Chapter 58, PERSONAL AND REAL PROPERTY

58-9a-307. Applicable value. (a) A unitrust policy must provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: (1) The frequency of valuing the asset, which need not require a valuation in every period; …

58-9a-308. Period required; optional standards. (a) A unitrust policy must provide the period used under K.S.A. 58-9a-306 and 58-9a-307, and amendments thereto. Except as otherwise provided in K.S.A. 58-9a-309(b)(3), and amendments thereto, the period may be: (1) A calendar year;…

58-9a-309. Special tax benefits; other rules. (a) A unitrust policy may: (1) Provide methods and standards for: (A) Determining the timing of distributions; (B) making distributions in cash or in kind or partly in cash and partly in kind; or (C) correcting an underpayment or over…

58-9a-401. Character of receipts from entity. (a) In this section: (1) "Capital distribution" means an entity distribution of money which is a: (A) Return of capital; or (B) distribution in total or partial liquidation of the entity. (2) "Entity": (A) Means a corporation, partner…

58-9a-402. Receipts from distribution from trust or estate. A fiduciary shall allocate to income an amount received as a distribution of income, including a unitrust distribution under K.S.A. 58-9a-301 through 58-9a-309, and amendments thereto, from a trust or estate in which the…

58-9a-403. Accounting for business or other activity conducted by fiduciary. (a) This section applies to a business or other activity conducted by a fiduciary if the fiduciary determines that it is in the interests of the beneficiaries to account separately for the business or ot…

58-9a-404. Principal receipts. A fiduciary shall allocate to principal: (a) To the extent not allocated to income under this act, an asset received from: (1) An individual during the individual's lifetime; (2) an estate; (3) a trust on termination of an income interest; or (4) a …

58-9a-405. Receipts from rental property. To the extent a fiduciary does not account for the management of rental property as a business under K.S.A. 58-9a-403, and amendments thereto, the fiduciary shall allocate to income an amount received as rent of real or personal property,…

58-9a-406. Receipt from obligation to be paid in money. (a) This section does not apply to an obligation to which K.S.A. 58-9a-409, 58-9a-410, 58-9a-411, 58-9a-412, 58-9a-414, 58-9a-415 or 58-9a-416, and amendments thereto, applies. (b) A fiduciary shall allocate to income, witho…

58-9a-407. Receipts from insurance policy or contract. (a) This section does not apply to a contract to which K.S.A. 58-9a-409, and amendments thereto, applies. (b) Except as otherwise provided in subsection (c), a fiduciary shall allocate to principal the proceeds of a life insu…

58-9a-408. Insubstantial allocation not required. (a) If a fiduciary determines that an allocation between income and principal required by K.S.A. 58-9a-409, 58-9a-410, 58-9a-411, 58-9a-412 or 58-9a-415, and amendments thereto, is insubstantial, the fiduciary may allocate the ent…

58-9a-409. Receipts from deferred compensation, annuity or similar payment. (a) In this section: (1) "Internal income of a separate fund" means the amount determined under subsection (b). (2) "Marital trust" means a trust: (A) Of which the settlor's surviving spouse is the only c…

58-9a-410. Receipts produced by a liquidating asset. (a) In this section, "liquidating asset" means an asset whose value will diminish or terminate because the asset is expected to produce receipts for a limited time. The term includes a leasehold, patent, copyright, royalty righ…

58-9a-411. Receipts from interest in minerals, water and other natural resources. (a) To the extent a fiduciary does not account for a receipt from an interest in minerals, water or other natural resources as a business under K.S.A. 58-9a-403, and amendments thereto, the fiduciar…

58-9a-412. Receipts from sale of timber. (a) To the extent a fiduciary does not account for receipts from the sale of timber and related products as a business under K.S.A. 58-9a-403, and amendments thereto, the fiduciary shall allocate the net receipts: (1) To income, to the ext…

58-9a-413. Marital deduction property not productive of income. (a) If a trust received property for which a gift or estate tax marital deduction was allowed and the settlor's spouse holds a mandatory income interest in the trust, the spouse may require the trustee, to the extent…

58-9a-414. Receipts from derivative or option. (a) In this section, "derivative" means a contract, instrument, other arrangement or combination of contracts, instruments or other arrangements, the value, rights and obligations of which are, in whole or in part, dependent on or de…

58-9a-415. Receipts from asset-backed security. (a) Except as otherwise provided in subsection (b), a fiduciary shall allocate to income a receipt from or related to an asset-backed security, to the extent the payor identifies the payment as being from interest or other current r…

58-9a-416. Receipts from other financial instrument or arrangement. A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this act. The allocation must be consistent with K.S.A. 58-9a-414 and 58-9a-415, and amendme…

58-9a-501. Disbursement from income. Subject to K.S.A. 58-9a-504, and amendments thereto, and except as otherwise provided in K.S.A. 58-9a-601(c)(2) or (3), and amendments thereto, a fiduciary shall disburse from income: (a) One-half of: (1) The regular compensation of the fiduci…

58-9a-502. Disbursement from principal. (a) Subject to K.S.A. 58-9a-505, and amendments thereto, and except as otherwise provided in K.S.A. 58-9a-601(c)(2), and amendments thereto, a fiduciary shall disburse from principal: (1) The balance of the disbursements described in K.S.A.…

58-9a-503. Transfer from income to principal for depreciation. (a) In this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion or gradual obsolescence of a tangible asset having a useful life of more than one year. (b) A fiduciary may transfer t…

58-9a-504. Reimbursement of income from principal. (a) If a fiduciary makes or expects to make an income disbursement described in subsection (b), the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income. (b) …

58-9a-505. Reimbursement of principal from income. (a) If a fiduciary makes or expects to make a principal disbursement described in subsection (b), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal …

58-9a-506. Income taxes. (a) A tax required to be paid by a fiduciary which is based on receipts allocated to income must be paid from income. (b) A tax required to be paid by a fiduciary which is based on receipts allocated to principal must be paid from principal, even if the t…

58-9a-507. Adjustment between income and principal because of taxes. (a) A fiduciary may make an adjustment between income and principal to offset the shifting of economic interests or tax benefits between current income beneficiaries and successor beneficiaries which arises from…

58-9a-601. Determination and distribution of net income. (a) This section applies when: (1) The death of an individual results in the creation of an estate or trust; or (2) an income interest in a trust terminates, whether the trust continues or is distributed. (b) A fiduciary of…

58-9a-602. Distribution to successor beneficiary. (a) Except to the extent K.S.A. 58-9a-301 through 58-9a-309, and amendments thereto, apply for a beneficiary that is a trust, each beneficiary described in K.S.A. 58-9a-601(f), and amendments thereto, is entitled to receive a shar…

58-9a-701. When right to income begins and ends. (a) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date an income interest begins. The income interest begins on the date specified in the terms of the trust or, if no date is spe…

58-9a-702. Apportionment of receipts and disbursements when decedent dies or income interest begins. (a) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which K.S.A. 58-9a-601(b), and amendments thereto, applies, to principal if its due date …

58-9a-703. Apportionment when income interest ends. (a) In this section, "undistributed income" means net income received on or before the date on which an income interest ends. The term does not include an item of income or expense which is due or accrued or net income that has …

58-9a-801. Uniformity of application and construction. In applying and construing this uniform act, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. History: L. 2021, ch. 63, § 45; July 1.

58-9a-802. Relation to electronic signatures in global and national commerce act. This act modifies, limits or supersedes the electronic signatures in global and national commerce act, 15 U.S.C. § 7001 et seq., but does not modify, limit or supersede section 101(c) of that act, 1…

58-9a-803. Application to trust or estate. This act applies to a trust or estate existing or created on or after July 1, 2021, except as otherwise expressly provided in the terms of the trust or this act. History: L. 2021, ch. 63, § 47; July 1.

58-9a-804. Severability. If any provision of this act or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and to this …

58-1014. Legislative findings. The legislature finds: (a) There are greater opportunities for deception and fraud in public auction sales of new goods, wares and merchandise by itinerant merchants than in public auction sales of new goods, wares and merchandise by established pla…

58-1015. Definitions. As used in this act unless the context otherwise requires: (a) "Auctioneer" means a person who conducts a public auction as herein defined; (b) "clerk" means: (a) the county clerk of the county wherein the public auction is to be held if the public auction i…

58-1016. License required to conduct certain auction sales; unlawful acts. It shall be unlawful for any person to sell, dispose of, or offer for sale at public auction in this state any new goods, wares or merchandise, unless such person and the owners of such new goods, wares or…

58-1017. Filing of application; contents; verification. Any person desiring to offer any new goods, wares or merchandise for sale at public auction shall file, in duplicate, an application for a license for that purpose with the clerk of the county or city in which the said aucti…

58-1018. Bond requirements; process; actions. At the time of filing the application required by this act, and as a part thereof, the applicant shall file and deposit with the said clerk a bond issued by a corporate surety authorized to do business in this state, in the penal sum …

58-1019. License fees; disposition of moneys. The applicant filing an application with the clerk for a license to conduct a public auction shall pay to the clerk of such county or city, as the case may be, in which the said application is made, a license fee of twenty-five dollar…

58-1020. Issuance of license by county or city clerk; restrictions; record; public inspection; duplicate copy of application to director of revenue. Upon the filing of such application and after the applicant has established that he or she has fully complied with all the provisio…

58-1021. Inventory of goods sold; copy to director of revenue. Within ten (10) days after the last day of said public auction, the applicant shall file in duplicate with the clerk who issued the license an inventory of all goods, wares and merchandise sold at such auction and the…

58-1022. Criminal penalties for violations of act. Every person, firm, association or corporation who shall in any manner engage in, or conduct a public auction, without having first obtained a license as hereinbefore provided, or who shall knowingly advertise, represent or hold …

58-1023. Auction sales; act inapplicable to certain sales. The provisions of this act shall not extend to the sale at public auction of new merchandise, which was assessed personal property tax in the county in which the sale is to be held or is replacement stock of merchandise i…

58-1024. Licensing and regulation of public auctions by cities; limitation. All cities of the first, second or third class are hereby given full power and authority to tax, license and regulate persons, firms or corporations engaging in or desiring to engage in public auctions, a…

58-1025. Severability. If any section, subsection, paragraph, sentence, clause or phrase of this act is for any reason held to be unconstitutional or invalid, such constitutionality or invalidity shall not affect the constitutionality or validity of the remaining portion or porti…

58-1026. Citation of act. This act shall be known and cited as the "new goods public auction law." History: L. 1961, ch. 265, § 13; July 1.

58-1101. Certain trusts exempt from certain rules of law; continuance. A trust of personal property, created as part of a stock bonus plan, pension plan, disability or death benefit plan, profit-sharing plan or retirement plan, for the exclusive benefit of employees or self-emplo…

58-1102. Income from trust property; accumulation. The income arising from any personal property held in a trust created as part of a stock bonus plan, pension plan, disability or death benefit plan, or profit-sharing plan, or retirement plan, for the exclusive benefit of employe…