Title 72, Title 72

(1) A trustee may give a notice of proposed action regarding a matter governed by this part 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. (2) The trustee shall mail notice of the prop…

In a proceeding with respect to a trustee's exercise or nonexercise of the power to make an adjustment under 72-34-424, the sole remedy is to direct, deny, or revise an adjustment between principal and income.

This part applies to every trust or decedent's estate existing on or after October 1, 2003, except as otherwise expressly provided in the trust or will or in this part.

After the decedent's death, in the case of a decedent's estate, or after an income interest in a trust ends, the following rules apply: (1) If property is specifically given to a beneficiary, by will or trust, the fiduciary of the estate or of the terminating income interest shal…

(1) Each beneficiary described in 72-34-428(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 distribution dates and without reducing the values by any unpaid principal ob…

(1) 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 trust or, if no date is specified, on the date an asset becomes subject to a trust or successive income interest. (2) An a…

(1) A trustee shall allocate an income receipt or disbursement other than one to which 72-34-428(1) applies to principal if its due date occurs before a decedent dies in the case of an estate or before an income interest begins in the case of a trust or successive income interest…

(1) (a) For the purposes of this section, "undistributed income" means net income received before the date on which an income interest ends. (b) The term does not include an item of income or expense that is due or accrued or net income that has been added or is required to be ad…

(1) For the purposes of this section, "entity" means a corporation, partnership, limited liability company, regulated investment company, real estate investment trust, common trust fund, or any other organization in which a trustee has an interest other than a trust or decedent's…

A trustee shall allocate to income an amount received as a distribution of income from a trust or a decedent's estate, other than an interest in an investment entity, in which the trust has an interest other than a purchased interest, and shall allocate to principal an amount rec…

(1) 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 other activity instead of accounting for it as part of the trust's general accounting records, the trustee may …

A trustee shall allocate to principal: (1) to the extent not allocated to income under this chapter, assets received from a transferor during the transferor's lifetime, a decedent's estate, a trust with a terminating income interest, or a payer under a contract naming the trust o…

Unless the trustee accounts for receipts from rental property pursuant to 72-34-435, the trustee shall allocate to income an amount received as rent of real or personal property, including an amount received for cancellation or renewal of a lease. An amount received as a refundab…

(1) 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, must be allocated to income without any provision for amortization o…

(1) Except as otherwise provided in subsection (2), a trustee shall allocate to principal the proceeds of a life insurance policy or other contract in which the trust or its trustee is named as beneficiary, including a contract that insures the trust or its trustee against loss f…

(1) If a trustee determines that an allocation between principal and income required by 72-34-441, 72-34-442, 72-34-443, 72-34-444, or 72-34-447 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in 72-34-424(2) app…

(1) In this section: (a) "Payment" means a payment 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 payer in exchange for future payments. The term includes a payment …

(1) 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 a leasehold, patent, copyright, royalty right, and right to receive payments under …

(1) To the extent that a trustee accounts for receipts from an interest in minerals or other natural resources pursuant to this section, the trustee shall allocate them as follows: (a) if received as a nominal bonus, nominal delay rental, or nominal annual rent on a lease, a rece…

(1) To the extent that a trustee accounts for receipts from the sale of timber and related products pursuant to this section, the trustee shall allocate the net receipts as follows: (a) to income to the extent that the amount of timber removed from the land does not exceed the ra…

(1) If a marital deduction is allowed for all or part of a trust whose assets consist substantially of property that does not provide the spouse with sufficient income from or use of the trust assets and if the amounts that the trustee transfers from principal to income under 72-…

(1) 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 tangible or intangible asset or group of assets or…

(1) 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 includes an asset that gives the owner the right to…

A trustee shall make the following disbursements from income to the extent that they are not disbursements to which 72-34-428(3)(b) or (3)(c) applies: (1) except as otherwise ordered by the court, one-half of the regular compensation of the trustee and of any person providing inv…

(1) A trustee shall make the following disbursements from principal: (a) except as otherwise ordered by the court, the remaining one-half of the disbursements described in 72-34-448(1) and (2); (b) except as otherwise ordered by the court, all of the trustee's compensation calcul…

(1) For purposes of this section, "depreciation" means a reduction in value due to wear, tear, decay, corrosion, or gradual obsolescence of a fixed asset having a useful life of more than 1 year. (2) A trustee may transfer from income to principal a reasonable amount of the net c…

(1) 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 or to provide a reserve for future principal disbursement…

(1) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (2) A tax required to be paid by a trustee based on receipts allocated to principal must be paid from principal, even if the tax is called an income tax by the taxing author…

(1) A fiduciary may make adjustments between principal and income to offset the shifting of economic interests or tax benefits between income beneficiaries and remainder beneficiaries that arise from any of the following: (a) elections and decisions, other than those described in…