Title 75A, Title 75A: Fiduciaries

75A-5-202. Judicial review of exercise of discretionary power -- Request for instruction. (1) In this section, "fiduciary decision" means: a fiduciary's allocation between income and principal or other determination regarding income and principal required or authorized by the ter…

75A-5-203. Fiduciary's power to adjust. (1) Except as otherwise provided in the terms of a trust or this section, a fiduciary, in a record, without court approval, may adjust between income and principal if the fiduciary determines the exercise of the power to adjust will assist …

75A-5-301. Definitions for part. As used in this part: (1) "Applicable value" means the amount of the net fair market value of a trust taken into account under Section. 75A-5-307 (2) "Express unitrust" means a trust for which, under the terms of the trust without regard to this p…

75A-5-302. Application -- Duties and remedies. (1) Except as otherwise provided in Subsection (2), this part applies to: an income trust, unless the terms of the trust expressly prohibit use of this part by: a specific reference to this part; or an explicit expression of intent t…

75A-5-303. Authority of fiduciary. (1) A fiduciary, without court approval, by complying with Subsectionsand, may: (2) (6) convert an income trust to a unitrust if the fiduciary adopts, in a record, a unitrust policy for the trust providing: that, in administering the trust, the …

75A-5-304. Notice. (1) A fiduciary shall send a notice required by Subsectionin a manner authorized under Sectionto: 75A-5-303 (2)(b) 75B-2-109 the qualified beneficiaries determined under Subsection; 75B-2-103(8) each person acting, in accordance with, as trust director of the t…

75A-5-305. Unitrust policy. (1) In administering a unitrust under this part, a fiduciary shall follow a unitrust policy: adopted under Subsectionor (b); or 75A-5-303(1)(a) amended or replaced under Subsection. 75A-5-303(1)(b) (2) A unitrust policy shall provide: the unitrust rate…

75A-5-306. Unitrust rate. (1) Except as otherwise provided in Subsection, a unitrust rate may be: 75A-5-309(2)(a) a fixed unitrust rate; or a unitrust rate that is determined for each period using: a market index or other published data; or a mathematical blend of market indices …

75A-5-307. Applicable value. (1) A unitrust policy shall provide the method for determining the fair market value of an asset for the purpose of determining the unitrust amount, including: the frequency of valuing the asset, which need not require a valuation in every period; and…

75A-5-308. Period. (1) A unitrust policy shall provide the period used under Sectionsand. 75A-5-306 75A-5-307 Except as otherwise provided in Subsection, the period may be: 22-3-309(2)(c) a calendar year; a 12-month period other than a calendar year; a calendar quarter; a three-m…

75A-5-309. Special tax benefits -- Other rules. (1) A unitrust policy may: provide methods and standards for: determining the timing of distributions; making distributions in cash or in kind or partly in cash and partly in kind; or correcting an underpayment or overpayment to a b…

75A-5-401. Receipts from entity -- Character of receipts from entity. (1) As used in this section: "Capital distribution" means an entity distribution of money that is a: return of capital; or distribution in total or partial liquidation of the entity. "Entity" means a corporatio…

75A-5-402. Receipts from entity -- Distribution from trust or estate. (1) A fiduciary shall allocate: to income an amount received as a distribution of income, including a unitrust distribution under Part 3, Unitrust, from a trust or estate in which the fiduciary has an interest,…

75A-5-403. Receipts from entity -- Business or other activity conducted by fiduciary. (1) 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 busin…

75A-5-404. Receipts not normally apportioned -- Principal receipts. A fiduciary shall allocate to principal: (1) to the extent not allocated to income under this chapter, an asset received from: an individual during the individual's lifetime; an estate; a trust on termination of …

75A-5-405. Receipts not normally apportioned -- Rental property. (1) To the extent a fiduciary does not account for the management of rental property as a business under Section, the fiduciary shall allocate to income an amount received as rent of real or personal property, inclu…

75A-5-406. Receipts not normally apportioned -- Receipt on obligation to be paid in money. (1) This section does not apply to an obligation to which Section,,,,,, orapplies. 75A-5-409 75A-5-410 75A-5-411 75A-5-412 75A-5-414 75A-5-415 75A-5-416 (2) A fiduciary shall allocate to in…

75A-5-407. Receipts not normally apportioned -- Insurance policy or contract. (1) This section does not apply to a contract to which Sectionapplies. 75A-5-409 (2) Except as otherwise provided in Subsection (3), a fiduciary shall allocate to principal the proceeds of a life insura…

75A-5-408. Receipts normally apportioned -- Insubstantial allocation not required. (1) If a fiduciary determines that an allocation between income and principal required by Section,,,, oris insubstantial, the fiduciary may allocate the entire amount to principal, unless Subsectio…

75A-5-409. Receipts normally apportioned -- Deferred compensation, annuity, or similar payment. (1) As used in this section: "Internal income of a separate fund" means the amount determined under Subsection (2). "Marital trust" means a trust: of which the settlor's surviving spou…

75A-5-410. Receipts normally apportioned -- Liquidating asset. (1) 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 limited time. "Liquidating asset" includes a leasehold, pa…

75A-5-411. Receipts normally apportioned -- Minerals, water, and other natural resources. (1) To the extent that a fiduciary does not account for a receipt from an interest in minerals, water, or other natural resources as a business under Section, the fiduciary shall allocate th…

75A-5-412. Receipts normally apportioned -- Timber. (1) To the extent that a fiduciary does not account for receipts from the sale of timber and related products as a business under Section, the fiduciary shall allocate the net receipts: 75A-5-403 to income, to the extent that th…

75A-5-413. Receipts normally apportioned -- Marital deduction property not productive of income. (1) 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 r…

75A-5-414. Receipts normally apportioned -- Derivative or option. (1) As used in this section: "Derivative" means a contract, instrument, other arrangement, or combination of contracts, instruments, or other arrangements, for which the value, rights, and obligations are, in whole…

75A-5-415. Receipts normally apportioned -- Asset-backed security. (1) Except as otherwise provided in Subsection (2), a fiduciary shall allocate: to income, a receipt from or related to an asset-backed security, to the extent that the payor identifies the payment as being from i…

75A-5-416. Receipts normally apportioned -- Other financial instrument or arrangement. (1) A fiduciary shall allocate receipts from or related to a financial instrument or arrangement not otherwise addressed by this chapter. (2) The allocation must be consistent with Sectionsand.…

75A-5-501. Disbursement from income. Subject to Section, and except as otherwise provided in Subsectionor (c), a fiduciary shall disburse from income: (1) one-half of: the regular compensation of the fiduciary and any person providing investment advisory, custodial, or other serv…

75A-5-502. Disbursement from principal. (1) Subject to Section, and except as otherwise provided in Subsectionor (c), a fiduciary shall disburse from principal: 75A-5-505 75A-5-601(3)(b) the balance of the disbursements described in Subsectionsand (3), after application of Subsec…

75A-5-503. Transfer from income to principal for depreciation. (1) As used 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. (2) A fiduciary may t…

75A-5-504. Reimbursement of income from principal. (1) If a fiduciary makes or expects to make an income disbursement described in Subsection (2), the fiduciary may transfer an appropriate amount from principal to income in one or more accounting periods to reimburse income. (2) …

75A-5-505. Reimbursement of principal from income. (1) If a fiduciary makes or expects to make a principal disbursement described in Subsection (2), the fiduciary may transfer an appropriate amount from income to principal in one or more accounting periods to reimburse principal …

75A-5-506. Income taxes. (1) A tax required to be paid by a fiduciary that is based on receipts allocated to income shall be paid from income. (2) A tax required to be paid by a fiduciary that is based on receipts allocated to principal shall be paid from principal, even if the t…

75A-5-507. Adjustment between income and principal because of taxes. (1) 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 that arises from:…

75A-5-601. Determination and distribution of net income. (1) This section applies when: the death of an individual results in the creation of an estate or trust; or an income interest in a trust terminates, regardless of whether the trust continues or is distributed. (2) A fiduci…

75A-5-602. Distribution to successor beneficiary. (1) Except to the extent Part 3, Unitrust, applies for a beneficiary that is a trust, each beneficiary described in Subsectionis entitled to receive a share of the net income equal to the beneficiary's fractional interest in undis…

75A-5-701. When right to income begins and ends. (1) An income beneficiary is entitled to net income in accordance with the terms of the trust from the date on which an income interest begins. The income interest begins on the date that is specified in the terms of the trust or, …

75A-5-702. Apportionment of receipts and disbursements when decedent dies or income interest begins. (1) A fiduciary shall allocate an income receipt or disbursement, other than a receipt to which Subsectionapplies, to principal if the due date of the income receipt or disburseme…

75A-5-703. Apportionment when income interest ends. (1) As used in this section: "Undistributed income" means net income received on or before the date on which an income interest ends. "Undistributed income" does not include an item of income or expense that is due or accrued or…

75A-5-801. 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 the uniform act's subject matter among states that enact this uniform law.

75A-5-802. 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, 15 U.S.C. Sec. 7001 et seq., but does not modify, limit, or supersede Section 101(c) of th…

75A-5-803. Application to trust or estate. This chapter applies to a trust or estate existing or created on or after July 1, 2020, except as otherwise expressly provided in the terms of the trust or this chapter.

75A-5-804. Severability. If any provision of this chapter or the application of this chapter to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter that can be given effect without the invalid provision or ap…