[CHAPTER 557A]

UNIFORM PRINCIPAL AND INCOME ACT

 

ARTICLE 1.  DEFINITIONS AND FIDUCIARY DUTIES

 

Section

   557A-101 Short title

   557A-102 Definitions

   557A-103 Fiduciary duties; general principles

   557A-104 Trustee's power to adjust

   557A-105 Notice of proposed action

   557A-106 Proceedings regarding trustee's power to adjust

 

ARTICLE 2.  DECEDENT'S ESTATE OR TERMINATING

INCOME INTEREST

 

   557A-201 Determination and distribution of net income

   557A-202 Distribution to residuary and remainder

            beneficiaries

 

ARTICLE 3.  APPORTIONMENT AT BEGINNING AND END

OF INCOME INTEREST

 

   557A-301 When right to income begins and ends

   557A-302 Apportionment of receipts and disbursements when

            decedent dies or income interest begins

   557A-303 Apportionment when income interest ends

 

ARTICLE 4.  ALLOCATION OF RECEIPTS DURING

ADMINISTRATION OF TRUST

 

          Part I.  Receipts from Entities

   557A-401 Character of receipts

   557A-402 Distribution from trust or estate

   557A-403 Business and other activities conducted by trustee

 

          Part II.  Receipts Not Normally Apportioned

   557A-404 Principal receipts

   557A-405 Rental property

   557A-406 Obligation to pay money

   557A-407 Insurance policies and similar contracts

 

          Part III.  Receipts Normally Apportioned

   557A-408 Insubstantial allocations not required

   557A-409 Deferred compensation, annuities, and similar

            payments

   557A-410 Liquidating asset

   557A-411 Minerals, water, and other natural resources

   557A-412 Timber

   557A-413 Property not productive of income

   557A-414 Derivatives and options

   557A-415 Asset-backed securities

 

ARTICLE 5.  ALLOCATION OF DISBURSEMENTS DURING

ADMINISTRATION OF TRUST

 

   557A-501 Disbursements from income

   557A-502 Disbursements from principal

   557A-503 Transfers from income to principal for depreciation

   557A-504 Transfers from income to reimburse principal

   557A-505 Income taxes

   557A-506 Adjustments between principal and income because of

            taxes

 

Law Journals and Reviews

 

  Trustee v. Beneficiary.  15 HBJ, no. 13, at 145 (2013).

  Promoting Trustee Adherence to the Fiduciary Duty of Impartiality:  A Case for Enacting Unitrust Conversion Statutes in Conjunction with Equitable Adjustment Statutes.  28 UH L. Rev. 105 (2005).

 

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