PocketLaw | Vermont Statutes | Uniform Principal And Income Act

Uniform Principal And Income Act

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Short title

Definitions

Fiduciary duties; general principles

Trustee's power to adjust

Judicial control of discretionary power

Uniformity of application and construction

Severability clause

Determination and distribution of net income

Distribution to residuary and remainder beneficiaries

When right to income begins and ends

Apportionment of receipts and disbursements when decedent dies or income interest begins

Apportionment when income interest ends

Character of receipts

Distribution from trust or estate

Business and other activities conducted by trustee

Principal receipts

Rental property

Obligation to pay money

Insurance policies and similar contracts

Insubstantial allocations not required

Deferred compensation, annuities, and similar payments

Liquidating asset

Minerals, water, and other natural resources

Timber

Property not productive of income

Derivatives and options

Asset-backed securities

Disbursements from income

Disbursements from principal

Transfers from income to principal for depreciation

Transfers from income to reimburse principal

Income taxes

Adjustments between principal and income because of taxes