[CHAPTER 557A]

UNIFORM PRINCIPAL AND INCOME ACT

 

Law Journals and Reviews

 

  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).

 

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