Title 75A, Title 75A: Fiduciaries

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…

75A-6-102. Definitions for chapter. As used in this chapter: (1) "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. (2) "A…

75A-6-103. Applicability. (1) This chapter applies to: a fiduciary or agent acting under a will or power of attorney executed before, on, or after May 9, 2017; a personal representative acting for a decedent who died before, on, or after May 9, 2017; a conservatorship or guardian…

75A-6-104. User direction for disclosure of digital assets. (1) A user may use an online tool to direct the custodian to disclose or not to disclose to a designated recipient some or all of the user's digital assets, including the content of electronic communications. If the onli…

75A-6-105. Terms of service agreement. (1) 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. (2) This chapter does not give a fiduciary or designated recipient any new or expand…

75A-6-106. Procedure for disclosing digital assets. (1) When disclosing digital assets of a user under this chapter, the custodian may at the custodian's sole discretion: grant a fiduciary or designated recipient full access to the user's account; grant a fiduciary or designated …

75A-6-107. Disclosure of content of electronic communications of deceased user. If a deceased user consented to 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…

75A-6-108. 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 communicati…

75A-6-109. 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 …

75A-6-110. 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 beh…

75A-6-111. 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…

75A-6-112. 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…