§44B-1-101. Short Title

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

§44B-1-102. Definitions

(a) "Accounting period" means a calendar year unless another twelve-month period is selected by a fiduciary. The term includes a portion of a calendar year or other twelve-month period that begins when an income interest begins or ends when an income interest ends. (b) "Beneficiary" includes, in the case of a decedent's estate, an heir, […]

§44B-1-103. 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 articles two and three of this chapter, a fiduciary: (1) Shall administer a trust or estate in accordance with the terms of the trust or the will, even if there is a different […]

§44B-1-104. Trustee's Power to Adjust

(a) Subject to the provisions of subsection (b) of this section, a trustee may make an adjustment between principal and income to the extent the trustee considers necessary if all of the following conditions are satisfied: (1) The trustee invests and manages trust assets under the prudent investor rule.

§44B-1-104a. Total Return Unitrust

(a) As used in this section: (1) "Disinterested person" means a person who is not a "related or subordinate party", as defined in I.R.C. §672(c) et seq., with respect to the person then acting as trustee of the trust, and excludes the grantor of the trust and any interested trustee.

§44B-1-105. Trustee's Right to Give Notice

(a) A trustee may but is not required to give a notice of proposed action regarding a matter governed by this chapter as provided in this section. For the purpose of this section, a proposed action includes a course of action and a decision not to take action. (b) The trustee shall mail notice of […]