1) The court may not order a fiduciary to change a decision to exercise or not to exercise a discretionary power conferred by this act unless it determines that the decision was an abuse of the […]