Chapter 30 — DECEDENTS' ESTATES; PROTECTION OF PERSONS AND PROPERTY
1,179 sections in this chapter.
Neb. Rev. Stat. § 30-3131 Rental property.
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To the extent that a trustee accounts for receipts from rental property pursuant to this section, 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 …
Neb. Rev. Stat. § 30-3132 Obligation to pay money.
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(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, must be allocated to income without any provision for amortization o…
Neb. Rev. Stat. § 30-3133 Insurance policies and similar contracts.
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(a) Except as otherwise provided in subsection (b) of this section, 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 truste…
Neb. Rev. Stat. § 30-3134 Insubstantial allocations not required.
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If a trustee determines that an allocation between principal and income required by section 30-3135, 30-3136, 30-3137, 30-3138, or 30-3141 is insubstantial, the trustee may allocate the entire amount to principal unless one of the circumstances described in subsection (c) of sect…
Neb. Rev. Stat. § 30-3135 Deferred compensation, annuities, and similar payments; allocation to principal and income.
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(a) In this section: (1) 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 ma…
Neb. Rev. Stat. § 30-3135.01 Trust; marital deduction; when provisions applicable.
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Section 30-3135, as amended by Laws 2009, LB 80, applies to a trust described in subsection (d) of section 30-3135 on and after the following dates: (1) If the trust is not funded as of February 27, 2009, the date of the decedent's death; (2) If the trust is initially funded in t…
Neb. Rev. Stat. § 30-3136 Liquidating asset.
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(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 period of limited duration. The term includes a leasehold, patent, copyright, royalty right, and right to receive payments during a…
Neb. Rev. Stat. § 30-3137 Minerals, water, and other natural resources.
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(a) 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: (1) If received as nominal delay rental or nominal annual rent on a lease, a receipt must be alloca…
Neb. Rev. Stat. § 30-3138 Timber.
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(a) 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: (1) to income to the extent that the amount of timber removed from the land does not exceed the rate of growt…
Neb. Rev. Stat. § 30-3139 Property not productive of income.
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(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 spouse with sufficient income from or use of the trust assets, and if the amounts that the trustee transfers from principal to income under se…
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3140 Derivatives and options.
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(a) In this section, derivative means a contract or financial instrument or a combination of contracts and financial instruments which 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…
Neb. Rev. Stat. § 30-3141 Asset-backed securities.
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(a) 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 r…
Neb. Rev. Stat. § 30-3142 Disbursements from income.
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A trustee shall make the following disbursements from income to the extent that they are not disbursements to which subdivision (2)(B) or (C) of section 30-3122 applies: (1) one-half of the regular compensation of the trustee and of any person providing investment advisory or cus…
Neb. Rev. Stat. § 30-3143 Disbursements from principal.
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(a) A trustee shall make the following disbursements from principal: (1) the remaining one-half of the disbursements described in subdivisions (1) and (2) of section 30-3142; (2) all of the trustee's compensation calculated on principal as a fee for acceptance, distribution, or t…
Neb. Rev. Stat. § 30-3144 Transfers from income to principal for depreciation.
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(a) In 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 one year. (b) A trustee may transfer to principal a reasonable amount of the net cash receipts from a princ…
Neb. Rev. Stat. § 30-3145 Transfers from income to reimburse principal.
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(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 or to provide a reserve for future principal disbursement…
Neb. Rev. Stat. § 30-3146 Income taxes.
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(a) A tax required to be paid by a trustee based on receipts allocated to income must be paid from income. (b) 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…
Neb. Rev. Stat. § 30-3147 Adjustments between principal and income because of taxes.
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(a) 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 which arise from: (1) elections and decisions, other than those described in subsection (b) of t…
Neb. Rev. Stat. § 30-3148 Uniformity of application and construction.
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In applying and construing the Uniform Principal and Income 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.
Neb. Rev. Stat. § 30-3149 Application of act to existing trusts and estates.
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The Uniform Principal and Income Act applies to every trust or decedent's estate existing on September 1, 2001, except as otherwise expressly provided in the will or terms of the trust or in the act.
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3201 Investment of funds; prudent investor rule.
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Except as may be otherwise provided in section 8-318, or otherwise provided by law or by the instrument creating the fiduciary relationship involved, each and every trustee, guardian, conservator, executor, or administrator, whether appointed by the courts of this state, or actin…
Neb. Rev. Stat. § 30-3202 Sections; applicability.
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Sections 30-3201 and 30-3207 shall apply to fiduciary relationships now in existence or hereafter established.
Neb. Rev. Stat. § 30-3203 Section; applicability.
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Section 30-3201 shall apply to fiduciary relationships whether now in existence or established after November 18, 1965.
Neb. Rev. Stat. § 30-3204 Securities received by fiduciary; investments authorized.
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Trust funds received by administrators, executors, trustees or guardians may be kept invested in the securities received by them unless it shall be otherwise ordered by the court of appointment or unless the instrument under which such trust was created shall direct that a change…
Neb. Rev. Stat. § 30-3205 Fiduciary; interests in private investment fund, investment company, or investment trust; investments authorized; bank or trust company; investments authorized.
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(1) Notwithstanding the prohibition on investments in section 8-224.01, a fiduciary holding funds for investment may invest such funds in securities of, or other interests in, a private investment fund or any open-end or closed-end management-type investment company or investment…
Repealed. Laws 2008, LB 851, § 32.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3207 Bank or trust company; common trust funds authorized; investments; conditions.
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Any bank or trust company qualified to act as fiduciary in this state may establish common trust funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as cofiduciaries, and may, as such fiduciary or cofiduciary, invest funds which it law…
Neb. Rev. Stat. § 30-3208 Bank or trust company; powers.
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(1) Notwithstanding the provisions of sections 30-3201 and 30-3207, any bank or trust company qualified to act as fiduciary in this state may: (a) Establish and maintain common trust funds for the collective investment of funds held in any fiduciary capacity by it or by another b…
Neb. Rev. Stat. § 30-3209 Corporate trustee; retirement or pension funds of governmental employees; investments authorized.
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(1) Corporate trustees authorized by Nebraska law to exercise fiduciary powers and holding retirement or pension funds for the benefit of employees or former employees of cities, villages, school districts, or other governmental or political subdivisions may invest and reinvest s…
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3210 Real estate mortgage; purchase of stock in federal corporation; court may authorize.
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When any court of competent jurisdiction shall issue a license to any trustee, executor, administrator or guardian to execute a real estate mortgage, such court may authorize the trustee, executor, administrator or guardian to purchase stock in any association or corporation crea…
Neb. Rev. Stat. § 30-3211 Registration of securities; name; conditions; liability of fiduciary.
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Any person or any corporation holding any stock, bond, note, debenture, or any other security or property, the title to which may be registered, hereinafter referred to as a security, as executor, administrator, trustee, guardian, conservator or in any other fiduciary capacity, m…
Neb. Rev. Stat. § 30-3212 Registration of securities; name of nominee.
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A corporation acting as one of two or more fiduciaries, with the consent of its cofiduciary or cofiduciaries, who are hereby authorized to give such consent, may register a security held by said fiduciaries in the name of its nominee, subject in all respects to the requirements, …
Neb. Rev. Stat. § 30-3213 Real estate investment trust, defined.
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For the purpose of this section and section 30-3214 real estate investment trust shall mean an unincorporated trust or an unincorporated association: (1) Which is managed by one or more trustees; (2) The beneficial ownership of which is evidenced by the transferable shares, or by…
Neb. Rev. Stat. § 30-3214 Real estate investment trust; articles of agreement or trust; filing.
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A real estate investment trust shall file its articles of agreement or of trust or any modifications thereof with the Secretary of State and with the county clerk of the county in this state in which the trust has its principal place of doing business by complying with the same p…
Neb. Rev. Stat. § 30-3215 Private foundations and split-interest trusts; prohibited acts.
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Notwithstanding any provision to the contrary in the governing instrument or under any other law of this state and except as otherwise provided by court decree entered after April 30, 1971, a trust, whenever created, which is a private foundation or a split-interest trust as defi…
Neb. Rev. Stat. § 30-3216 Private foundations and split-interest trusts; governing instrument; amendments permitted.
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The trustee of a trust, whenever created, which is a private foundation or a split-interest trust as defined in sections 509 and 4947, respectively, of the Internal Revenue Code may, notwithstanding any provision to the contrary in the governing instrument or under any other law …
Neb. Rev. Stat. § 30-3217 Private foundations and split-interest trusts; applicability of sections.
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A trustee of a trust which is a private foundation or a split-interest trust as defined in section 30-3215, may elect that sections 30-3215 to 30-3218 shall not apply to such trust and its trustee or trustees by so notifying the Attorney General in writing within six months follo…
Neb. Rev. Stat. § 30-3218 Private foundations and split-interest trusts; sections; how interpreted.
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Sections 30-3215 to 30-3218 shall be interpreted to effectuate the intent of the State of Nebraska to preserve, foster and encourage gifts to or for the benefit of charitable organizations and to preserve to such organizations their right to exemption from federal income taxes.
Neb. Rev. Stat. § 30-3219 Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution.
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Administrators and executors of the estates of deceased persons, trustees of trust estates, the guardians of estates of minors and incompetent persons, and conservators may execute easements, licenses, and other contracts with public power districts, electric membership associati…
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]
Neb. Rev. Stat. § 30-3220 Electric and communication facilities; easement; license and agreement for construction, operation, and maintenance; fiduciaries; execution; procedure.
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Easements and contracts authorized in section 30-3219 shall be entered into by administrators, executors, trustees, guardians, and conservators only upon compliance with and upon securing the approval of the county court of the county where the real estate is located in the manne…
Repealed. Laws 1974, LB 354, § 316.
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[Repealed or reserved.]