Title 30, Guardians And Trustees

[§556A-10] Disclosure of other digital assets of principal. Unless otherwise ordered by the court, directed by the principal, or provided by a power of attorney, a custodian shall disclose to an agent with specific authority over digital assets or general authority to act on beha…

[§556A-11] Disclosure of digital assets held in trust when trustee is original user. Unless otherwise ordered by the court or provided in a trust, a custodian shall disclose to a trustee that is an original user of an account any digital asset of the account held in trust, includ…

[§556A-12] Disclosure of contents of electronic communications held in trust when trustee not original user. Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose to a trustee that is not an original user of an account the…

[§556A-13] Disclosure of other digital assets held in trust when trustee not original user. Unless otherwise ordered by the court, directed by the user, or provided in a trust, a custodian shall disclose, to a trustee that is not an original user of an account, a catalogue of ele…

[§556A-14] Disclosure of digital assets to conservator of protected person. (a) After an opportunity for a hearing under section 560:5-410 or section 560:5-414, the court may grant a conservator access to the digital assets of a protected person. (b) Unless otherwise ordered by t…

[§556A-15] Fiduciary duty and authority. (a) The legal duties imposed on a fiduciary charged with managing tangible property apply to the management of digital assets, including: (b) A fiduciary's or designated recipient's authority with respect to a digital asset of a user: (c) …

[§556A-16] Custodian compliance and immunity. (a) Not later than sixty days after receipt of the information required under sections 556A-7 through 556A-15, a custodian shall comply with a request under this chapter from a fiduciary or designated recipient to disclose digital ass…

[§556A-17] Relation to Electronic Signatures in Global and National Commerce Act. This chapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act, title 15 U.S.C. section 7001 et seq., but does not modify, limit, or supersede section 101…

§556A-2 Definitions. In this chapter: "Account" means an arrangement under a terms-of-service agreement in which a custodian carries, maintains, processes, receives, or stores a digital asset of the user or provides goods or services to the user. "Agent" means an attorney-in-fact…

[§556A-3] Applicability. (a) This chapter applies to: (b) This chapter applies to a custodian if the user resides in this State or resided in this State at the time of the user's death. (c) This chapter does not apply to a digital asset of an employer used by an employee in the o…

[§556A-4] User direction for disclosure of digital assets. (a) A user may use an online tool to direct the custodian to disclose to a designated recipient or not to disclose some or all of the user's digital assets, including the content of electronic communications. If the onlin…

[§556A-5] Terms-of-service agreement. (a) This chapter does not change or impair a right of a custodian or a user under a terms-of-service agreement to access and use digital assets of the user. (b) This chapter does not give a fiduciary or designated recipient any new or expande…

[§556A-6] Procedure for disclosing digital assets. (a) When disclosing digital assets of a user under this chapter, the custodian may at its sole discretion: (b) A custodian may assess a reasonable administrative charge for the cost of disclosing digital assets under this chapter…

[§556A-7] Disclosure of content of electronic communications of deceased user. If a deceased user consented or a court directs disclosure of the contents of electronic communications of the user, the custodian shall disclose to the personal representative of the estate of the use…

[§556A-8] Disclosure of other digital assets of deceased user. Unless the user prohibited disclosure of digital assets or the court directs otherwise, a custodian shall disclose to the personal representative of the estate of a deceased user a catalogue of electronic communicatio…

[§556A-9] Disclosure of content of electronic communications of principal. To the extent a power of attorney expressly grants an agent authority over the content of electronic communications sent or received by the principal and unless directed otherwise by the principal or the c…

ARTICLE 1 DEFINITIONS AND FIDUCIARY DUTIES [§557A-101] Short title. This chapter may be cited as the Uniform Principal and Income Act. [L 2000, c 191, pt of §1]

[§557A-102] Definitions. As used in this chapter, unless the context otherwise requires: "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 begin…

[§557A-103] Fiduciary duties; general principles. (a) In allocating receipts and disbursements to or between principal and income, and in any matter within the scope of articles 2 and 3, a fiduciary: (b) In exercising the power to adjust granted by section 557A-104(a) or a discre…

§557A-104 Trustee's power to adjust. (a) Subject to subsection (b), a trustee may adjust between principal and income to the extent the trustee considers necessary if all of the following conditions are satisfied: (b) In deciding whether and to what extent to exercise the power c…

[§557A-105] Notice of proposed action. (a) A trustee may give a notice of proposed action regarding a matter governed by the 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) …

[§557A-106] Proceedings regarding trustee's power to adjust. In a proceeding with respect to a trustee's exercise or nonexercise of the power to make an adjustment under section 557A-104, the sole remedy shall be to direct, deny, or revise an adjustment between principal and inco…

ARTICLE 2 DECEDENT'S ESTATE OR TERMINATING INCOME INTEREST [§557A-201] Determination and distribution of net income. After a decedent dies, in the case of an estate, or after an income interest in a trust ends, the following rules apply:

[§557A-202] Distribution to residuary and remainder beneficiaries. (a) Each beneficiary described in section 557A-201(4) is entitled to receive a portion of the net income equal to the beneficiary's fractional interest in undistributed principal assets, using values as of the dis…

ARTICLE 3 APPORTIONMENT AT BEGINNING AND END OF INCOME INTEREST [§557A-301] When right to income begins and ends. (a) An income beneficiary is entitled to net income from the date on which the income interest begins. An income interest begins on the date specified in the terms of…

[§557A-302] Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) An income receipt or disbursement other than one to which section 557A-201(1) applies shall be allocated to principal if its due date occurs before a decedent dies in the cas…

[§557A-303] Apportionment when income interest ends. (a) As used in this section, "undistributed income" means net income received before the date on which an income interest ends. The term does not include an item of income or expense that is due or accrued or net income that ha…

ARTICLE 4 ALLOCATION OF RECEIPTS DURING ADMINISTRATION OF TRUST PART I. RECEIPTS FROM ENTITIES [§557A-401] Character of receipts. (a) As used in this section, "entity" means a corporation, partnership, joint venture, limited liability company, regulated investment company, real e…

[§557A-402] Distribution from trust or estate. Subject to the terms of a recipient trust, an amount received as a distribution of income from a trust or an estate in which the trust has an interest other than a purchased interest shall be allocated to income. An amount received a…

[§557A-403] Business and other activities conducted by trustee. (a) If a trustee who conducts a business or other activity determines that it is in the best interest of all the beneficiaries to account separately for the business or activity instead of accounting for it as part o…

PART II. RECEIPTS NOT NORMALLY APPORTIONED [§557A-404] Principal receipts. The following shall be allocated to principal:

[§557A-405] Rental property. To the extent that a trustee accounts for receipts from rental property pursuant to this section, an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease, shall be allocated to incom…

[§557A-406] Obligation to pay money. (a) An amount received as interest, whether determined at a fixed, variable, or floating rate, on an obligation to pay money to the trustee, including an amount received as consideration for prepaying principal, shall be allocated to income wi…

[§557A-407] Insurance policies and similar contracts. (a) Except as provided in subsection (b), proceeds from a life insurance policy or other contract whose beneficiary is the trust or its trustee, including a contract that insures the trust or its trustee against loss for the d…

PART III. RECEIPTS NORMALLY APPORTIONED [§557A-408] Insubstantial allocations not required. If a trustee determines that an allocation between principal and income required by sections 557A-409 through 557A-412 or section [557A-415] is insubstantial, the trustee may allocate the …

[§557A-409] Deferred compensation, annuities, and similar payments. (a) This section shall apply to payments that a trustee may receive over a fixed number of years or during the life of one or more individuals because of services rendered or property transferred to the payor in …

[§557A-410] Liquidating asset. (a) As used in this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a period of limited duration. The term includes leaseholds, patents, trademarks, copyrights,…

[§557A-411] Minerals, water, and other natural resources. (a) Receipts from an interest in minerals or other natural resources shall be allocated as follows: (b) An amount received on account of an interest in water that is renewable shall be allocated to income. If the water is …

[§557A-412] Timber. (a) A trustee may account for net receipts from the sale of timber and related products under subsection (b), unless the trustee determines that net receipts are insubstantial and allocates the net receipts to principal under section 557A-408. If a trust owns …

[§557A-413] Property not productive of income. (a) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the surviving spouse with sufficient income from or use of the trust assets, and if the amounts tha…

[§557A-414] Derivatives and options. (a) As used in this section, "derivative" means a contract or financial instrument or a combination of contracts and financial instruments that gives a trust the right or obligation to participate in some or all changes in the price of a tangi…

[§557A-415] Asset-backed securities. (a) As used in this section, "asset-backed security" means an asset whose value is based upon the right it gives the owner to receive distributions from the proceeds of financial assets that provide collateral for the security. The term includ…

ARTICLE 5 ALLOCATION OF DISBURSEMENTS DURING ADMINISTRATION OF TRUST [§557A-501] Disbursements from income. Unless otherwise governed by statutory fees or unless the instrument provides for it, [a] trustee shall make the following disbursements from income to the extent that they…

[§557A-502] Disbursements from principal. (a) Unless otherwise governed by statutory fees or unless the instrument provides for it, a trustee shall make the following disbursements from principal: (b) If a principal asset is encumbered with an obligation that requires income from…

[§557A-503] Transfers from income to principal for depreciation. (a) As used in this section, "depreciation" means a reduction in value of a fixed asset having a useful life of more than one year, due to wear, tear, decay, corrosion, or gradual obsolescence. (b) A trustee may tra…

[§557A-504] Transfers from income to reimburse principal. (a) If a trustee makes or expects to make a principal disbursement described in this section, the trustee may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal…